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Subnational Borrowing in Japan : from 'Implicit Guarantee'to Market Discipline and Fiscal Rule
http://hdl.handle.net/2261/18421
http://hdl.handle.net/2261/18421633c07c1-f8c9-4afe-a9cb-ab5deaa56864
Item type | テクニカルレポート / Technical Report(1) | |||||
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公開日 | 2013-05-31 | |||||
タイトル | ||||||
タイトル | Subnational Borrowing in Japan : from 'Implicit Guarantee'to Market Discipline and Fiscal Rule | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | JEL Classifcation : H72, H74, H77 | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | local debt | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | fiscal discipline | |||||
キーワード | ||||||
主題Scheme | Other | |||||
主題 | soft budget constraint | |||||
資源タイプ | ||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
資源タイプ | technical report | |||||
アクセス権 | ||||||
アクセス権 | metadata only access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
著者 |
Mochida, Nobuki
× Mochida, Nobuki |
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著者所属 | ||||||
値 | University of Tokyo | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | In many countries, local borrowing is an important source for long-term development projects such as roads, bridges, and waterworks. Local borrowing for such projects is justified on the ground that benefit of these projects often last decades and the cost of these projects should be borne by future tax payers. However, there are serious concerns with issuance of local bonds by decentralized local governments. Local governments in Japan would not default on their borrowing because of such "implicit government guarantee." As a result, lenders and tax payers have lost incentive to monitor subnational government because they view their investment as protected by a central government. The purpose of this paper is to review the local borrowing in Japan. At first, the transition from administrative control to rule-based, market oriented system is described. Following this, soft budget constraint and effectiveness of market discipline is investigated. Third, bank lending and local bonds as a way of financing long-term infrastructures are compared. Finally, we shed light on the credibility of local bonds in Japan and offer some proposals. | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | 本文フィルはリンク先を参照のこと | |||||
書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-541, 発行日 2008-01 |
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書誌レコードID | ||||||
収録物識別子タイプ | NCID | |||||
収録物識別子 | AA11450569 | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
日本十進分類法 | ||||||
主題Scheme | NDC | |||||
主題 | 335 | |||||
出版者 | ||||||
出版者 | 日本経済国際共同センター | |||||
出版者別名 | ||||||
値 | Center for International Research on the Japanese Economy | |||||
関係URI | ||||||
識別子タイプ | URI | |||||
関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2008/2008cf541ab.html |