The large weight of public financial institutions is often identified as one of the characteristics of the Japanese financial system. It is believed that reform of the private financial sector is not enough to revitalize the Japanese financial system, but reform of the public financial sector is crucial. There are various opinions concerning ideal public financial institutions, and heated debate continues. We would like to raise attention to the point that much discourse is based on the prerequisite that public financial sector is still increasing (i.e., the ballooning theory). However, only a small number of arguments present grounds for the prerequisite, and even in the case of those based on statistical analyses, such analyses are not rigorously verified. Under these circumstances, the first purpose of this paper is to reverify the ballooning theory of public financial sector which is used as a prerequisite for much of the discourse.
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Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number
487.
Length: 16 pages Date of creation: Jan 2005 Date of revision: Handle: RePEc:eab:financ:487
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Find related papers by JEL classification: P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
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