Fiscal Transparency in Korea. Joonook Choi. Korea Institute of Public Finance. 0. Background. Realizing the Importance of transparency in the economic system during the 1990s. Lack of transparency as causes of several problems Preparing for Accession to OECD (1996)
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Korea Institute of Public Finance
Realizing the Importance of transparency
in the economic system during the 1990s
Realizing the importance of fiscal transparency
At least compared to Turkey (?)
Special Ad hoc Committee on Fiscal Transparency and Public Finance in the context of 8th Five year development plan in Turkey
- only some research projects : KIPF(2004)
- less emphasis on needs for fiscal reform since financial crisis in Korea was not caused by problems in the fiscal management
- because the idea itself is vague?
- very sound fiscal balance
- low public debt
- In relation to the requirements of the
IMF Code of Good Practices on Fiscal Transparency
January 23, 2001
Korea meets international best practices in fiscal transparency in many areas. ……..
Despite these achievements, Korea falls short in some key areas of fiscal transparency. …..
- OECD Best practices tend to focus on providing information
- IMF code on good practices on fiscal transparency
includes “clarity of roles and responsibilities”
- government used the financial policy
as a alternative to fiscal policy
⇒ problems in the financial sector => financial crisis
but final goal is attaining better fiscal outcome
Substantial progress in providing information
but there are criticism that
⇒ Conceptual debate in the scope of the consolidated budget
- Under what political situation can improving FT be effective in enhancing the fiscal outcome?