• Journal of the Korean Regional Science Association
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• v.15 no.1
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• pp.75-92
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• 1999

In this study, the present state of fiscal crisis for local governments after IMF is analyzed, firstly. its implications Characteristics of structural reform of finance after IMF bailout in Korea are examined, secondly. Since Korea was shocked by the currency crisis at the end of 1997, its local governments have also faced fiscal difficulties. The Depression of national and local economies led to decreases in tax revenues of local governments. And these shrunken revenues led to their expenditure cuts. Many investment plans were curtailed, and ordinary expenditures were also reduced sharply. The negative influences of the currency crisis on local government's finances can be examined in terms of fiscal revenue, fiscal spending, and debt burden. As a result many local governments are now experiencing fiscal stress, and some of them are even faced with fiscal crisis although the possibility of extreme measures, such as moratoriums or bankruptcies, is very slim. This is due in part to the weight of debt in local governments' budgets having remained small since the debt of local governments has been controlled by the central government. Another reason is that, central government, which functions as a lender of last resort for the local governments, will pay the debt for them. Also, without a legal system which stipulates the adjudication of bankruptcy for municipalities in Korea, local Korean governments have no legal right to declare bankruptcy. Although not a single municipality has fallen into insolvency, yet, this trend will continue to deepen as the recession continues and may lead to a situation where manu local governments fall into virtual bankruptcy in the near future, and its effects on society, as a whole, will be serious. Therefore, measures to prevent and overcome such an extreme situation are necessary, but both short-and long-term policies should be to cope with the current fiscal crisis and to prevent the deepening of the current situation.

• Korean Journal of Social Welfare
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• v.58 no.2
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• pp.143-166
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• 2006

The purpose of this study was to empirically test whether occupational welfare in Korea would have grown since the mid 1990s. The result of this study showed that after the IMF fiscal crisis, the policies of labor flexibility in labor market initiated flexible forms of employer-provided benefits, including cafeteria plan or profit-based funds, which finally led to a decline of occupational welfare rather than a growth. Existing studies haven't agreed on trade-off of statutory and voluntary social provisions since the crisis of welfare state. However, based on the case of Korea, this study suggested archetypal development of welfare system experiencing a decline of occupational welfare paralleled with a growth of state welfare provision.

• Korean Business Review
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• v.22 no.2
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• pp.35-59
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• 2009

The drive for sustainable economic growth for the sub Saharan African region continues to occupy a central place in the debate of how to move the region forward. For decades, governments, policy makers, Non Governmental Organizations and world bodies including the World Bank, IMF, ADB, USIAD and the European Union have engaged policies aimed at bringing solutions to the horrendous poverty crisis to nations of this region. Despite these noble actions and intents, poverty and underdevelopment has prevailed in countries of the region such as Cameroon. Cameroon is mainly an agricultural economy with its products facing declining prices and competition from synthetic substitutes resulting to deficits of balance of trades. This has resulted to borrowing and debt. At the same time, it is a country blessed with an abundance of tourist resources. From the literature review, tourism potency to economic growth is overwhelming. This research was motivated by the quest to find answers to questions such as; why development policies during the last two decades not succeeded in achieving Economic growth in countries of this region particularly Cameroon and why the country/ region still beleaguered by poverty and debt despite haven implemented various economic development plans. In recent years, the role of tourism has become increasingly recognized in its role of economic growth and poverty alleviation. This study attempts to unveil tourism's contribution to economic growth and to push for Tourism development as an al ternative economic growth alternative to Cameroon. Previous economic policies have ignored to tie economic growth within the country's socio-economic, geo-political and environmental circumstances. Findings from this work suggest that any sound economic policy can not afford to ignore the country's stock of both human and fiscal capital. Findings presented herewith validate Tourism as a feasible indigenous economic growth alternative that helps bringing employment, capital investment and protect the environmental ruin.