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Title The political economy of fiscal consolidation in Japan / Toshihiro Ihori, Kimiko Terai, editors.

Published Tokyo : Springer, [2015]


Location Call No. Status
Physical description 1 online resource (xiii, 195 pages) : illustrations (some color).
Series Advances in Japanese business and economics ; 8
Advances in Japanese business and economics ; 8.
Springer English/International eBooks 2015 - Full Set
Notes Includes index.
Contents Preface; Contents; Contributors; About the Editors; Part I: Comprehensive Views of Japan's Fiscal Policy; Chapter 1: Fiscal Consolidation in the Political Economy of Japan; 1 Introduction; 2 Japanś Fiscal Policy and Fiscal Situation; 2.1 Japanś Fiscal Policy in 1990s; 2.2 Fiscal Policy in the 2000s; 2.3 Efficacy of Counter-Cyclical Measures; 2.4 Needs of Fiscal Consolidation; 3 Counter-Cyclical Macro Policy; 3.1 Ordinary Fluctuations and Serious Crises; 3.2 Explanations of Delay; 3.3 Political Efforts and Micro Fiscal Policy; 4 Pro-Cyclical Policy and Macroeconomic Situation
4.1 Debt Ceiling4.2 Theoretical Analysis in a Political Economy; 4.3 Second-Best Outcome; 4.3.1 Political Efforts by Two Generations in the Second Stage; 4.3.2 Debt Ceiling by the Government in the First Stage; 4.4 Income Fluctuations and Deficit Ceiling; 4.4.1 Wage Fluctuation; 4.4.2 Tax Revenue Fluctuation; 4.5 Policy Implications; 5 Consolidation Policy; 5.1 Reform of Intergovernmental Financing; 5.2 Commitment in a Political Economy; 5 Conclusion; Comment Paper to Chapter 1; References; Chapter 2: The Political Economy of Social Security Funding: Why Social VAT Reform?; 1 Introduction
2 The Model2.1 Brief Description of the Economy; 2.2 Workers and Retirees; 2.3 Social Security System; 3 Wage Tax Financing; 3.1 Policy Preferences of Retirees; 3.2 Policy Preferences of Workers; 3.3 Voting Equilibrium; 3.4 Comparative Statics; 4 Financing by Consumption Tax; 4.1 Policy Preferences of Retirees; 4.2 Policy Preferences of Workers; 4.3 Voting Equilibrium; 4.4 Comparative Statics; 5 Political Economy of Social Security Funding; 5.1 Structure-Induced Equilibria; 5.2 Formal Presentation and Simulation; 5 Concluding Remarks; Appendix1: Proof of Proposition2
Appendix2: Proof of Proposition3Appendix3: Subgame Perfection of the Equilibrium Outcomes; Comment Paper to Chapter2; References; Part II: Fiscal Problems in Japan; Chapter 3: Female Labor Supply, Social Security, and Fiscal Consolidation; 1 Introduction; 2 Background; 3 Literature; 4 Model; 4.1 The Household; 4.2 The Firm; 4.3 The Government; 4.4 Equilibrium; 5 Simulation Analysis; 5.1 Benchmark and Calibration; 5.2 Simulations; 5.2.1 Scenarios; 5.2.2 Results; 6 Discussion; 6.1 More Scenarios; 6.2 Results; Concluding Remarks; Comment Paper to Chapter3; References
Chapter 4: Fiscal Consolidation and Local Public Finances in Japan: Incentive Problems Associated with Intergovernmental Trans...1 Introduction; 2 Classification of Intergovernmental Transfers and Their Functions; 2.1 Classification of Intergovernmental Transfers; 2.2 Functions of Transfers; 2.2.1 Function 1: Adjustment of Fiscal Disparity; Adjustment of Vertical Disparity; Adjustment of Horizontal Disparity; 2.2.2 Function 2: Guarantee of Fiscal Resources; 2.2.3 Function 3: Improving Efficiency of Resource Allocation; 3 Intergovernmental Transfers in Japan
Summary This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation and implement structural reforms for reorganizing fiscal expenditures. Focusing on particular policy fields including social security, female labor supply, public works, and intergovernmental transfer schemes, the book clarifies economic and political elements that have hindered effective steps toward these two goals. Facing population aging and a business downturn, the Japanese government was urged to increase social security expenditures and the budget for Keynesian stimulus policies. As elucidated in the book, the institutional design has worked to over-represent the demands of elderly generations and local interest groups and to expand these expenditures. Rigorous theoretical and numerical analyses reported throughout the book consequently provide readers with insights into incentive designs and institutional reforms necessary for fiscal consolidation, also presenting points of view for public policy and public debate.
Other author Ihori, Toshihiro, 1952- editor.
Terai, Kimiko, editor.
SpringerLink issuing body.
Subject Fiscal policy -- Japan.
Economic stabilization -- Japan.
Debts, External -- Japan.
Electronic books.
Electronic books.
ISBN 9784431551270
9784431551263 (print)
Standard Number 10.1007/978-4-431-55127-0