• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

Effects of a fiscal cap on expenditure on investments in the budgetary process

Research Project

Project/Area Number 17K03772
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Public finance/Public economy
Research InstitutionKeio University

Principal Investigator

Terai Kimiko  慶應義塾大学, 経済学部(三田), 教授 (80350213)

Project Period (FY) 2017-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
Budget Amount *help
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Keywords予算過程 / プリンシパル・エージェントモデル / シーリング / 財政制約 / 投資的支出 / 政治経済学的アプローチ / 予算編成過程 / 公共事業関係費 / 公共事業 / プリンシパル・エージェント問題 / 私的流用 / 予算編成 / 公共投資
Outline of Final Research Achievements

I conducted a model analysis on a principal-agent relationship in the budgetary process, in which a principal allocates budgets across two periods. An agent is delegated authority by the principal to spend entire budgets on investments, but he/she can steal from them. I obtained the following results from the analysis. First, if investments in two periods are substitutes, the agent, by stealing in the first period, he/she can obtain a large budget from the principal in the second period. Second, if the principal can commit to the fiscal cap placed on the budget for the final period, it incentivizes the agent not to steal. Finally, the fiscal cap is set at an inefficiently high level by the principal who fears a risk, such as macro shocks.

Academic Significance and Societal Importance of the Research Achievements

政府の予算過程において、非効率な予算使用を行ったエージェントが、後に大規模な予算を得ることができる理由の1つとして、異時点の政府投資の代替性が挙げられることを明らかにした。たとえば、道路投資などは、この性質を持っていると考えられる。また、不確実性がない場合には、シーリングのような財政制約はエージェントに対する有効なインセンティブとなるが、不確実性が存在する場合には、シーリングの機能は制限されることを示し、シーリングに期待できる役割と限界を明らかにした。

Report

(4 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (14 results)

All 2020 2019 2018 2017 Other

All Int'l Joint Research (3 results) Journal Article (5 results) (of which Int'l Joint Research: 3 results,  Peer Reviewed: 5 results,  Open Access: 1 results) Presentation (3 results) (of which Int'l Joint Research: 3 results,  Invited: 1 results) Book (1 results) Remarks (2 results)

  • [Int'l Joint Research] カリフォルニア大学アーバイン校(米国)

    • Related Report
      2019 Annual Research Report
  • [Int'l Joint Research] University of California, Irvine(米国)

    • Related Report
      2018 Research-status Report
  • [Int'l Joint Research] カリフォルニア大学アーバイン校(米国)

    • Related Report
      2017 Research-status Report
  • [Journal Article] 補正予算とシーリング2019

    • Author(s)
      寺井公子
    • Journal Title

      経済研究

      Volume: 70 Pages: 81-95

    • NAID

      120007032602

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Why Principals Tolerate Biases of Inaccurate Agents2019

    • Author(s)
      Kimiko Terai, Amihai Glazer
    • Journal Title

      Economics and Politics

      Volume: 31 Issue: 1 Pages: 97-111

    • DOI

      10.1111/ecpo.12119

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Rivalry Among Agents Seeking Large Budgets2018

    • Author(s)
      Kimiko Terai, Amihai Glazer
    • Journal Title

      Journal of Theoretical Politics

      Volume: 30 Issue: 4 Pages: 388-409

    • DOI

      10.1177/0951629818791029

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Strategic Delegation When Public Inputs for a Global Good Are Imperfect Substitutes2017

    • Author(s)
      Nishimura, Yukihiro, and Kimiko Terai
    • Journal Title

      International Tax and Public Finance

      Volume: 24 Issue: 1 Pages: 96-111

    • DOI

      10.1007/s10797-016-9411-6

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Rewarding Successes Discourages Experimentation2017

    • Author(s)
      Kimiko Terai, Amihai Glazer
    • Journal Title

      FinanzArchiv/Public Finance Analysis

      Volume: 73 Issue: 4 Pages: 361-381

    • DOI

      10.1628/001522117x15006332556852

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] Effects of the Elderly Population and of Political Factors in the US States2020

    • Author(s)
      寺井公子
    • Organizer
      The 16th Irvine-Japan Conference on Public Policy
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Why Inaccurate Agents Are Corrupt2018

    • Author(s)
      Kimiko Terai, Amihai Glazer
    • Organizer
      The 14th Irvine-Japan Conference on Public Policy
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] How a Corrupt Official Can Increase His Budget2017

    • Author(s)
      Kimiko Terai, Amihai Glazer
    • Organizer
      International Symposium of Urban Economics and Public Economics
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research / Invited
  • [Book] 日本の公的医療保険とモラル・ハザード2020

    • Author(s)
      寺井公子
    • Total Pages
      47
    • Publisher
      三菱経済研究所
    • ISBN
      9784943852759
    • Related Report
      2019 Annual Research Report
  • [Remarks] 経歴・研究業績

    • URL

      https://sites.google.com/site/kimikoteraiwebsite/vita-japanese

    • Related Report
      2018 Research-status Report
  • [Remarks]

    • URL

      https://sites.google.com/site/kimikoteraiwebsite/vita-japanese

    • Related Report
      2017 Research-status Report

URL: 

Published: 2017-04-28   Modified: 2022-02-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi