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The Fiscal Investment and Loan Program in Transition

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  • Iwamoto, Yasushi

Abstract

This paper discusses the adequacy of the activities of the Fiscal Investment Loan Program agencies after the fundamental reform in April 2001, which disconnected postal savings and public pension reserves from the FILP. It is found that many ideas of justifying the government interventions to the financial sector have now lost their relevancy. The activity of government financial intermediaries should be streamlined. Among infrastructure construction projects, the most serious part of welfare loss lies on national motorway construction, which is estimated to be about 14.5 trillion yen of welfare loss.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of the Japanese and International Economies.

Volume (Year): 16 (2002)
Issue (Month): 4 (December)
Pages: 583-604

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Handle: RePEc:eee:jjieco:v:16:y:2002:i:4:p:583-604

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Web page: http://www.elsevier.com/locate/inca/622903

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  1. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, Information and Incentives," NBER Working Papers 2196, National Bureau of Economic Research, Inc.
  2. Oliver Hart & Andrei Shleifer & Robert Vishny, 1996. "The Proper Scope of Government: Theory and an Application to Prisons," Harvard Institute of Economic Research Working Papers 1778, Harvard - Institute of Economic Research.
  3. Ishi, Hiromitsu, 2000. "Making Fiscal Policy in Japan: Economic Effects and Institutional Settings," OUP Catalogue, Oxford University Press, number 9780199240715, September.
  4. N. Gregory Mankiw, 1986. "The Allocation of Credit and Financial Collapse," NBER Working Papers 1786, National Bureau of Economic Research, Inc.
  5. Thomas F. Cargill, 1985. "Japan's financial reform," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may10.
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Cited by:
  1. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long-run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, 05.
  2. Takero Doi & Takeo Hoshi, 2003. "Paying for the FILP," NBER Chapters, in: Structural Impediments to Growth in Japan, pages 37-70 National Bureau of Economic Research, Inc.
  3. Imai, Masami, 2012. "Local economic effects of a government-owned depository institution: Evidence from a natural experiment in Japan," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 1-22.
  4. Kay Shimizu & Kenji E. Kushida, 2014. "Syncretism: Politics and Interest Groups in Japan’s Financial Reforms," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 11(4), pages 26-31, 01.
  5. Uwe Vollmer & Diemo Dietrich & Ralf bebenroth, 2009. "Behold the 'Behemoth'. The privatization of Japan Post Bank," Discussion Paper Series 236, Research Institute for Economics & Business Administration, Kobe University.
  6. Sawada, Michiru, 2013. "Measuring the effect of postal saving privatization on the Japanese banking industry: Evidence from the 2005 general election," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 967-983.

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