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The Political Economy Of Fiscal Consolidation In Japan
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Book Synopsis The Political Economy of Fiscal Consolidation in Japan by : Toshihiro Ihori
Download or read book The Political Economy of Fiscal Consolidation in Japan written by Toshihiro Ihori and published by Springer. This book was released on 2014-11-21 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Government Deficit and Fiscal Reform in Japan by : Toshihiro Ihori
Download or read book Government Deficit and Fiscal Reform in Japan written by Toshihiro Ihori and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Japan's Fiscal Crisis by : Maurice Wright
Download or read book Japan's Fiscal Crisis written by Maurice Wright and published by . This book was released on 2002 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Making Fiscal Policy in Japan by : Hiromitsu Ishi
Download or read book Making Fiscal Policy in Japan written by Hiromitsu Ishi and published by OUP Oxford. This book was released on 2000-12-07 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Japanese Political Economy Revisited by : David Chiavacci
Download or read book Japanese Political Economy Revisited written by David Chiavacci and published by Routledge. This book was released on 2020-11-25 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last 30 years, the Japanese political economy system has experienced significant changes that are usually not well understood or analysed because of their complexity and contradictions. This book provides new analyses and insights on the process of evolving Japanese political economy including Japan’s current economic policy known as Abenomics. The first three chapters looks at evolutions at the corporate level, characterised in recent years by increasing firm heterogeneity. The authors apply theoretically driven analyses to the complex subject of corporate governance, human resource management and corporate reporting by discussing new developments in context of their economic opportunities as well as of their institutional contradictions with continuities in Japanese business practices. The second group of chapters deals with institutional changes and evolving economic reforms on the macro level of political economy. The two chapters focus on the financial system regulation and economic growth policies as two central elements of Japan’s political economy and key drivers in the evolution of its economy. Their analysis allows us to better understand the interplay between reforms and change in consumption credit and to reinterpret Abenomics as a manifestation of ongoing contradictions within the Japanese political economy. The chapters were originally published in a special issue in Japan Forum.
Book Synopsis The Political Economy of the Japanese Financial Big Bang by : Tetsuro Toya
Download or read book The Political Economy of the Japanese Financial Big Bang written by Tetsuro Toya and published by Oxford University Press. This book was released on 2006-04-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1996, the Japanese government introduced a policy package initiating massive deregulation and liberalization in the nation's financial sector, referred to as Japan's financial 'Big Bang.' This book argues that the emergence of the Big Bang Initiative poses numerous challenges to conventional interpretations of Japanese politics and represents a clear case of institutional change in Japanese finance. Whereas many observers stress continuity in Japanese politics, this book argues that the emergence in the 1990s of performance failures and scandals attributed to the bureaucracy, as well as the increase in the likelihood of a change in government in this period, led policymaking patterns surrounding the Big Bang to differ radically from those dominating public policymaking in the past. These developments led to change in the nature of the alliance between the ruling Liberal Democratic Party (LDP) and the Ministry of Finance (MOF), to a shift in priorities within the MOF, and to a heightened role for the public in policymaking. The result was that the MOF, long perceived as 'entrenched' and seeking to maximize tangible tokens of organizational power, became more than willing to launch the Big Bang, despite the fact that these reforms would strip the ministry of many of its regulatory tools and sever the ministry's close ties with the financial sector. The book also argues that these new developments prevented financial industry actors from forestalling these reforms, as they had done in the past with other reforms similarly threatening the viability of weaker firms. The findings reveal that not only politicians, but also bureaucrats and interest groups, have reasons to pursue public support to enhance their respective political influence. Consequently, well-organized groups do not always prevail over the unorganized public.
Download or read book Regime Shift written by T. J. Pempel and published by Cornell University Press. This book was released on 1998 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pempel contrasts the political economy of Japan during two decades: the 1960s ̧when the nation e¡perienced conservative political dominance and high growth ̧and the early 1990s ̧when the "bubble economy" collapsed and electoral politics changed. The different dynamics of the two periods indicate a regime shift in which the present political economy deviates profoundly from earlier forms. This shift has involved a transformation in socioeconomic alliances ̧political and economic institutions ̧and public policy profile ̧rendering Japanese politics far less predictable than in the past. Pempel weighs the Japanese case against comparative data from the USA ̧Great Britain ̧Sweden and Italy ̧to show how unusual Japan's political economy had been in the 1960s. The te¡t suggests that Japan's present troubles are deeply rooted in the economy's earlier success.
Book Synopsis Achieving Fiscal Consolidation While Promoting Social Cohesion in Japan by : Randall Jones
Download or read book Achieving Fiscal Consolidation While Promoting Social Cohesion in Japan written by Randall Jones and published by . This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: With gross government debt of 226% of GDP, Japan's fiscal situation is in uncharted territory and puts the economy at risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to control spending to restore its fiscal sustainability. The major concern on the spending side are social spending pressures in the context of rapid population ageing, making reforms to contain such spending a priority. Much of the consolidation, though, will have to be on the revenue side, primarily through hikes in the consumption tax rate beyond the 10% now planned for 2017. Fiscal consolidation should be accompanied by measures to promote social cohesion through the tax and benefit system and by breaking down labour market dualism. In particular, an earned income tax credit is a priority to assist the working poor.
