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This paper investigates the distribution of national and local taxes, and analyzes the impact of intergovernmental transfers on regional disparities in Korea. Since the share of local tax revenues is very low, the intergovernmental transfers dominate regional disparities of local public finance. As a result, regional disparities are severe even after the intergovernmental transfers were carried out. Korea is required to accomplish local tax reforms that realize benefit principle, also to achieve hard budget constraint in the field of local public finance
