| Project/Area Number |
15530228
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Toyo University |
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Principal Investigator |
INO Nobuo Toyo University, Faculty of Regional Development Studies, Associate Professor, 国際地域学部, 助教授 (10349938)
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| Project Period (FY) |
2003 – 2004
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| Project Status |
Completed (Fiscal Year 2004)
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| Budget Amount *help |
¥1,900,000 (Direct Cost: ¥1,900,000)
Fiscal Year 2004: ¥900,000 (Direct Cost: ¥900,000)
Fiscal Year 2003: ¥1,000,000 (Direct Cost: ¥1,000,000)
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| Keywords | Local Bond / Local Public Finance / Local Government / Market / Investor / Risk / Revenue Bond / Finance / ディスクロージャー / 市場 / 商品 / 米国 / 地方債制度 |
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| Research Abstract |
This Research is on the local bond system in Japan. Issuing local bond is a vital fund raising system of local government in Japan. It is indispensable that desirable reform of issuing and operating system of local bonds should be considered.
The abstracts of this research are as follows :
First of all, I would product several new types of local bonds as financial goods and categorize local bonds from a point of view of various aspects which should be considered ; secondly, I would investigate the system which promote investors to participate into local bond markets in Japan and protect them legally; thirdly, I would analyze a prototype on operating systems of local bonds and technical skills of investors, which are necessary with expansion and development of local bond markets in Japan.
I found several points for local bond system in Japan through this research project.
At first, I could find the necessity of IR(Investor Relations) activities and disclosure of local authorities than before in order to promote institutional and individual investors to participate into local bond markets in Japan. This conclusion was found by the research of the status and current problems on primary and secondary markets of local bond in Japan. Secondly, I could find the importance of the diversity on local bonds in Japan as financial commodities, and the construction of investors-oriented system. This conclusion was found by the investigation through local debt system in the U.S. Finally, I could find the desirable allocation of the burden (the fee for financial activities and so forth) between local governments and financial institutions especially in the local area.
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