Budgetary responses to COVID-19: the case of South Korea
Journal of Public Budgeting, Accounting & Financial Management
ISSN: 1096-3367
Article publication date: 22 September 2020
Issue publication date: 24 November 2020
Abstract
Purpose
This paper presents the details, circumstances and issues relating to Korea's budgetary responses to COVID-19.
Design/methodology/approach
The author analyzes the details and consequences of budget responses to COVID-19 of Korea.
Findings
Korea has implemented two supplementary budgets, worth 50 tn KRW, which were approved by the National Parliament within an average of 13 days. This was an exceptionally quick approval by the Parliament. While these prompt actions help the government provide necessary measures to combat the pandemic, hasty decisions may have long-term consequences on fiscal soundness. Effective handling of COVID-19 in Korea increased the approval rating for the current administration.
Originality/value
This is consistent with the argument by Bartels (2013) who states that ordinary citizens assess politicians and policies primarily on the basis of visible evidence of success or failure. Because evaluations on government projects other than handling crisis is out of people's interests during pandemic, inefficient projects tend to be maintained. For future, it is desirable to have a fiscal rule beforehand to address a crisis.
Keywords
Citation
Kim, B.H. (2020), "Budgetary responses to COVID-19: the case of South Korea", Journal of Public Budgeting, Accounting & Financial Management, Vol. 32 No. 5, pp. 939-947. https://doi.org/10.1108/JPBAFM-06-2020-0079
Publisher
:Emerald Publishing Limited
Copyright © 2020, Emerald Publishing Limited