| Project/Area Number |
25380309
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Osaka Prefecture University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2016: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000)
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)
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| Keywords | 動学的応用一般均衡 / 世代重複モデル / 国債の日銀引受 / Monetaization / 財政の持続可能性 / パネルデータ分析 / 定常性 / 共和分 / 都道府県 / 政令市 / 中核市 / パネルデータ / Bohn / 政府財政の持続可能性 / 政令指定都市 / Fiscal sustainability / Direct underwriting / Public bonds / Central bank / Dynamic CGE model / OLG model / Local government debt / Manufacturing Industries / Productive Efficiency / Production Factor / DEA / AGE / OLG |
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| Outline of Final Research Achievements |
Firstly, I tackled to solve the question of whether Japanese public sector finance and Japanese economy are sustainable in future. In this study, I elucidated that "Monetization of Government's debt" makes Japanese public sector finance and Japanese economy become sustainable in future by a dynamic computable general equilibrium OLG (overlapping generations) model.
Next, I examined whether Japanese local governments have conducted their fiscal managements to keep their finances sustainable up to now. In order to answer this question, I adopted a Bohn (1998, 2005) test with panel data. The objects of this study were "ordinance-designated cities," "core cities," and prefecture governments. The results showed that only ordinance-designated cities and prefecture governments in relatively good fiscal condition could make effective efforts to keep their finances sustainable. Moreover, in the case of prefecture governments, I also considered the nonstationary and endogeneity issues.
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