Abstract
ABSTRACT This study explores the local fiscal condition in South Korea, which is a fiscally centralized system. Upon reviewing the local fiscal management systems operated by the central government, we find that the central government monitors and evaluates local fiscal condition to exercise control over the local management practices rather than to achieve actual financial improvements. The study also conducts empirical analyses using panel data from all 243 local governments between 2012 and 2021. Results suggest the importance of local governments’ managerial capacity in offsetting fiscal constraints under a fiscally centralized system. The study contributes to broadening the generalizability of fiscal condition theories and deepening the context-specific understanding of local fiscal condition.
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