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Public finance in Korea since economic crisis

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Frame of Image nomic crisis is regarded as “neo-liberal”. Particularly, in the area of public finance, the principle of the “small government” was actively pursued. After two years, however, the policy stance began to be changed. Number of civil servants has increased. The size of the government increased as well, largely due to the increase in the welfare expenditure. Many new welfare programs, most important among them is NBLSS, has been introduced. Size of the government debt has increased. Do all these movements indicate that Korean government in last seven years has tried to be a big government? Although it is too early to tell, there is the strong evidence that the idea of European welfare state has prevailed. JEL Classification: H11, H20, H53, H61, H62, H63, H70, I38
Ilho Yoo KDI School of Public Policy and Management
Earlier version of the paper was presented at the annual conference of the Korean Association of Public Finance, Fall, 2007. I would like to thank Professors Nobuki Mochida and Jin Park for their valuable comments. I would also like to thank participants at the conference and the KDI school seminar on their comments.
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I. Introduction Ten years have passed since the economic crisis hit Korea in 1997. Although that crisis was not the first one since the economic development began in 60’s, its impact the biggest and widest. To overcome the crisis, Korean government adopted many (drastic) reform measures mostly recommended by IMF. In the area of public


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Title Public finance in Korea since economic crisis
Similar Titles
Material Type Reports
Author(English)

Yoo, Il Ho

Publisher

Seoul:KDI School of Public Policy and Management

Date 2007
Series Title; No KDI School Working Paper Series / 07-19
Pages 36
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI School of Public Policy and Management

Abstract

"Ten years have passed since the economic crisis hit Korea in 1997. To overcome the crisis, Korean government adopted many drastic reform measures mostly recommended by IMF. Since most of its reform measures were recommended by IMF, this policy stance to “escape” from the economic crisis is regarded as “neo-liberal”. Particularly, in the area of public finance, the principle of the “small government” was actively pursued. After two years, however, the policy stance began to be changed. Number of civil servants has
increased. The size of the government increased as well, largely due to the increase in the welfare expenditure. Many new welfare programs, most
important among them is NBLSS, has been introduced. Size of the
government debt has increased. Do all these movements indicate that Korean government in last seven years has tried to be a big government? Although it
is too early to tell, there is the strong evidence that the idea of European welfare state has prevailed."