| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Research Abstract |
In this project, we re-analyze the effect of budget deficits and government debt on real long-term interest rates in Japan. As the results, we found (1)the JGB yields responded positively to six of eighteen economic countermeasures after the bubble burst and four of the six cases reflected the sovereign risks,(2)1% increase in budget deficits/GDP raise the rates by 26-34 bps. In addition, a supplementary study in this project showed that tight banks' attitude toward lending and bad financial condition of the government weakened the demand-enhancing effects of fiscal expansion.
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