The main objective of the paper is to review fiscal policy measures as implemented in response to the financial crisis in Korea, and to examine whether the fiscal sector can accommodate the cost of structural reforms without having an unbearable impact on the welfare of the people in the coming years. After reviewing the role of the Korean fiscal policy during the economic crisis, one may conclude that in view of the great pain and turmoil caused by the severe credit crunch and the resulting contraction of the economy, it would certainly be worthwhile to investigate whether some middle ground could not have been found, especially when the governments fiscal position had been so favorable.
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