In order to commemorate the opening of Korea’s 20th National Assembly and support the parliamentary activities of its members, NABO released the Fiscal Scheme of Major Economies to introduce the budget processes and fiscal schemes of major economies. The research updates the Budget Systems of Major Economies published in 2012 in terms of general status, political systems, fiscal situations, budget-related regulations and organizations, budget systems and processes, and major fiscal schemes of the US, the UK, Germany, France, Japan, and Sweden. In addition, we have added a Chinese section as well as a general section which summarizes the fiscal status and schemes of OECD member countries, towards better understanding of the latter.

   Since the 1990s, major economies have sought to promote efficiency in budget management and fiscal soundness by establishing medium-term fiscal plans, setting up top-down budgets and deliberation, submitting preliminary budget reports to their legislatures, introducing fiscal rules, and organizing independent fiscal agencies. The research reviews the changes in budget processes and the latest fiscal schemes of major economies, thus exploring possible directions to improve its own budget process and fiscal scheme for Korea.