Growing Problems In The Local Public Finance System Of Japan
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Author | : Sayuri Shirai |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : |
ISBN | : |
The current system of local public finance evolved in the aftermath of World War II, and there is an increasingly prevalent view that the system is no longer functional. Under it, the central government has been responsible for monitoring local governments and assuring them of the finance for their shortage of revenue mainly through providing intergovernmental transfers. When the gap between local tax revenue and expenditure widened in the recessionary period of the 1990s, intergovernmental transfers expanded. These transfers have especially served local governments whose own resources were limited owing to geographically and economically unfavorable conditions. As it has become increasingly difficult to finance the growing gap solely by transfers, the central government has also allowed local governments to actively issue bonds and has supported such issues with guarantees, uniform issuing conditions, and secured finance from public funds. It is increasingly recognized that this system has induced local governments to spend excessively and unproductively, rather than encouraging them to voluntarily rationalize. This article identifies three types of dilemmas that stem from the present system and discusses recent reform efforts as well as the challenges presently faced by local governments.
Author | : JunshichirÅ Yonehara |
Publisher | : |
Total Pages | : 132 |
Release | : 1981 |
Genre | : Business & Economics |
ISBN | : |
Author | : Toshihiro Ihori |
Publisher | : Springer |
Total Pages | : 0 |
Release | : 2010-12-07 |
Genre | : Business & Economics |
ISBN | : 9781441952929 |
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.
Author | : Toshihiro Ihori |
Publisher | : Edward Elgar Publishing |
Total Pages | : 346 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : |
This book presents a comprehensive, theory-based analysis of Japan's public sector. Particular emphasis is directed at developing tools that can be applied to theoretically and empirically clarify essential economic concerns in Japan's public sector. These include macroeconomic incidence of fiscal decentralization, dependence on government bonds for covering financial deficits, and social security reform. In analyzing Japan's underperforming public sector, the authors develop and recommend policy solutions aimed at achieving Japan's growth potential, improving the quality of the public sector, and strengthening the sector's contribution to the Japanese economy.
Author | : Nobuki Mochida |
Publisher | : Routledge |
Total Pages | : 232 |
Release | : 2008-06-26 |
Genre | : Business & Economics |
ISBN | : 1134074034 |
This book is suitable for all those who want to understand the role and performance of Japan's central and local fiscal relations as an integral part of resource allocation, stabilization and redistribution function of the public sector since the post bubble economy.
Author | : Tokue Shibata |
Publisher | : |
Total Pages | : 232 |
Release | : 1993 |
Genre | : Finance, Public |
ISBN | : |
An outline of how the Japanese finance of their public sector. Contributors provide details on financial administration, budget formation, taxation, and disbursement of revenue and discuss policy issues and conflict. Also examined are taxation and spending, relations between the central and local governments, and the expansion of social welfare issues.
Author | : Shun-ichiro Bessho |
Publisher | : |
Total Pages | : 26 |
Release | : 2017 |
Genre | : |
ISBN | : |
This paper aims to provide an overview of the basics of Japan's local public administration and finance system and to analyze how Japan's municipalities restore their fiscal balance after a fiscal shock. In Japan, local governments play a major role in redistribution. Combined with regional disparities in tax capacities and an inflexible local tax system, there is a large vertical fiscal gap in Japan between the central and local governments -- a gap that necessitates the transfer of funds from central to local governments. Under this system, the fiscal adjustments in Japan's municipalities occur mainly via changes in government investment, and they account for 63%-95% of adjustments in permanent unit innovations in grants and own-source revenue. In contrast to the role of expenditure, the municipalities' own-source revenue plays a limited role in balancing the local budget. The results of this study also reveal that 40% of the increase in own-source revenue is offset by a reduction in grants. Furthermore, municipalities can induce grants by expanding government current expenditure. Finally, this study offers and discusses some policy implications.
Author | : Robert D. Ebel |
Publisher | : OUP USA |
Total Pages | : 1057 |
Release | : 2012-03-21 |
Genre | : Business & Economics |
ISBN | : 9780199765362 |
This handbook evaluates the persistent problems in the fiscal systems of state and local governments and what can be done to solve them. Each chapter provides a description of the discipline area, examines major developments in policy practices and research, and opines on future prospects.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 109 |
Release | : 2017-07-31 |
Genre | : Business & Economics |
ISBN | : 1484313437 |
This paper assesses the stability of the financial system in Japan. Although the financial system has remained stable, the low profitability environment is creating new risks, and pressures are likely to persist. The search for yield among banks has led some to expand their overseas activities, and more generally to a growth in real estate lending and foreign securities investments. Efforts to increase risk-based lending to small-and medium-sized enterprises are welcome, but many banks still need to develop commensurate credit assessment capacities. Stress tests suggest that the banking sector remains broadly sound, although market risks are increasing, and there are some vulnerabilities among regional banks.
Author | : Joyce Y. Man |
Publisher | : Lincoln Inst of Land Policy |
Total Pages | : 283 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 9781558442016 |
China's economy has developed rapidly since the economic reforms in 1978, but public finance reforms have proceeded more slowly. This book looks at three major policy options addressing the underlying imbalance between revenues and expenditures at the local level in China. This is a valuable resource for anyone interested in local fiscal issues in China.