Capital Management and Budgeting Practices in Republic of Korea

Abstract

The author aims to provide a comprehensive understanding about the current capital management and budgeting practices (CMBP) in the Republic of Korea (hereafter Korea). The book chapter starts with description of the importance of public capital assets and several issues of the current infrastructure system. It then provides the background of Korea's public infrastructure, political regime, and government institutions. Based on the suggested normative framework, the author specifically describes the four major components of CMBP: capital planning, capital budgeting and financial management, centralized execution and project management, infrastructure maintenance. Following the analysis of the current CMBP practices, some of reform ideas are discussed in the conclusion.