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The Public-Private Partnerships and the Fiscal Soundness of Local Governments in Korea

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  • Lee, Ho jun

Abstract

This paper studies the risks associated with local finance in Korea by identifying the financial status of each local government, including the financial burdens of PPP projects, and examined governmental future burdens related to PPP projects. We reviewed all fiscal burdens associated with projects, such as, for BTL (Build-Transfer-Lease) types of projects, facility lease and operating expenses, and, for the BTO (Build-Transfer-Operate) types of projects, construction subsidies that are paid at the construction stage, MRG (Minimum Revenue Guarantee) payments and the government's share of payment. Furthermore, we compared the annual expenditures of local governments on PPP projects against their annual budgets and checked if the 2% ceiling rule could be applied.

Suggested Citation

  • Lee, Ho jun, 2017. "The Public-Private Partnerships and the Fiscal Soundness of Local Governments in Korea," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 39(1), pages 41-82.
    • Handle: RePEc:zbw:kdijep:200803
    DOI: 10.23895/kdijep.2017.39.1.41
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    More about this item

    Keywords

    Public Private Partnership (PPP); Fiscal Burden; 2% Ceiling Rule; Fiscal Soundness; Local Government;
    All these keywords.

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures

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