Browse > Article
http://dx.doi.org/10.14400/JDPM.2014.12.1.23

A Study of the Development of a National Financial Health Maintenance in Response to Economic Crisis  

Kim, Young-Hu (National Development Institute)
Publication Information
Journal of Digital Convergence / v.12, no.1, 2014 , pp. 23-36 More about this Journal
Abstract
Recently economic crisis has brought world economic instability. Each country in order to stabilize the economy, fiscal rules are introduced or reinforced. Fiscal Policy in a country plays an important role in determining the economic situation in the present and future. Existing fiscal rules tend to place a rigid limit not only on the deficit ratio and thus on the scope for fiscal stabilization, but also on the extent to which fiscal policy can be used for structural purposes. But the fiscal rules are operated in many ways and adopted in various forms, with different binding of each other, according to their own fiscal situations, and political circumstances. This study shows several important factors for successful National fiscal system and continuous fiscal soundness and development.
Keywords
national finance; fiscal deficits; national debt; fiscal balance; fiscal ruler;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Y. S. Koh et al. Introduction and settlement of medium-term expenditure framework, KDI, 2004.
2 Y. S. Kwon, Principles of constitution, Bobmunsa, p.897, 2010.
3 K. H .Kwak, The improvement of current legislations for soundness of the public finance, Korea Legislation Research Institute, p.86, 2005.
4 National Assembly Budget Office, 2012 Fiscal Republic of Korea, 2012.
5 H. S. Park, Issue of Fiscal consolidation and fiscal rules of EU, Korea Institute of Public Finance, 2010.
6 H. S. Park and D. H. Ryu, A study on fiscal rules in Korea , Korea Institute of Public Finance, 2006.
7 B. O. Ahn, Review process and the key issues of National finance law, National Assembly, 2007.
8 D. M. Lee et al. Pre-budget system and budget deliberations of the national assemble-international case study, Analysis of Budget issue vol. 3, National Assembly Budget Office, 2004.
9 D. Y. Lee, Essay of fiscal control-put to the activation of fiscal control discussion, public law research, Vol. 23, No. 2, p. 432, 1995.
10 D .W. Lee, Recovery of fiscal soundness and exit strategies, SERI Economic Focus, 2010.
11 D. W. Lee et al. Useful means of preventing fiscal crisis, fiscal rules , CEO information 814, Samsung Economic Research Institute, 2011.
12 IMF, Fiscal policy rules, IMF Occasional Paper No.162, 1988
13 J. G, Lee, The science of finance, Dasanbooks, p.29, 2011.
14 T .H, In, A study on U.S. fiscal deficit trend and major deficit reduction policy, KAPA․KAPS Paper presented at the joint conference of summer, 2007.
15 J. S. Jeon et al., Major nations of reduced government debt experience and institutional-based, Research Report of The Korean Association of Public Finance, The Korean Association of Public Finance, 2001.
16 M. J. Jung, Establishment of fiscal discipline for the fiscal soundness: Focusing on the limit of expenditure, Analysis of economic issues Vol. 4, National Assembly Budget Office, 2005.
17 J. S. Jung, Korea Constitutional Theory, Pakyoungsa, p. 1051, 2011.
18 Alesina A. and T. Bayoumi, The costs and benefits of fiscal rules: Evidence forum the U.S. States, NBER Working Paper, No. 5614, 1996.
19 Bohn and Inman, Balanced budget rules and public deficits: Evidence from the US States, NBER Working Paper, 1996
20 Alesiana, A. and Perotti, R., The political economy of budget deficits, Staff Papers, IMF, Vol. 42, No. 1, pp. 1-31. 1995.
21 Buiter, W. and Grafe, Reforming EMU's fiscal policy rules, some suggestions for enhancing fiscal sustainability and macroeconomic stability in an enlarged European Union, in monetary and fiscal policies in EMU: interaction and coordination edited by M. Buti, Cambridge University Press, 2003.
22 Economides, G. et al. How elections affect fiscal policy and growth: revisiting the mechanism, European Journal of Political Economy, Vol. 19, pp. 777-792, 2003.   DOI   ScienceOn
23 Guichard et al. What promotes fiscal consolidation: OECD country Experiences, OECD Economics Dept. Working Paper, No. 553, 2007.
24 Haan. J. and Sturm, Jan-Egbert, Political and economic determinants of OECD budget deficits and government expenditures: A reinvestigation, European Journal of Political Economy, Vol. 13, pp.739-750, 1997.   DOI   ScienceOn
25 Poterba, J. M., State response to fiscal crises: the effects of budgetary institutions and politics, Journal of Political Economy, Vol. 102, No. 4, pp.799-821, 1994.   DOI   ScienceOn
26 Reinhart C. and Rogoff K., A decade of debt, CEPR, Discussion Paper No. 8310, 2011.
27 Rogoff, K., Equilibrium political budget cycles, American Economic Review, Vol. 80, pp. 21-36, 1990.
28 Rogoff and Sibert, Elections and macroeconomic policy cycles, Review of Economic Studies, Vol. 55, pp. 1-16, 1988   DOI   ScienceOn
29 Von Hagen, Jurgen and Ian Harden, Budget processes and commitment to fiscal discipline, IMF Working Paper Working Paper No. 96/78, 1996.
30 Roubini, N. and Sachs, J., Government spending and budget deficits in the industrial countries", Economic Policy, Vol. 4, No. 8, pp. 100-132, 1989.
31 Press release, General government debt, of latest internation standards, Ministry of Strategy and Finance, DEC 24, 2012
32 The Dong-A Ilbo, National public fiscal should be enough, March 16, 2012
33 National finance law, www.law.go.kr/lsInfoP.do?lsiSeq=131390&efYd=20130101#0000