A Study on the Efficiency of Regulatory Policy through the Improvement of Regulatory Review System

The reason why the government creates new regulation or eases regulation is to qualitatively improve the convenience of the people in the field of administrative service and to improve the formation of a developmental foundation and competitiveness in the economic field by reflecting the reasonable level of regulation in the policy. In the case of overregulation, it causes inconvenience to people's lives or hinders the autonomy of economic activities, leading to economic recession. The state should determine the appropriate level of rational regulation and form policies to ensure that the cost and benefit of regulation outweigh the cost. Legislator, who are policy maker, have a wide range of freedom to form regulation according to the type of policy. As the policy is completed by legislation, systematic regulatory review and application of rational regulatory standard are required in the legislative process. This paper identifies the limitations of the pre-regulatory review and regulatory review system applied in Korea's policy-making and legislative processes, analyzes the strengths and weaknesses of foreign regulatory impact assessment system, and proposes regulatory impact assessment standard applicable to Korea and alternative for reasonable regulatory review.