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