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60年代和70年代期间,在南朝鲜无论是决策当局还是平民大众,都把通货膨胀看作是经济高速增长不可避免的代价。在第一次能源危机时期,为了在不利的条件下保持较高的经济增长速度,南朝鲜开始发展自己的重化工业。对重化工业的大量投资,导致了经济过热。在投资过度的同时,不断扩大的外贸顺差和外资流入,造成货币供给的快速扩张。而且政府“谷物管理基金”(Grain Management Fund)中的赤字也在不断增加。所有这些,形成了通货膨胀的巨大压力。
During the 1960s and 1970s, neither the decision-making authority nor the civilian population in south Korea regarded inflation as an inevitable price for its rapid economic growth. In the first energy crisis, in order to maintain a high rate of economic growth under unfavorable conditions, South Korea started to develop its own heavy chemical industry. The heavy investment in the heavy chemical industry has led to an overheated economy. At the same time of overinvestment, the ever-widening surplus in foreign trade and foreign capital inflows have caused the rapid expansion of the money supply. And the deficit in the government’s Grain Management Fund is also on the rise. All of this creates enormous pressure on inflation.