Our country, although the economic growth exceeding 5% was accomplished in 2007, it will stagnate rapidly from around the 4th half year in 2008 by the aftereffect of a U.S. monetary crisis. The business stimulating measures were announced many times after October 2008. As supplementary budget of the record high level of 30 trillion won was composed in March 2009. President Lee Myung Bak announced the promotion policy referred to as being the Green New Deal Policy in January, 2009. Which is a principal axis of business stimulating measures. Which is to carry out investment of 50 trillion won till 2012 during 4 years. As the contents, it invests in the field called 4 major rivers restoration project, a traffic infrastructure, the information infrastructure, and alternative energy. Such business stimulating measures will also tell the economic barometer of our country recently that it has appeared vividly. However, the increase in the recently national debt of our country may be conspicuous. According to the OECD, the degree of financial healthy of our country is 4th place in the OECD member country. Suppose that it has experienced also the IMF economic crisis and after a U.S. monetary crisis, efforts for the continuous improvement in financial health are required.
Our country resembles Japan on socioeconomic phenomena, expecially two points. The first point is the low birthrate and aging society phenomena. In Japan, the fund shortage phenomenon occurred by gradual increase of the fiscal expenditure to the social welfare field. Japan government has running a race in efforts to reduce the unnecessary fiscal-expenditure field. The second point is external dependence type export economic structure. Japan has extended the various policies which start domestic demand.
Korea has a field similar to Japan even if it is in a financial field. Local public finance is realized with the dependence structure as opposed to the central government. In Japan from the 2005 fiscal year, “Reform of 3 place one” is carried out, it crosses in three years. That is, as soon as it carries out the tax revenue source transfer to a local self-governing body from a state, it is accompanied by abolition and reduction of a subsidy, and reexamination of the local grant tax. Moreover, in Japan, there is one phenomenon which is conspicuous in fiscal policy after a monetary crisis. The fiscal expenditure by a monetary crisis is seeing and advancing the future fiscal-expenditure situation of which it was conceiving from the former if possible, and carrying out beforehand. The fiscal expenditure by the monetary crisis is an indispensable thing. However, it is seeing and advancing the future fiscal-expenditure situation of which it was conceiving from the former, and carrying out beforehand. It is carrying out in the direction which carries out expense expenditure for the so-called environmental affinity-product production and environmental construction. It is striving to minimize the future public financial burden by fiscal expenditure.
It is thought that the argument and the phenomenon in Japan which surrounded such fiscal expenditure are offering the desirable alternative for fiscal reform our country.