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Government Deficits, Political Inefficiency, and Fiscal Reconstruction in Japan

  • Takero Doi

    ()

    (Faculty of Economics, Keio University
    Graduate School of International Relations and Pacific Studies, University of California)

  • Toshihiro Ihori

    ()

    (Department of Economics, University of Tokyo)

  • Hiroki Kondo

    ()

    (Department of Econmics, Shinshu University)

We investigate the behavior of government deficits and fiscal reconstruction movement in Japan both theoretically and empirically. We first develop a dynamic framework of fiscal reconstruction process using the dynamic game theory among various interest groups. The distribution of a tax increase, that is, contribution of taxes to reducing public debt and raising privileges, depends on the political efficiency of lobbying activities. We also investigate empirically the relationship between the political inefficiency and the outcome of fiscal reconstruction process in the Japanese (national) general account.

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Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 3 (2002)
Issue (Month): 1 (May)
Pages: 169-183

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Handle: RePEc:cuf:journl:y:2002:v:3:i:1:p:169-183
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  1. Alesina, Alberto & Drazen, Allan, 1991. "Why Are Stabilizations Delayed?," American Economic Review, American Economic Association, vol. 81(5), pages 1170-88, December.
  2. Gary S. Becker & Casey B. Mulligan, 1998. "Deadweight Costs and the Size of Government," NBER Working Papers 6789, National Bureau of Economic Research, Inc.
  3. Ihori, Toshihiro & Itaya, Jun-ichi, 2001. "A dynamic model of fiscal reconstruction," European Journal of Political Economy, Elsevier, vol. 17(4), pages 779-797, November.
  4. Robin Boadway & Pierre Pestieau & David Wildasin, 1987. "Tax-Transfer Policies and the Voluntary Provision of Public Goods," Working Papers 682, Queen's University, Department of Economics.
  5. V.V. Chari & Harold Cole, 1993. "Why are representative democracies fiscally irresponsible?," Staff Report 163, Federal Reserve Bank of Minneapolis.
  6. Andres Velasco, 1997. "A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms," NBER Working Papers 6336, National Bureau of Economic Research, Inc.
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