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.
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