Abstract
Due to the COVID-19 virus outbreak, inevitable welfare spending has increased sharply, and as the national debt has increased sharply, international credit rating agencies have considered downgrading Korea's credit rating. However, the Korean government has provided support for supplementary budgets and welfare policies, and as a result, national debt is increasing and national Financial soundness is deteriorating. Accordingly, based on previous studies, this study aims to present real estate-related policy measures that can fundamentally improve the national fiscal soundness so that the national credit rating is not degraded by studying how asset revaluation gains and comprehensive real estate taxes caused by real estate price increases affect national fiscal soundness indicators based on International Accounting Standards (IFRS). As a result of the study's analysis, the introduction of international accounting standards resulted in conditional results that 'an increase in the declared value of real estate can be positive for the national fiscal soundness', and in this study, four policy improvement measures related to real estate were proposed. Through these policy implications and fiscal policies such as institutional improvement measures, the government is expected to improve the national fiscal soundness while maintaining the national credit rating.
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