재정분권이 지역경제성장에 미치는 영향 분석: Vo의 재정분권지수를 중심으로 = Impact of Fiscal Decentralization on Economic Growth: Focused on Vo?s Fiscal Decentralization Index

다국어 초록 (Multilingual Abstract)

This study analyzes whether the effects of fiscal decentralization are changed by local governments` fiscal autonomy through applying Vo`s fiscal decentralization index(FDI). It also provide more apparent conclusion for the relationship between fiscal decentralization and economic growth. The results demonstrate that fiscal decentralization affects economic growth negatively by the model in which uses traditional indicator, although this negative effect is not statistically significant. On the contrary, the result that uses the Vo`s FDI index reveals that fiscal decentralization has positive effect to economic growth. As the result from this study explains, the effect of fiscal decentralization to economic growth depends on the appropriateness of institution that is designed to perform fiscal decentralization. In other words, when the fiscal decentralization provides practical autonomy of tax revenue and expenditure to local government, it will increase the efficiency of resource allocation through competition among local governments that will eventually contributes economic growth of local government.