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The Fiscal Investment and Loan Program in Transition

  • Iwamoto, Yasushi

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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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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  1. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, Information and Incentives," NBER Working Papers 2196, National Bureau of Economic Research, Inc.
  2. repec:tpr:qjecon:v:101:y:1986:i:3:p:455-70 is not listed on IDEAS
  3. Ishi, Hiromitsu, 2000. "Making Fiscal Policy in Japan: Economic Effects and Institutional Settings," OUP Catalogue, Oxford University Press, number 9780199240715, July.
  4. Magnus Blomström & Jennifer Corbett & Fumio Hayashi & Anil Kashyap, 2003. "Structural Impediments to Growth in Japan," NBER Books, National Bureau of Economic Research, Inc, number blom03-1, December.
  5. Oliver Hart & Andrei Shleifer & Robert W. Vishny, 1997. "The Proper Scope of Government: Theory and an Application to Prisons," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1127-1161.
  6. N. Gregory Mankiw, 1986. "The Allocation of Credit and Financial Collapse," NBER Working Papers 1786, National Bureau of Economic Research, Inc.
  7. Thomas F. Cargill, 1985. "Japan's financial reform," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may10.
  8. N. Gregory Mankiw, 1986. "The Allocation of Credit and Financial Collapse," The Quarterly Journal of Economics, Oxford University Press, vol. 101(3), pages 455-470.
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