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Public finance in Korea since the economic crisis

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  • Public finance in Korea since the economic crisis
  • Yoo, Ilho
  • The Association of Korean Economic Studies


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

Yoo, Ilho

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2008-04
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 9(no. 1)
Pages 37
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

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? (The rest omitted)