재정분권과 지방재정지출 구조 -자본지출, 경상지출을 중심으로- = Fiscal Decentralization and Composition of Public Expenditure in Korea

다국어 초록 (Multilingual Abstract)

In this study, we analyze the effects of fiscal decentralization on the economic distribution of public expenditure in Korea. Using panel data set on 16 regional governments from 2000 to 2011, we analyze the effects of fiscal decentralization on the share of different categories of public expenditures, especially capital and current expenditure. We have tested the hypothesis that regions with a higher level of fiscal decentralization spend a higher share of their budget on capital expenditure. We find that revenue decentralization is an important determinant of the share of regional government budget devoted to capital expenditure. According to the results, revenue decentralization has a negative effect on the share of capital expenditure. In addition, spending decentralization has also a negative effect on the share of capital expenditure, but the results are not robust. Decentralized regional governments spend a smaller share of their budget to capital expenditure, in contrast to current expenditure.

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