New development: A new COFOG for South Korea

Abstract

The South Korean government's Classification of the Functions of Government (COFOG) is grounded in the System of National Accounts (SNA), rather than Government Finance Statistics (GFS). This article explains why a GFS-based classification might be beneficial to South Korea for the purposes of fiscal management and the comparison of government expenditures with other countries.

Keywords:

• Classification of the Functions of Government (COFOG)
• government expenditures
• Government Finance Statistics (GFS)
• System of National Accounts (SNA)

Additional information

Notes on contributors

Seong-ho Jeong

Seong-ho Jeong is a Research Fellow at the Korea Public Finance Information Service in South Korea.