A Preliminary Study on Introduction Plans for Fiscal Rules in South Korea: With a Focus on the Fiscal Soundness Act Bill(Government Bill)
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Focusing on the present point as the right time to review the introduction of legalized fiscal rules actively, this study set out to propose plans to introduce fiscal rules fit for South Korea. For this purpose, the study checked the financial health of the nation and examined the management cases of fiscal rules in major foreign countries and the Fiscal Soundness Act bill(government bill) submitted to the National Assembly in 2016. South Korea needs to set clear regulations for the total limits of government debt for control purposes through debt and income and expenditure rules in a situation of growing size of government debt every year according to the management plan of national finance. Given the structural characteristic that mandatory welfare expenditures of political tendency cannot help increasing, the nation should control its financial expenditures by introducing an additional PAYGO system. In case of introducing fiscal rules, their forcibleness should be based on legal status since they are supposed to minimize rigidity in a situation of a rapid business fluctuation. There is a special need to review further which subject will make an objective judgment and what procedure should be followed to ensure its objectivity in order to determine whether exceptional clauses meet the exception conditions since financial expenses have been easy thank to the compilation and execution of revised supplementary budgets in most cases.
Abstract
Focusing on the present point as the right time to review the introduction of legalized fiscal rules actively, this study set out to propose plans to introduce fiscal rules fit for South Korea. For this purpose, the study checked the financial health of the nation and examined the management cases of fiscal rules in major foreign countries and the Fiscal Soundness Act bill(government bill) submitted to the National Assembly in 2016. South Korea needs to set clear regulations for the total limits of government debt for control purposes through debt and income and expenditure rules in a situation of growing size of government debt every year according to the management plan of national finance. Given the structural characteristic that mandatory welfare expenditures of political tendency cannot help increasing, the nation should control its financial expenditures by introducing an additional PAYGO system. In case of introducing fiscal rules, their forcibleness should be based on legal status since they are supposed to minimize rigidity in a situation of a rapid business fluctuation. There is a special need to review further which subject will make an objective judgment and what procedure should be followed to ensure its objectivity in order to determine whether exceptional clauses meet the exception conditions since financial expenses have been easy thank to the compilation and execution of revised supplementary budgets in most cases.
참고문헌 (34)
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