• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.71-105
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• 2013

Now that fiscal soundness is increasingly important influenced by the euro area fiscal crisis, early budget execution has been under the spotlight as a tool for economy control, other than typical expansionary method, such as supplementary budget. Basically, early budget execution is a fiscal policy instrument that reponses to economic fluctuations through modifying the inter-temporal allocation of fiscal expenditure within budget, without affecting fiscal soundness. This study empirically examines how effective the intert-temporal reallocation of fiscal expenditure is in economy control. Using Korea's Consolidated Fiscal data, the size of inter-temporal reallocation of fiscal expenditure is defined as changes of fiscal expenditure for one year excluding seasonal factors and used to explain real economic growth rate, a dependent variable. The result shows that the macroeconomic effect of the inter-temporal reallocation turns out meaningful in general, though some policy time lag exists. Meanwhile, a simulation using macroeconomic model finds that overall effect on economic growth is not large because increase in fiscal expenditure allocation at a certain point of time is canceled by the opposite direction within the same fiscal year. However, the inter-temporal reallocation is found to reduce volatility of key macroeconomic variables so as to contribute to partially stabilizing macroeconomy. In particular, such effect of economic stabilization seems to be highly apparent at the time of financial crisis, but not very noticeable in normal economic cycle.

• Journal of Korea Technology Innovation Society
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• v.21 no.1
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• pp.201-235
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• 2018

With the recent slowdown of R&D budget growth rate, efficient resource allocation, operation and management of national R&D is becoming more important. At this point, recognizing the necessity of systematic and scientific research on the national R&D itself, this study analyzed previous researches on national R&D of Korea. In this study, based on the previous researches and laws, national R&D was classified according to the major stages such as planning, selection, management, performance and so on. Secondly, by using the classification criteria forged, previous researches on the national R&D published in domestic journals for the last 5 years were divided into 12 categories, and the status of researches in each field was analyzed. Lastly, through network analysis, linking status and influence of each fields were identified by using co-classification information of research literatures. As a result of this research, the performance related fields were the most active ones in terms of the number of research literatures, and connections with other fields, while the fields such as selection and infrastructure were lacking in the number of research and linkage. This study can find its meaning in identifying research fields that need more studies and connections with other areas by systematic analysis of previous studies on Korean National R&D.