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Public finance and economic development

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Frame of Image es. system • Stabilizing the macro-economy in the short and long term. economy – A counter-cyclicall fiscal policy, if implemented cyclica appropriately, can help to smooth out the short-term appropriately, term business-cycle fluctuations. business – Fiscal policy can contribute to a stable, long-term output term growth with low inflation by maintaining sound budgetary positions and limiting the growth of public debt. positions
Budget Balance
-2-
Fiscal consolidation in the early 1980s restored the budget balance to a sustainable path. The recent economic crisis had a severe but short-lived impact on the balance. Budget Surplus/Deficit Budget Korea Korea
4 3 2 1 0 -1 -2 -3 -4 -5 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04
Note: Consolidated central government. Source: Ministry of Finance and Economy.
OECD
4 3 2 1 0 -1 -2 -3 -4 -5 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04
Note: General government. Source: OECD.
(% of GDP)
(% of GDP)
Spending Growth
-3-
Fiscall consolidation in the 1980s took the form of expenditure Fisca restraint rather than revenue increase. restraint Growth of Real Expenditure and Revenue
30 25 20 15 10 5 0 -5 -10 -15
Note: Real values were obtained by deflating nominal values with GDP deflator. Source: Ministry of Finance and Economy.
(% )
Real growth in expenditure and net lending Real growth in revenue
71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03
Government Liabilities Government
-6-
The debt-to-GDP ratio declined steadily si


Full Text
Title Public finance and economic development
Similar Titles
Material Type Reports
Author(English)

Koh, Youngsun

Author(Korean)

고영선

Date 2005
Pages 19
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
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