Public finance and fiscal policy

What's New

Public finances strengthened considerably over the past decade and the overall fiscal position appears robust. Fiscal transparency should be strengthened by aligning accrual-based general government accounts with international standards.
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The fiscal situation remains strong, with low government debt. If the economy falters, Korea has scope to implement short-term fiscal stimulus. In the long run, rising public social spending should be financed by pro-growth tax reform.
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The fiscal situation has improved markedly, improving the outlook for government debt. To lock in improvements fiscal policy needs to remain cautious and ready to act to ensure longer-term sustainability.
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Choosing fiscal consolidation instruments compatible with growth and equity
This study proposes a structured approach to selecting instruments of fiscal consolidation that are consistent with growth, equity and global-rebalancing objectives, which is then illustrated with a particular application.

Debt and assets after the crisis

 

Managing government debt and assets after the crisis
In the wake of the financial crisis, government debt in the OECD area has increased massively on top of already high debt-GDP ratios prior to the crisis, by some 30% of GDP between 2007 and 2011 on average, rendering fiscal positions in many countries unsustainable.

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Fiscal consolidation: How much, how fast and by what means?
The economic and financial crisis was the catalyst for a fiscal crisis that engulfs many OECD countries. Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges. Fiscal consolidation requires choices to be made about how much consolidation is needed, how fast it should be implemented and which instruments should be used.
   Read more at the Fiscal federalism network page
   

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