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Publication(World Bank, Washington, DC, 2013-06) Kang, Young Kyu ; Min, Saw YoungIn January 2013, the International Budget Partnership (IBP) released the latest Open Budget Survey (OBS) with a new section on public participation. The survey results are not encouraging. For the 100 surveyed countries, the average score for public participation in the budget process is 19 out of 100. However, one country stands out. With a score of 92, Korea emerges as the only country ‘that provides extensive opportunities for public engagement’ (IBP 2012, 33). What makes Korea an exception? This note investigates the different public participation mechanisms in Korea and illustrates how public inputs are reflected in the country’s budget process and fiscal policies.
Publication(World Bank, Washington, DC, 2004-07) Cho, Junghun ; Byeon, Hee SeokIn 1997 the Korean government began reforming its notoriously complicated, nontransparent, corrupt public procurement system, introducing e-procurement to exploit the country's well-developed information and communications infrastructure. Through extensive business process reengineering and information strategy planning, the Public Procurement Service-the agency formerly responsible for buying government goods and services-has been transformed into a one-stop information center. E-procurement has generated numerous benefits, including: Enhanced transparency and public trust-by reducing contacts between officials and suppliers and by sharing information between government agencies and the public. Increased managerial efficiency-by achieving economies of scale in procurement, with an estimated $2.5 billion a year in savings from the $26 million investment. This note analyzes how Korea achieved these outcomes, the lessons of its experience, and the challenges that remain for its e-procurement system.
Publication(World Bank, Washington, DC, 2002-05) Burnside, CraigFiscal policy plays a big role in currency crises - before, and after they occur. Thus policymakers should not underestimate the importance of fiscal policy: a) the realization of large contingent liabilities can quickly, and dramatically alter government finances, leading to a currency crisis; b) the effects of a currency crisis on government finances depend on the structure of government revenue, spending, and debt; c) the fiscal policies adopted in response to a crisis, influence economic outcomes, especially inflation, and depreciation. The note reviews the traditional models of currency crises, explained as a consequence of unsustainable fiscal policy, and how debt is accumulated, how currency crisis then develops, and why does fiscal policy matter. Focusing on bank bailouts, it is argued that traditional models of currency crises are applicable to emerging markets, suggesting that deficits after the East Asia financial crises could have been anticipated given the region's deteriorating banking systems, but that economic outcomes largely depend on the mix of financing.