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The Fiscal Management Strategy from the Perspective of Local Revenue in Gyeonggi-do

The Fiscal Management Strategy from the Perspective of Local Revenue in Gyeonggi-do

Year2022

Author Lee Jang-wook

Original

Abstract

There has been increasing economic uncertainty in global financial condition all over the countries, caused by long COVID-19 pandemic and ongoing war in Ukraine, etc., for recent years. It has induced to hike global inflation and to slow down economic activities as well. Deteriorating national and regional economies, which have been caused by lower economic activities or vice versa, impeded the stability of fiscal management of local governments. Therefore, it is judged that national and regional economic deterioration and economic recession will affect the tax revenue of local governments in following years. This is, eventually, expected to hinder the stable financial management of local governments. Therefore, it is critical to analyze the current status of fiscal management and revenue management to improve effective fiscal balance management in order to enhance the sustainability of local fiscal management.
The purpose of this study is to present implications for improving the sustainability of the local finance aspect of Gyeonggi-do. It has reviewed budget management issues in terms of local revenue based on the analysis of the changing local revenue conditions. First, it derives the implications for major local revenue sectors, such as (1) own revenue and (2) transfer finance, by reviewing the current status of each local revenue sector of Gyeonggi-do. Second, it is intended to suggest the improvement directions for effective local fiscal balance management of Gyeonggi-do.

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