Making Fiscal Policy In Japan

Author : Hiromitsu Ishi
Publisher : OUP Oxford
Page : 374 pages
File Size : 54,7 Mb
Release : 2000-12-07
Category : Business & Economics
ISBN : 9780191590115

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Making Fiscal Policy in Japan by Hiromitsu Ishi Pdf

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.

Author : Maurice Wright
Publisher : Unknown
Page : 656 pages
File Size : 48,8 Mb
Release : 2002
Category : Business & Economics
ISBN : 0199250537

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Japan's Fiscal Crisis by Maurice Wright Pdf

In this controversial and authoritative account of Japan's public budgeting and politics, the author traces the origins and development of Japan's present fiscal crisis. In a detailed analysis of the institutions, structures, and processes of central government, the role of the Ministry of Finance is analysed and its relationship with other ministries in deciding how much to spend and on what is examined. Drawing on a rich archive of interview material and primary budget data, the author explains how and why Japan accumulated the world's largest public debt.

Author : Mr.Tamim Bayoumi,Mr.Guy Meredith,Bijan B. Aghevli
Publisher : International Monetary Fund
Page : 256 pages
File Size : 47,8 Mb
Release : 1998-06-09
Category : Business & Economics
ISBN : 1557756961

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Structural Change in Japan by Mr.Tamim Bayoumi,Mr.Guy Meredith,Bijan B. Aghevli Pdf

This volume, by Bijan B. Aghevli, Tamim Bayoumi, and Guy Meredith, is based on a seminar on structural change in Japan held in early 1997 and chaired by the IMF's First Deputy Managing Director, Stanley Fischer. Discussion of teh day-to-day management of the standard levers of fiscal and monetary policy is interlinked with consideration for the more deep-seated structural issues. By shifting and destabilizing the underlying economic relationships and creating uncertainty, structural change complicates the task of policy analysis. This volume describes how the IMF is responding to these challenges and how outside experts assess this effect.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 109 pages
File Size : 41,5 Mb
Release : 1999-10-12
Category : Business & Economics
ISBN : 9781451820584

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Japan by International Monetary Fund Pdf

This paper provides a brief overview of the causes of the poor economic performance of Japan in the 1990s, and a more detailed analysis of developments in the real sector during 1999. The paper highlights that the collapse of the asset price bubble in 1990–91 provided the trigger for the downturn in 1992, and compounded the economic problems thereafter through its effects on the banking system. This paper also analyzes the fiscal policy developments and the monetary developments in Japan.

Author : Tsuyoshi Kawasaki
Publisher : Unknown
Page : 40 pages
File Size : 51,9 Mb
Release : 1993
Category : Budget
ISBN : UCSD:31822016580995

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The Politics of Contemporary Japanese Budget-making by Tsuyoshi Kawasaki Pdf

Author : Keimei Kaizuka,Anne O. Krueger
Publisher : Springer
Page : 238 pages
File Size : 47,6 Mb
Release : 2006-07-04
Category : Business & Economics
ISBN : 9781137001566

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Tackling Japan’s Fiscal Challenges by Keimei Kaizuka,Anne O. Krueger Pdf

This book examines how Japan should cope with fiscal challenges, as demands on the budget from an ageing society have necessitated the reigning in of public debt and the revamp of the pension and healthcare systems. It combines insights from academic research with the views of policymakers to distil key issues that need to inform public debate.

Author : Mr.Tim Callen,Jonathan David Ostry
Publisher : International Monetary Fund
Page : 288 pages
File Size : 46,9 Mb
Release : 2003-02-13
Category : Business & Economics
ISBN : UCSD:31822033571969

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Japan's Lost Decade by Mr.Tim Callen,Jonathan David Ostry Pdf

For thirteen years excess capacity and debt have weighed down the Japanese economy. This weak economic performance has implications for the world economy as a whole and so the IMF has been involved in a dialogue with the Japanese authorities to identify the policies needed to bring it out of its slump. The papers in this book are part of the process of identifying the causes and proposing solutions. They examine the weakness of the financial sector; corporate restructuring and structural reforms; fiscal policy; monetary and exchange rate policy and the impact of Japanese economic policies on the rest of Asia. The overall conclusion is that although a start has been made on necessary reforms, much still needs to be done

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 115 pages
File Size : 55,5 Mb
Release : 2000-11-02
Category : Business & Economics
ISBN : 9781452716527

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Japan by International Monetary Fund Pdf

A sustained decline in fertility rates underlies a rapid aging and decline of Japan's population. This will have profound social and economic implications. The paper illustrates the difficult situation facing Japanese fiscal policy in the years ahead. The findings of this paper indicate that there may be a role for foreign exchange interventions in providing stimulus at the current conjuncture. Deposit insurance reform is a central element in the government strategy to strengthen the Japanese banking system. The unemployment-deflation puzzle in Japan has been explained.

