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Public investment management reform in Korea : Efforts for enhancing efficiency and sustainability of public expenditure

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Title Public Investment Management Reform in Korea: Efforts for Enhancing Efficiency and Sustainability of Public Expenditure Supervised by Prepared by Author Ministry of Strategy and Finance (MOSF), Republic of Korea Korea Development Institute (KDI) Jay Hyung Kim, Public and Private Infrastructure Investment Management Center(PIMAC), Korea Development Institute (KDI) Advisory Jang-sik Ban, Former Vice Minister, Ministry of Strategy and Finance (MOSF) Eui Young Shon, Professor, Department of Transportation Engineering, University of Seoul. Research Management Korea Development Institute (KDI) School of Public Policy and Management Supported by Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000226-01 ISBN 978-89-93695-75-5 94320 ISBN 978-89-93695-27-4 [SET 40] Copyright © 2012 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000226-01
Knowledge Sharing Program
2011 Modularization of Korea’s Development Experience
Public Investment Management Reform in Korea: Efforts for Enhancing Efficiency and Sustainability of Public Expenditure
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea had transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What make


Full Text
Title Public investment management reform in Korea
Similar Titles
Sub Title

Efforts for enhancing efficiency and sustainability of public expenditure

Project Category Development Cases
Material Type Reports
Author(English)

Kim, Jay Hyung

Publisher

Seoul:KDI School of Public Policy and Management

Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-93695-75-5; 978-89-93695-27-4 [SET 40]
Pages 122
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
Supervisor KDI School of Public Policy and Management
Organizer Ministry of Strategy and Finance; Korea Development Institute
Sponsor Ministry of Strategy and Finance
Project Term 2011-01-01 ~ 2011-12-31

Abstract

The financial crisis that hit Korea in the last half of 1997 had a devastating impact on the Korean economy, causing the worst recession during the postwar era. In order to address the fundamental causes of the crisis and to revitalize the economy, the Korean government took bold and decisive steps to initiate comprehensive structural reforms. The major focus of reform in the fiscal and public sectors has been to adopt more market-oriented forces and managerial strategies to increase efficiency and transparency. Efforts were made to instill a performance-oriented approach in the system, which implied management of public expenditure, based on the principle of value for money.
The government adopted a series of integrated (ex-ante, intermediate, and ex-post) quality control efforts for the efficient management of its public investment program. A strong and effective project appraisal study, to oversee the project selection process.(The rest omitted)