Budgeting for Green Growth in the Republic of Korea : Using Public Financial Management Systems to Implement Major Initiatives while Maintaining Fiscal Balance

Budgeting for Green Growth in the Republic of Korea : Using Public Financial Management Systems to Implement Major Initiatives while Maintaining Fiscal Balance

Korea's bold initiative, the Green Growth Plan (GGP), spanning 2009 to 2013 with fiscal outlay of US$84 billion, posed a significant challenge to sustainable public finance management in Korea. This paper reviews how Korea accommodated the hug...

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Bibliographic Details
Main Author:	Kang, Young Kyu
Format:	Publications & Research
Language:	English en_US
Published:	World Bank Group, Washington, DC 2015
Subjects:	ACCURATE ASSESSMENT ANNUAL BUDGET ANNUAL BUDGET CYCLE ANNUAL ESTIMATES ANNUAL EXPENDITURES BUDGET CLASSIFICATION BUDGET CLASSIFICATION SYSTEM BUDGET EXECUTION BUDGET FORMULATION BUDGET OFFICE BUDGET REFORM BUDGET REQUESTS BUDGETARY SYSTEMS BUDGETING CAPITAL INVESTMENTS CLIMATE CHANGE EXPENDITURE EXPENDITURES FINANCE MANAGEMENT FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT INFORMATION FINANCIAL MANAGEMENT INFORMATION SYSTEM FINANCIAL MANAGEMENT SYSTEMS FISCAL BALANCE FISCAL BURDEN FISCAL REFORMS FOSSIL FUEL FOSSIL FUELS GOVERNANCE STRUCTURE GOVERNANCE STRUCTURES GOVERNMENT EXPENDITURES GOVERNMENT FINANCE GOVERNMENT FINANCE STATISTICS GOVERNMENT REVENUES GREENHOUSE GAS GREENHOUSE GAS EMISSIONS INFORMATION SYSTEM INITIATIVE INSPECTION INTEGRITY INTERNATIONAL STANDARDS LEADERSHIP LOCAL GOVERNMENT LOCAL GOVERNMENTS MANDATE MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MINISTER MINISTERS NATIONAL BUDGET NATIONAL DEBT NATIONAL FISCAL MANAGEMENT NATIONAL FISCAL MANAGEMENT PLAN PERFORMANCE MEASUREMENT SYSTEMS PLEDGES PUBLIC FINANCE PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEMS PUBLIC SECTOR MANAGEMENT PUBLIC SECTOR SPECIALIST RESTORATION ROADS TAX TRANSPORT TRANSPORTATION TRANSPORTATION INFRASTRUCTURE WAGES
Online Access:	http://documents.worldbank.org/curated/en/2015/01/24027292/budgeting-green-growth-republic-korea-using-public-financial-management-systems-implement-major-initiatives-maintaining-fiscal-balance http://hdl.handle.net/10986/21492

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Summary:	Korea's bold initiative, the Green Growth Plan (GGP), spanning 2009 to 2013 with fiscal outlay of US$84 billion, posed a significant challenge to sustainable public finance management in Korea. This paper reviews how Korea accommodated the huge cross-cutting expenditure plan in its annual and medium term budgets. Notably Korea s medium term expenditure framework, the National Fiscal Management Plan, enabled the Ministry of Strategy and Finance s Budget Office to integrate the GGP into the budget and maintain fiscal balance. However, the paper also notes that Korea s experience suggests international standards on budget classification to be updated to accommodate government-wide initiative.