Author : Wenkai He
Publisher : Harvard University Press
Page : 298 pages
File Size : 45,9 Mb
Release : 2013-03-01
Category : Business & Economics
ISBN : 9780674074651

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Paths toward the Modern Fiscal State by Wenkai He Pdf

The rise of modern public finance revolutionized political economy. As governments learned to invest tax revenue in the long-term financial resources of the market, they vastly increased their administrative power and gained the ability to use fiscal, monetary, and financial policy to manage their economies. But why did the modern fiscal state emerge in some places and not in others? In approaching this question, Wenkai He compares the paths of three different nations—England, Japan, and China—to discover why some governments developed the tools and institutions of modern public finance, while others, facing similar circumstances, failed to do so. Focusing on three key periods of institutional development—the decades after the English Civil Wars, the Meiji Restoration, and the Taiping Rebellion—He demonstrates how each event precipitated a collapse of the existing institutions of public finance. Facing urgent calls for revenue, each government searched for new ways to make up the shortfall. These experiments took varied forms, from new methods of taxation to new credit arrangements. Yet, while England and Japan learned from their successes and failures how to deploy the tools of modern public finance and equipped themselves to become world powers, China did not. He’s comparative historical analysis isolates the nature of the credit crisis confronting each state as the crucial factor in determining its specific trajectory. This perceptive and persuasive explanation for China’s failure at a critical moment in its history illuminates one of the most important but least understood transformations of the modern world.

Author : Toshihiro Ihori,Masakazu Sato
Publisher : Springer
Page : 0 pages
File Size : 49,9 Mb
Release : 2010-12-07
Category : Business & Economics
ISBN : 1441952926

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Government Deficit and Fiscal Reform in Japan by Toshihiro Ihori,Masakazu Sato Pdf

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 : Takatoshi Ito,Andrew K. Rose
Publisher : University of Chicago Press
Page : 427 pages
File Size : 51,5 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226379012

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Monetary Policy with Very Low Inflation in the Pacific Rim by Takatoshi Ito,Andrew K. Rose Pdf

Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.

Author : Sayuri Shirai
Publisher : Unknown
Page : 242 pages
File Size : 51,5 Mb
Release : 2018-07-31
Category : Economic development
ISBN : 4899740972

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Mission Incomplete by Sayuri Shirai Pdf

In April 2013 the Bank of Japan launched an unprecedented quantitative and qualitative monetary easing policy. It was thought that a 2% price stability target could be achieved within 2 years; 4 years on and we are still mission incomplete. Mission incomplete! This phrase neatly captures the progress made by the Bank of Japan (BOJ) in reflating the economy. In April 2013, the BOJ launched an unprecedented quantitative and qualitative monetary easing policy. The BOJ was certain that the 2% price stability target would be achieved within 2 years. About 4 years later, the BOJ lags behind other major central banks, with actual inflation and inflation expectations still well below 2%. What happened? And what should the BOJ do next? This former policy maker's account expertly traces and analyzes the policy's consequences.

Author : Kenneth J. Singleton
Publisher : University of Chicago Press
Page : 208 pages
File Size : 54,5 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226760681

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Japanese Monetary Policy by Kenneth J. Singleton Pdf

How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.

Author : Mr.Dennis P Botman,Mr.Stephan Danninger,Mr.Jerald A Schiff
Publisher : International Monetary Fund
Page : 20 pages
File Size : 50,7 Mb
Release : 2015-01-30
Category : Deflation (Finance)
ISBN : 9781498385183

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Excerpt: Can Abenomics Succeed? by Mr.Dennis P Botman,Mr.Stephan Danninger,Mr.Jerald A Schiff Pdf

Since the bursting of the bubble, Japan has been unable to sustain economic recoveries. Monetary policy was unable to beat deflation, structural reforms failed to lift potential growth, and fiscal measures were insufficient to reverse the path of ever rising public sector debt. Japan’s revitalization plan dubbed the “three arrows of Abenomics” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome these problems. Amid a more challenging external environment and an aging population, Japan may well face its last opportunity to avoid a highly disruptive fiscal crisis and restore sustainability in a smooth manner instead. The book discusses mutually reinforcing reforms on several fronts, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms to revive animal spirits and stimulate potential growth.

Author : Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo
Publisher : International Monetary Fund
Page : 41 pages
File Size : 44,9 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455294695

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Expansionary Austerity New International Evidence by Mr.Daniel Leigh,Mr.Andrea Pescatori,Mr.Jaime Guajardo Pdf

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.