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Political Economy of Fiscal Rules

Research Project

Project/Area Number 21K01539
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07050:Public economics and labor economics-related
Research InstitutionOsaka University

Principal Investigator

Ono Tetsuo  大阪大学, 大学院経済学研究科, 教授 (50305661)

Co-Investigator(Kenkyū-buntansha) 荒渡 良  同志社大学, 経済学部, 准教授 (20547335)
内田 雄貴  成蹊大学, 経済学部, 准教授 (30805495)
Project Period (FY) 2021-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2023: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2022: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2021: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Keywords政治経済学 / 世代重複モデル / 財政ルール / 年金 / 教育 / 公教育支出 / 支出ルール / 逸脱ルール / 現在バイアス / 確率的投票 / 公債上限 / 公債シーリング
Outline of Research at the Start

多くの国で財政政策の選択に制限を課す各種財政ルール(公債上限ルール, 均衡財政ルール, 支出上限ルール等)が導入されている. 財政ルールの導入は, 財政規律を高める一方で, 政府が選択する財政政策を通じて, 世代間の格差や厚生に影響する. どのような財政ルールを導入することが資源配分の効率性, 世代間厚生の観点から望ましいのか, 政府が政策選択に制限を課す財政ルールを導入するのはなぜか, また, 以前に導入された財政ルールを政府が将来破る誘因は何か, といった問いに本研究課題は取り組む.

Outline of Final Research Achievements

The findings of this study can be summarized in the following four points. Firstly, it demonstrates that implementing a debt ceiling may prompt the government to transfer the tax burden from the elderly to the young, while also encouraging the accumulation of physical capital, boosting public education expenditure, and consequently enhancing the growth rate. Secondly, our analysis indicates that the anticipated aging of the population is likely to lead to Japan experiencing a higher labor income tax rate, an elevated public debt-to-GDP ratio, and a reduced government expenditure-to-GDP ratio compared to the United States. Thirdly, we observe instances of government rule-breaking when households with present-biased preferences influence fiscal policy formation through voting. Lastly, our findings suggest that countries with a weak degree of present bias may have limited motivation to adhere to coordinated rules.

Academic Significance and Societal Importance of the Research Achievements

本研究課題は、財政政策と経済成長の関係に関する重要な洞察を提供した.特に,財政政策の形成に影響を与える要因や,高齢化社会における財政政策の影響に焦点を当てている.この研究により,政府が負担を若年層から高齢者へ移すことで,経済成長を促進できる可能性が示唆された.また,高齢化が将来の経済政策に与える影響に関する分析は,将来の政策形成に関する重要な示唆を提供する.本研究から得られた結果は、将来の財政政策の設計や高齢化社会への適切な対応を考える上で、学術的な価値と社会的な意義を持ち得る.

Report

(4 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Research-status Report
  • 2021 Research-status Report
  • Research Products

    (5 results)

All 2023 2022 2021 2020 Other

All Journal Article (4 results) (of which Peer Reviewed: 4 results,  Open Access: 1 results) Remarks (1 results)

  • [Journal Article] Generational Distribution of Fiscal Burdens: A Positive Analysis2023

    • Author(s)
      Uchida Yuki、Ono Tetsuo
    • Journal Title

      International Economic Review

      Volume: 65 Issue: 1 Pages: 393-430

    • DOI

      10.1111/iere.12654

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] International coordination of debt rules with time-inconsistent voters2022

    • Author(s)
      Ryo Arawatari,Tetsuo Ono
    • Journal Title

      Journal of Public Economic Theory

      Volume: forthcoming Issue: 1 Pages: 29-60

    • DOI

      10.1111/jpet.12577

    • Related Report
      2022 Research-status Report
    • Peer Reviewed
  • [Journal Article] Public debt rule breaking by time-inconsistent voters2021

    • Author(s)
      Ryo Arawatari and Tetsuo Ono
    • Journal Title

      European Journal of Political Economy

      Volume: - Pages: 1-20

    • DOI

      10.1016/j.ejpoleco.2021.102010

    • Related Report
      2021 Research-status Report
    • Peer Reviewed
  • [Journal Article] Political economy of taxation, debt ceilings, and growth2020

    • Author(s)
      Uchida Yuki、Ono Tetsuo
    • Journal Title

      European Journal of Political Economy

      Volume: forthcoming Pages: 101996-101996

    • DOI

      10.1016/j.ejpoleco.2020.101996

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Remarks] Optimal Fiscal Spending and Deviation Rules

    • URL

      http://www2.econ.osaka-u.ac.jp/econ_society/dp/2403.pdf

    • Related Report
      2023 Annual Research Report

URL: 

Published: 2021-04-28   Modified: 2025-01-30  

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