Fiscal sustainability and financial stability

• Project/Area Number: 24530377
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Kinki University
• Principal Investigator: TAMAI Toshiki 近畿大学, 経済学部, 准教授 (00456584)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000); Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
• Keywords: 財政の維持可能性 / 財政政策 / 金融政策 / 財政・金融政策

Outline of Final Research Achievements

This study analyzes fiscal sustainability and stability of financial markets. The theoretical analysis shows that the golden rule of public finance enables actualizing the first-best equilibrium. A criteria to evaluate the dynamic efficiency of public investment is also provided. Numerical analysis shows that the first-best equilibrium has been actualized in the UK economy, and might be applicable to Germany and Japan when the golden rule was active.

Research Products

• [Journal Article] Optimal fiscal policy in an endogenous growth model with public capital as common property (2015)
  • Author(s): Toshiki Tamai
  • Journal Title: Kinki Working Papers in Economics Volume: E-35 Pages: 1-21
  • Open Access
• [Journal Article] Public Capital, Capacity Utilization, and Economic Growth (2014)
  • Author(s): 玉井 寿樹
  • Journal Title: 近畿大学 経済学部 Working Paper Series Volume: E29 Pages: 1-30
  • NAID: 120005737133
  • Open Access
• [Journal Article] Public capital, deficit financing, and economic growth in a stochastic economy (2014)
  • Author(s): Toshiki Tamai
  • Journal Title: Journal of Macroeconomics Volume: 42 Pages: 14-26
  • DOI: 10.1016/j.jmacro.2014.06.006
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] The macroeconomic effects of fiscal policy in a stochastically growing economy (2013)
  • Author(s): Toshiki Tamai
  • Journal Title: Economic Modelling Volume: 35 Pages: 464-471
  • DOI: 10.1016/j.econmod.2013.08.001
  • Peer Reviewed
• [Presentation] Regional lnfraStructure and Economic Growth (2015)
  • Author(s): 玉井 寿樹
  • Organizer: 大阪市立大学 経済学会 研究会
  • Place of Presentation: 大阪市立大学経済学部（大阪市）
  • Year and Date: 2015-03-13
  • Invited
• [Presentation] Public Capital, Capacity Utilization, and Economic Growth (2014)
  • Author(s): 玉井 寿樹
  • Organizer: 第49回CAPS研究会「財政政策とマクロ経済」
  • Place of Presentation: 京都大学経済研究所（京都市）
  • Year and Date: 2014-09-03
  • Invited
• [Presentation] The Macroeconomic Effects of Fiscal Policy in a Stochastically Growing Economy
  • Author(s): Toshiki Tamai
  • Organizer: 2nd Workshop in Economy and Distribution
  • Place of Presentation: Clare Hall College, University of Cambridge
  • Invited