지방재정 건전성 측정방법: 재정압박 지수개발을 중심으로 = A Method of Measuring Local Fiscal Health: Focusing on Developing Fiscal Stress Indices

다국어 초록 (Multilingual Abstract)

The fiscal health of local government is essential to the provision of local public services. The term fiscal crisis was used recently, but the terms fiscal crisis and fiscal stress should be distinguished from one another. After reviewing the literature and operational definitions of fiscal crisis that have been utilized by state and local governments in the U. S. and Japan, this study argues that local government in Korea is in fiscal stress, which may lead to a fiscal crisis.
This study also develops fiscal stress indices that measure fiscal pressures in terms of revenue, expenditure, operation, and debt. Revenue-related indicators include own-source revenue relative to total revenue, the growth rate of own-source revenue, and the disposable resources of local government. On the expenditure side, fixed costs, capital spending, and subsidy provisions to welfare agencies cause fiscal stress to local government. Internal operation measures include operating deficits as a percentage of total expenditure and ratios of current assets to current liabilities. Measures that stress the ability to meet debt obligations include debt divided by general revenues, per capita debt, and debt service as a percentage of general revenues. A reference group was used as a basis for comparison in order to measure the fiscal health of a particular local government.

다국어 초록 (Multilingual Abstract)

The fiscal health of local government is essential to the provision of local public services. The term fiscal crisis was used recently, but the terms fiscal crisis and fiscal stress should be distinguished from one another. After reviewing the literature and operational definitions of fiscal crisis that have been utilized by state and local governments in the U. S. and Japan, this study argues that local government in Korea is in fiscal stress, which may lead to a fiscal crisis.
This study also develops fiscal stress indices that measure fiscal pressures in terms of revenue, expenditure, operation, and debt. Revenue-related indicators include own-source revenue relative to total revenue, the growth rate of own-source revenue, and the disposable resources of local government. On the expenditure side, fixed costs, capital spending, and subsidy provisions to welfare agencies cause fiscal stress to local government. Internal operation measures include operating deficits as a percentage of total expenditure and ratios of current assets to current liabilities. Measures that stress the ability to meet debt obligations include debt divided by general revenues, per capita debt, and debt service as a percentage of general revenues. A reference group was used as a basis for comparison in order to measure the fiscal health of a particular local government.

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