재정준칙의 법제화, 선결 조건과 전제 조건
Legislation of Fiscal Rules, Preconditions and Prerequisite
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(Purpose) Rules-based fiscal policies are in fashion. Fiscal rules seek to confer credibility on the conduct of fiscal policies by removing discretionary action. Therefor fiscal rules should not lead to political debate. The purpose of this study is meaningful in that it proposed the preconditions and prerequisites of fiscal rules. (Design/methodology/approach) Many countries have experienced fiscal burdens from increased social welfare demands. Under these conditions, many governments have implemented fiscal rules for maintaining fiscal soundness. The Korean government also faces several fiscal challenges from increased demands of social welfare and socioeconomic problems, such as a rapidly aging population and a low birth rate. Recently, the numerical ceiling of fiscal rules has been a consuming debate. However, it is still debatable whether Korea should adopt fiscal rules, even though the government’s fiscal condition is considered relatively healthy. (Findings and Research implications) Fiscal rules play a positive role in reducing government debt, but they could restrict the government’s role in stabilizing cycle fluctuations or fiscal adjustments from economic shocks. Nevertheless, now is a critical time to consider adopting fiscal rules given that socioeconomic conditions have recently dramatically changed. Thus, the government needs to prepare for future potential risks that might threaten fiscal soundness. Fiscal rules are not a means to curb government expenditure such as social welfare.
Abstract
(Purpose) Rules-based fiscal policies are in fashion. Fiscal rules seek to confer credibility on the conduct of fiscal policies by removing discretionary action. Therefor fiscal rules should not lead to political debate. The purpose of this study is meaningful in that it proposed the preconditions and prerequisites of fiscal rules. (Design/methodology/approach) Many countries have experienced fiscal burdens from increased social welfare demands. Under these conditions, many governments have implemented fiscal rules for maintaining fiscal soundness. The Korean government also faces several fiscal challenges from increased demands of social welfare and socioeconomic problems, such as a rapidly aging population and a low birth rate. Recently, the numerical ceiling of fiscal rules has been a consuming debate. However, it is still debatable whether Korea should adopt fiscal rules, even though the government’s fiscal condition is considered relatively healthy. (Findings and Research implications) Fiscal rules play a positive role in reducing government debt, but they could restrict the government’s role in stabilizing cycle fluctuations or fiscal adjustments from economic shocks. Nevertheless, now is a critical time to consider adopting fiscal rules given that socioeconomic conditions have recently dramatically changed. Thus, the government needs to prepare for future potential risks that might threaten fiscal soundness. Fiscal rules are not a means to curb government expenditure such as social welfare.
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