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The Fiscal Investment and Loan Program in Transition

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Author Info
Yasushi Iwamoto (Department of Economics, Hitotsubashi University)

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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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File URL: http://www.e.u-tokyo.ac.jp/cirje/research/dp/2002/2002cf168.pdf
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Publisher Info
Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-168.

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Length: 32 pages
Date of creation: Aug 2002
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Handle: RePEc:tky:fseres:2002cf168

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. N. Gregory Mankiw, 1986. "The Allocation of Credit and Financial Collapse," NBER Working Papers 1786, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Hart, Oliver & Shleifer, Andrei & Vishny, Robert W, 1997. "The Proper Scope of Government: Theory and an Application to Prisons," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1127-61, November.
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  3. David E. M. Sappington & Joseph E. Stiglitz, 1988. "Privatization, Information and Incentives," NBER Working Papers 2196, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Takero Doi & Takeo Hoshi, 2002. "Paying for the FILP," NBER Working Papers 9385, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • 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. [Downloadable!]
  2. Joshua Aizenman & Jaewoo Lee, 2006. "Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding," NBER Working Papers 12718, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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