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Promoting transparency and accountability of local public finance in Korea

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Frame of Image  measure for the performance and the technique to analyze it should be developed. Besides, double entry bookkeeping system should be used and the accrual accounting is to be used in the long run. Second, monitoring system on local governments should be reformed. More emphasis of the government audit should be on the performance audit and redundancy of it should be avoided. Monitoring by citizens should be expanded with better access to information. Third, Maintaining fiscal soundness is important. Proper but not too strict control over local government bonds should be exercised and the regular review and evaluation of the fiscal soundness of local governments is necessary. Fourth, reform of the intergovernmental transfer system should be done. Particularly, special grant should be abolished, computing formula for the standard fiscal needs should be simplified, and the many expenditure programs carried out with subsidy should be transferred to local governments with matching funds. Finally, taxing and revenue mobilization power of local governments should be enhanced.
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I. Introduction Fiscal decentralization is the trend that cannot be reversed in many countries, and Korea is not an exception. Decentralization, at the same time, requires the accountability. In other words, without securing accountability, attempt to decentralize power and function of the central government is likely to fail. Unlike many OECD countries, Korea has a relatively short history of the local autonom


Full Text
Title Promoting transparency and accountability of local public finance in Korea
Similar Titles
Material Type Proceedings
Author(English)

Yoo, Ilho

Publisher

[Seoul]:Korea Development Institute

Date 2003
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Government and Law < Governance
Holding Korea Development Institute

Abstract

With very short history of local autonomy, her local fiscal system leaves much to be desired. In this paper, it is attempted to give policy suggestions to promote transparency and accountability of local governments. Suggestions are as follows: First, use of the performance based budget should be expanded. For this, proper measure for the performance and the technique to analyze it should be developed. Besides, double entry bookkeeping system should be used and the accrual accounting is to be used in the long run. Second, monitoring system on local governments should be reformed. More emphasis of the government audit should be on the performance audit and redundancy of it should be avoided. Monitoring by citizens should be expanded with better access to information. Third, Maintaining fiscal soundness is important. (The rest omitted)