Abstract
The Republic of Korea has been widely acknowledged as one of the few success stories of economic development in the second half of the twentieth century. The state has had a large role in guiding the economic development through policies and subsidization. However, with political democratization and economic liberalization, the politico‐economic context of Korea's public finance policy began to change dramatically. The purpose of this article is to analyze how Korea's public finance policy has changed under the newly installed democracy. It specifically discusses the public finance and budgeting policies during the Roh Tae Woo administration (1988–1992) and the Kim Young Sam administration (1993 to the present).
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