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Fiscal policy and fiscal reconstruction in Japan

  • Toshihiro Ihori

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    This paper investigates the macroeconomic effect of fiscal policy and the fiscal reconstruction movement in Japan. I first summarize Japanese fiscal policy in the recent years and discuss sustainability of government deficits. Then, I investigate the macroeconomic effect of Japanese fiscal policy and evaluate the plausibility of the Keynesian and non-Keynesian effects. I also analyze political constraints in the fiscal reconstruction attempts and the possibility of crowding-in effect of fiscal reform. Finally, I discuss some measures for the successful fiscal reconstruction reform in the near future. Copyright Springer Science + Business Media, LLC 2006

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    File URL: http://hdl.handle.net/10.1007/s10797-006-9204-4
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    Article provided by Springer in its journal International Tax and Public Finance.

    Volume (Year): 13 (2006)
    Issue (Month): 4 (August)
    Pages: 489-508

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    Handle: RePEc:kap:itaxpf:v:13:y:2006:i:4:p:489-508
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102915

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    1. Giavazzi, Francesco & Pagano, Marco, 1990. "Can Severe Fiscal Contractions Be Expansionary? Tales of Two Small European Countries," CEPR Discussion Papers 417, C.E.P.R. Discussion Papers.
    2. Toshihiro Ihori & Takero Doi & Hiroki Kondo, 2000. "Japanese Fiscal Reform: Fiscal Reconstruction and Fiscal Policy," CIRJE F-Series CIRJE-F-83, CIRJE, Faculty of Economics, University of Tokyo.
    3. Roberto Perotti, 1999. "Fiscal Policy in Good Times and Bad," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1399-1436.
    4. Doi, Takero & Ihori, Toshihiro, 2002. "Fiscal Reconstruction and Local Interest Groups in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 16(4), pages 492-511, December.
    5. Henning Bohn, 1998. "The Behavior of U. S. Public Debt and Deficits," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 949-963.
    6. 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.
    7. Christian Broda & David E. Weinstein, 2004. "Happy News from the Dismal Science: Reassessing the Japanese Fiscal Policy and Sustainability," NBER Working Papers 10988, National Bureau of Economic Research, Inc.
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