Government Deficit And Fiscal Reform In Japan
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Government Deficit And Fiscal Reform In Japan
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Author : Toshihiro Ihori
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Government Deficit And Fiscal Reform In Japan written by Toshihiro Ihori and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Government Deficit And Fiscal Reform In Japan presents a theoretical-based comprehensive analysis of economic consequences of government deficits and fiscal reform in Japan. Particular emphasis is directed at developing tools that can be applied to theoretically and empirically clarify essential economic concerns in Japan such as generational incidence of fiscal reform and a growing dependence on government bonds for covering financial deficits. This book evaluates the recent movement of Japanese fiscal reform and government deficit. The authors first summarize fiscal policy in 1990's. Then, they move on to investigate the macroeconomic impact of government dept and the sustainability problem, and then discuss benefits and costs of public investment. The political aspect of fiscal reconstruction movements in Japan is also examined. Finally, the authors investigate the behavior of central government's control on local governments' debt issuance and its effect on the real activities of local governments. This book points out that the long-run structural fiscal reform is more important than the short-run Keynesian fiscal policy in Japan.
Fiscal Reform And Government Debt In Japan
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Author : Gary Duane Hansen
language : en
Publisher:
Release Date : 2013
Fiscal Reform And Government Debt In Japan written by Gary Duane Hansen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Economics categories.
Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to output ratio near 150 percent. In addition, the aging of Japanese society implies that public expenditures and transfers payments relative to output are projected to continue to rise until at least 2050. In this paper we use a standard growth model to measure the size of this burden in the form of additional taxes required to finance these projected expenditures and to stabilize government debt. The fiscal adjustment needed is very large, in the range of 30-40% of total consumption expenditures. Using a distorting tax such as the consumption tax or the labor income tax requires either tax to rise to unprecedented highs, although the former is much less distorting than the latter. The extremely high tax rates we find highlight the importance of considering alternatives that attenuate the projected increases in public spending and/or enlarge the tax base.
Making Fiscal Policy In Japan
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Author : Hiromitsu Ishi
language : en
Publisher: OUP Oxford
Release Date : 2000-12-07
Making Fiscal Policy In Japan written by Hiromitsu Ishi and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-07 with Business & Economics categories.
Making Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention.
Deflation And Fiscal Deficits
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Author : Yoshikiyo Sakai
language : en
Publisher: Springer Nature
Release Date :
Deflation And Fiscal Deficits written by Yoshikiyo Sakai and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Political Economy Of Fiscal Consolidation In Japan
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Author : Toshihiro Ihori
language : en
Publisher: Springer
Release Date : 2014-11-21
The Political Economy Of Fiscal Consolidation In Japan written by Toshihiro Ihori and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-21 with Business & Economics categories.
This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation and implement structural reforms for reorganizing fiscal expenditures. Focusing on particular policy fields including social security, female labor supply, public works, and intergovernmental transfer schemes, the book clarifies economic and political elements that have hindered effective steps toward these two goals. Facing population aging and a business downturn, the Japanese government was urged to increase social security expenditures and the budget for Keynesian stimulus policies. As elucidated in the book, the institutional design has worked to over-represent the demands of elderly generations and local interest groups and to expand these expenditures. Rigorous theoretical and numerical analyses reported throughout the book consequently provide readers with insights into incentive designs and institutional reforms necessary for fiscal consolidation, also presenting points of view for public policy and public debate.
Strategies For Fiscal Consolidation In Japan
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Author : Dennis P. J. Botman
language : en
Publisher: International Monetary Fund
Release Date : 2007-02
Strategies For Fiscal Consolidation In Japan written by Dennis P. J. Botman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02 with Business & Economics categories.
Japan's key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF's Global Fiscal Model. The results suggest that: (i) an adjustment package that achieves primary balance through lower social transfers and government spending and a higher VAT is the most viable option and has a smaller negative impact on growth than other fiscal measures; (ii) achieving primary balance is not sufficient to stabilize the net debt ratio; (iii) prefunding future aging costs provides greater long-term benefits compared with less front-loaded strategies; (iv) tax reform involving shifting from corporate taxation to consumption taxation could mitigate the short-term output losses associated with fiscal consolidation; and (v) the spillovers to the rest of the world from consolidation in Japan are positive in the medium term, but modest.
Taxing Reforms
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Author : Richard Eccleston
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007-01-01
Taxing Reforms written by Richard Eccleston and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
'Taxing Reforms is a good short book about the comparative policies of Value Added Taxation (VAT) in Australia, Canada, Japan and the United States. . . Taxing Reforms is a fine book, well worth reading, especially for specialists in the comparative political economy of taxation. . . its richly detailed case studies will make it a fruitful source of comparative hypotheses.' - Isaac W. Martin, Journal of Economic Literature
Procyclical Fiscal Policy
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Author : Toshihiro Ihori
language : en
Publisher: Springer
Release Date : 2018-12-28
Procyclical Fiscal Policy written by Toshihiro Ihori and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-28 with Business & Economics categories.
Conventional wisdom dictates that a fiscal policy should be counter-cyclical. However, contrary to this conventional views, recent research has demonstrated that fiscal policy is actually procyclical in most developing countries. In this book, we attempt to propose a new interpretation of this procyclicality after reviewing theoretical and empirical evolution of the research. In particular, by incorporating the political effort behavior of private agents into a weak government model, we explore how income fluctuations affect the optimal budget deficits in a political economy. If the government can control the political behavior, normally, the optimal budget deficit should rise in a recession as a first-best case; however, interestingly, a recession does not necessarily prompt an increase in the budget deficits in a second-best political economy. The response of the budget deficits to income fluctuations mainly depends on the efficiency of political effort, which may correspond to the degree of democracy and bureaucratic efficiency of the governments. We test the prediction of the pro-cyclical fiscal policy and find it applicable for democratic countries with semi-efficient governments including Japan.
Japanese Government Debt And Sustainability Of Fiscal Policy
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Author : Takero Doi
language : en
Publisher:
Release Date : 2011
Japanese Government Debt And Sustainability Of Fiscal Policy written by Takero Doi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Debts, Public categories.
We construct quarterly series of the revenues, expenditures, and debt outstanding for Japan from 1980 to 2010, and analyze the sustainability of the fiscal policy. We pursue three approaches to examine the sustainability. First, we calculate the minimum tax rate that stabilizes the debt to GDP ratio given the future government expenditures. Using 2010 as the base year, we find that the government revenue to GDP ratio must rise permanently to 40%-47% (from the current 33%) to stabilize the debt to GDP ratio. Second, we estimate the response of the primary surplus when the debt to GDP ratio increases. We allow the relationship to fluctuate between two "regimes" using a Markov switching model. In both regimes, the primary surplus to GDP ratio fails to respond positively to debt, which suggests the process is explosive. Finally, we estimate a fiscal policy function and a monetary policy function with Markov switching. We find that the fiscal policy is "active" (the tax revenues do not rise when the debt increases) and the monetary policy is "passive" (the interest rate does not react to the inflation rate sufficiently) in both regimes. These results suggest that the current fiscal situation for the Japanese government is not sustainable.
Japan
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-11-04
Japan written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-11-04 with Business & Economics categories.
This Selected Issues paper analyzes macroeconomic developments and prospects for Japan during the 1990s. Following a surge in activity during 1996 and early 1997, the economy fell into recession in the second quarter of 1997. Real GDP fell by 33⁄4 percent during the four quarters ended March 1998; the unemployment rate reached historical highs; and deflationary pressures reemerged. The downturn was largely unexpected, and most forecasters had projected growth of about 2 percent in 1997. This paper also examines fiscal policy issues for Japan.