Munich Personal RePEc Archive

Budget Formulation and Implementation in Korea: A Macroeconomic Perspective

He, Dong (2003): Budget Formulation and Implementation in Korea: A Macroeconomic Perspective. Published in: Republic of Korea: Selected Issues No. IMF Country Report No. 03/80 (March 2003)

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Abstract

This paper describes the main featues of the Korean fiscal system from a macroeconomic perspective. It discusses why fiscal outtrns tend to differ from the budget and makes suggestions to improve budget formulation and implementation. It also discusses how medium-term fiscal objectives such as maintaining a balanced budget and reducing public debt can be reconciled with the short-term objective of avoiding procyclical fiscal impulses in a downtun.

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