Making Fiscal Policy in Japan: Economic Effects and Institutional SettingsMaking Fiscal Policy in Japan is written for those who want to understand the role and performance of fiscal policy as an integral component of macroeconomic policy, and the attendant effects on economic growth. The case explored here is post-Second World War Japan, but the approach is one of international comparison. Ishi traces and analyses the central features of postwar Japanese fiscal policy and considers the institutional framework and policy objectives which shaped the budget process. The first part of the book provides a detailed overview of the topic, with detailed institutional and empirical information. In particular, the role that government played in Japan's postwar economic growth is explored in depth, with specific focus on the four sub-periods of occupation, rapid economic growth, internationalization, and the bubble economy. Part II explains the basic framework of budgets, the budgetary process in Japan, and fundamental strategies of fiscal authority. It looks in depth at the unique aspects of the balanced budget policy for 1953-65 and then at how financial resources for budgeting were automatically generated in a growing economy. The final part analyses specific policy issues in the public sector, among them human resource development, the ageing population and the social security system, tax incentives for export promotion, the Fiscal Investment and Loan Programme, and intergovernmental grant policy. Ishi argues that the Japanese government has been generally passive in guiding the state's economic activities, using fiscal policy to support the private economy rather than directly to influence the economy through deliberate expenditure and tax policies. The approach has been one of enhancing the market rather than of government intervention. |
Contents
The Preconditions for Postwar Economic Growth | 9 |
Rapid Economic Growth and Its Effects | 26 |
Structural Changes Towards a New Dimension | 51 |
The Emergence of the Bubble Economy and Its Aftermath | 73 |
Budgets and the Budgetary Process | 101 |
Budget Orthodoxy and Strategies for Deficit Reduction | 120 |
An Empirical Analysis of Balanced Budget Policy 19531965 | 156 |
How Financial Resources were Generated in a Growing Economy | 179 |
Public Expenditure Trends in Light of Human Resource Development | 203 |
Ageing and the Social Security System | 227 |
Tax Policy for Export Promotion 19531964 | 266 |
The Role of the Fiscal Investment and Loan Program | 279 |
The Budgetary Behaviour of Local Governments | 312 |
Conclusion | 328 |
| 341 | |
Other editions - View all
Making Fiscal Policy in Japan: Economic Effects and Institutional Settings Hiromitsu Ishi No preview available - 2000 |
Making Fiscal Policy in Japan: Economic Effects and Institutional Settings Hiromitsu Ishi No preview available - 2000 |
Common terms and phrases
aggregate demand allocation amount balanced budget Bank of Japan basic billion bubble bubble economy budgetary business cycles capital cent contribution Corporation countercyclical countries cyclical debt domestic demand effects elderly Employees estimates expansion Figure FILP fiscal activity fiscal consolidation fiscal deficits fiscal policy funds government expenditure government financial institutions important industries inflation interest rates Ishi Japanese economy Keynesian land prices loans major markets measures ment monetary policy national bonds national government National Pension Note oil shock pension benefits percentage population post-war period postal savings potential output problems programme promotion public expenditure public pension rapid economic growth rapid growth ratio recession recovery relative share result role SCAP scheme sector social security Source special accounts special deduction stability Statistics structural reforms subsidies surplus and deficit Table target tax increases tax revenue trend trillion welfare Zaibatsu
References to this book
Japan's Financial Crisis: Institutional Rigidity and Reluctant Change Jennifer Ann Amyx Limited preview - 2004 |
Dictionary of the Modern Politics of Japan Prof J A A Stockwin,J. A. A. Stockwin No preview available - 2003 |