Book Synopsis Fiscal Decentralization and Local Public Finance in Japan by : Nobuki Mochida
Download or read book Fiscal Decentralization and Local Public Finance in Japan written by Nobuki Mochida and published by Taylor & Francis US. This book was released on 2008 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan has one of the the worlds largest local finance in terms of expenditure/GDP ratio. It provides a range of experiences directly relevant to Intergovernmental fiscal relations elsewhere, and that experience has its remarkable elements- both positive and negative.In this book, the author takes a comprehensive approach, effectively combining the general theory of fiscal federalism and policy insight about Japans intergovernmental fiscal relations. Reflecting the long-standing interest in the success story of Japans economic growth during 1950-60s, a large amount of literature on the Japanese economy exists and is available in English. This book, however, is the first comprehensive account of intergovernmental fiscal relations.This book is suitable for all those who want to understand the role and the performance of central and local fiscal relations as an integral part of resource allocation, stabilization and redistribution function of public sector since post bubble economy.
Book Synopsis Political Economy of Japanese Financial Markets by : Dick Beason
Download or read book Political Economy of Japanese Financial Markets written by Dick Beason and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Political Economy of Japan Money by : Shigeo Nakao
Download or read book The Political Economy of Japan Money written by Shigeo Nakao and published by . This book was released on 1995 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The domestic transformation by : Kōzō Yamamura
Download or read book The domestic transformation written by Kōzō Yamamura and published by . This book was released on 1987 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Political Economy of Population Aging by : Kimiko Terai
Download or read book The Political Economy of Population Aging written by Kimiko Terai and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates the economics of aging and insight based on political economy and explores generational conflict in the context of governmental spending. This problem is general, as the Covid-19 pandemic has highlighted: lockdowns protect the elderly, but hurt the young. Policies to address global warming impose taxes on the elderly, but would bring benefits largely in the future. This book addresses intergenerational problems by placing its focus on budget allocation, taxation, and regulation. By using Japanese and US data, the authors conduct statistical analysis of whether regions with aging populations may adopt policies that generate benefits during a short period of time instead of policies that could benefit current young generations for an extended period of time. If the policy preferences of voters depend on their age, and if policy adoption by a government reflects public opinion, the change in demographic composition in a region may affect governmental policies. In an aged society, the elderly are pivotal voters. Budgets may be reallocated from policies favored by younger generations, such as education, to policies the elderly prefer, such as welfare programs. This generates an intergenerational externality problem: voters with short life expectancy do not take into consideration long-term benefits. Moreover, the current tax bases may be replaced by other tax bases that do not harm the elderly. The results reported in the book largely support these hypotheses. Evidence also shows that the gender and racial composition and institutional factors, including the extent of fiscal decentralization, are important in anticipating effects of population aging in other countries. .
Book Synopsis Financial Policy and Central Banking in Japan by : Thomas F. Cargill
Download or read book Financial Policy and Central Banking in Japan written by Thomas F. Cargill and published by MIT Press. This book was released on 2001-01-03 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system—a key element of the oft-heralded "Japanese economic model"—broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition.
Book Synopsis The Political Economy of Japanese Financial Markets by : Dick Beason
Download or read book The Political Economy of Japanese Financial Markets written by Dick Beason and published by . This book was released on 1999 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debts: Nuts, Bolts and Worries by :
Download or read book Public Debts: Nuts, Bolts and Worries written by and published by CEPR. This book was released on 2011 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The importance of fiscal discipline for developed countries has long been ignored or minimized, because they seem able to borrow and to keep borrowing for decades. The crisis has shown that discipline may be slow to assert itself, but has acutely painful consequences when it does. This 13th Geneva Report on the World Economy is devoted to fiscal policy reforms in the US, Europe and Japan. It offers a common political-economy framework to diagnose the need for fiscal consolidation and proposes institutional solutions rooted in that diagnosis. It includes a detailed analysis of how we got to the current situation, as well as a look at the very long run, when demographic factors already in place will sharpen an already degraded situation. The political-economy framework presents the common pool interpretation of the deficit bias, the widespread tendency of demographic governments to spend more than they can collect in taxes. It arises because those who benefit from public spending are not the same as those who pay taxes. The former ask for more spending, the latter ask for less taxation, and governments need to please voters to be (re)elected. The policy response must address these fundamental characteristics of advanced democracies by adopting institutions and rules that lessen the common pool problem. Because electoral systems differ widely from one country to another, leading to different forms of common pool effects, no single institutional arrangement is best suited everywhere. This report links political systems to forms of institutional arrangements. At this juncture, when the sovereign debt crisis is acute in the Euro-zone, menacing in the US and potentially festering in Japan, the report argues that fiscal stabilization is easier the faster the economy is growing. It also advances suggestions on how to make debts sustainable through growth-enhancing measures."--Page 4 of cover
Book Synopsis The Political Economy of Japan's Financial Crisis by : Walter F. Hatch
Download or read book The Political Economy of Japan's Financial Crisis written by Walter F. Hatch and published by . This book was released on 2006 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
