글로벌 경기침체에 대응한 재정정책의 평가와 과제

초록

Governments of most countries, including the Korean government, are taking a large-scale expansionary fiscal policy against the global financial crisis which have affected almost all countries since the bankruptcy of Lehman Brothers in last September. A large-scale expansionary fiscal policy is thought to play an important role in mitigating the magnitude of economic contraction in many countries, especially in Korea. Only Korea among 30 GEeD countries recorded a positive economic growth in the first quarter of 2009, to which Korea's unprecedented rapid, large-scale fiscal boost contributed. This paper documents fiscal policies taken in Korea and major OECD countries since September of 2008, and evaluates Korea's fiscal policy in the international context. One should carefully distinguish short-run and long-run in evaluating fiscal policy. Pursuing small government in the long run to vitalize the private sector and using a large scale fiscal expansion in the short nm to stabilize the economy are not contradictory to each other. To reconcile these seemingly contradictory policy stances, the government should tighten fiscal policy once the economy recovers from a recession. The new Korean government set its target of the tax ratio in 2012 at around 20 %, which is too low. Considering an increase in demand for government services from social and economic development and rapid aging in Korea, the target should be set at around 23 % instead.

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