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Fiscal Policy and Regional Business Cycle Fluctuations in Japan

  • Miyazaki, Tomomi
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    This paper examines the relationship between fiscal policy and regional business cycle fluctuations in Japan. In particular, we focus on the effects of “discretionary” changes in public investment, a portion of investment unrelated to the current state of macroeconomic circumstances. The empirical results show that such types of public investment amplify regional business cycle fluctuations.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25584/1/DP583.pdf
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    Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 583.

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    Length: 40 p.
    Date of creation: Mar 2013
    Date of revision:
    Handle: RePEc:hit:hituec:583
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    Phone: +81-42-580-8327
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    Web page: http://www.ier.hit-u.ac.jp/Email:


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    1. Haruo KONDOH, 2008. "Political Economy of Public Capital Formation in Japan," Macroeconomics Working Papers 22604, East Asian Bureau of Economic Research.
    2. Fumitoshi Mizutani & Tomoyasu Tanaka, 2010. "Productivity effects and determinants of public infrastructure investment," The Annals of Regional Science, Springer, vol. 44(3), pages 493-521, June.
    3. Fatas, Antonio & Mihov, Ilian, 2001. "Government size and automatic stabilizers: international and intranational evidence," Journal of International Economics, Elsevier, vol. 55(1), pages 3-28, October.
    4. Leif Helland & Rune Sørensen, 2009. "Geographical redistribution with disproportional representation: a politico-economic model of Norwegian road projects," Public Choice, Springer, vol. 139(1), pages 5-19, April.
    5. Miyazaki, Tomomi, 2009. "Public investment and business cycles: The case of Japan," Journal of Asian Economics, Elsevier, vol. 20(4), pages 419-426, September.
    6. Michael Artis & Toshihiro Okubo, 2010. "The Intranational Business Cycle in Japan," Discussion Paper Series DP2010-19, Research Institute for Economics & Business Administration, Kobe University.
    7. Okui, Ryo, 2009. "The optimal choice of moments in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 151(1), pages 1-16, July.
    8. David Roodman, 2009. "A Note on the Theme of Too Many Instruments," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(1), pages 135-158, 02.
    9. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
    10. Cadot, Olivier & Roller, Lars-Hendrik & Stephan, Andreas, 2006. "Contribution to productivity or pork barrel? The two faces of infrastructure investment," Journal of Public Economics, Elsevier, vol. 90(6-7), pages 1133-1153, August.
    11. John Shea, 1996. "Instrument Relevance in Multivariate Linear Models: A Simple Measure," NBER Technical Working Papers 0193, National Bureau of Economic Research, Inc.
    12. Haruo KONDOH, 2008. "Political Economy of Public Capital Formation in Japan," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 4(1), pages 77-110, December.
    13. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
    14. Markus Bruckner & Anita Tuladhar, 2011. "The Effectiveness of Government Expenditures during Crisis: Evidence from Regional Government Spending in Japan 1990-2000," School of Economics Working Papers 2011-10, University of Adelaide, School of Economics.
    15. Toshihiro Ihori, 2011. "Overlapping tax revenue, soft budget, and rent seeking," International Tax and Public Finance, Springer, vol. 18(1), pages 36-55, February.
    16. Pascha, Werner & Robaschik, Frank, 2001. "The role of Japanese local governments in stabilisation policy," Duisburger Arbeitspapiere Ostasienwissenschaften 40/2001, University of Duisburg-Essen, Institute of East Asian Studies IN-EAST.
    17. Motonari Hayashida & Geoffrey J. D. Hewings, 2009. "Regional Business Cycles in Japan," International Regional Science Review, , vol. 32(2), pages 119-147, April.
    18. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
    19. Roberto Perotti, 1999. "Fiscal Policy In Good Times And Bad," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1399-1436, November.
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