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Fiscal policy in Korea: Before and after the financial crisis

Young Lee (), Changyong Rhee () and Taeyoon Sung ()

International Tax and Public Finance, 2006, vol. 13, issue 4, 509-531

Abstract: This paper examines the role of fiscal policy in the Korean financial crisis and the subsequent recovery from it. We specifically address three questions: Was Korea’s fiscal policy prior to the crisis conservative, or were there large hidden contingent liabilities not captured in the official budget balance? What were the main characteristics of fiscal policy in stimulating and restructuring the economy under the IMF stabilization program in Korea? How effective were the financial guarantee and public investment programs as part of the counter-cyclical fiscal policy in the recovery process from the crisis? To address these questions, we re-estimate the consolidated budget deficits in Korea by incorporating the quasi-fiscal activities of public funds and public enterprises using their micro balance-sheet data from 1972 to 2003. Copyright Springer Science + Business Media, LLC 2006

Keywords: Fiscal policy in the Korean financial crisis; Consolidated budget deficit; Contingent liabilities; IMF stabilization program in Korea (search for similar items in EconPapers)
Date: 2006
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