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Fiscal Policy and Regional Business Cycle Fluctuations in Japan

  • Miyazaki, Tomomi

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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  1. Fatás, Antonio & Mihov, Ilian, 1999. "Government Size and Automatic Stabilizers: International and Intranational Evidence," CEPR Discussion Papers 2259, C.E.P.R. Discussion Papers.
  2. Michael Artis & Toshihiro Okubo, 2010. "The Intranational Business Cycle in Japan," Discussion Paper Series DP2010-19, Research Institute for Economics & Business Administration, Kobe University.
  3. Toshihiro Ihori, 2011. "Overlapping tax revenue, soft budget, and rent seeking," International Tax and Public Finance, Springer, vol. 18(1), pages 36-55, February.
  4. 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.
  5. David Roodman, 2007. "A Note on the Theme of Too Many Instruments," Working Papers 125, Center for Global Development.
  6. Roberto Perotti, 1999. "Fiscal Policy in Good Times and Bad," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1399-1436.
  7. Windmeijer, Frank, 2005. "A finite sample correction for the variance of linear efficient two-step GMM estimators," Journal of Econometrics, Elsevier, vol. 126(1), pages 25-51, May.
  8. John Shea, 1996. "Instrument Relevance in Multivariate Linear Models: A Simple Measure," NBER Technical Working Papers 0193, National Bureau of Economic Research, Inc.
  9. Olivier Cadot & Lars-Hendrik Röller & Andreas Stephan, 2002. "Contribution to Productivity or Pork Barrel? The Two Faces of Infrastructure Investment," CIG Working Papers FS IV 02-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  10. Miyazaki, Tomomi, 2009. "Public investment and business cycles: The case of Japan," Journal of Asian Economics, Elsevier, vol. 20(4), pages 419-426, September.
  11. Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
  12. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  13. Haruo KONDOH, 2008. "Political Economy of Public Capital Formation in Japan," Macroeconomics Working Papers 22604, East Asian Bureau of Economic Research.
  14. Miyazaki, Tomomi, 2010. "The effects of fiscal policy in the 1990s in Japan: A VAR analysis with event studies," Japan and the World Economy, Elsevier, vol. 22(2), pages 80-87, March.
  15. 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.
  16. Fumitoshi Mizutani & Tomoyasu Tanaka, 2005. "Productivity Effects and Determinants of Public Infrastructure Investment," Discussion Papers 2005-35, Kobe University, Graduate School of Business Administration.
  17. Okui, Ryo, 2009. "The optimal choice of moments in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 151(1), pages 1-16, July.
  18. Motonari Hayashida & Geoffrey J. D. Hewings, 2009. "Regional Business Cycles in Japan," International Regional Science Review, SAGE Publishing, vol. 32(2), pages 119-147, April.
  19. Cameron,A. Colin & Trivedi,Pravin K., 2005. "Microeconometrics," Cambridge Books, Cambridge University Press, number 9780521848053, November.
  20. 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.
  21. 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.
  22. 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.
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