Fiscal Policy for Macroprudence

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13690
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Tohoku Gakuin University
• Principal Investigator: SHIRAI Daichi 東北学院大学, 経済学部, 講師 (90823675)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 財政政策 / 企業債務問題

Outline of Final Research Achievements

This study analyzes the effectiveness of fiscal policies such as corporate tax cuts and increased government spending on the problem of excessive corporate debt. Under conditions in which the debt problem can be resolved by itself without policy intervention, corporate tax cuts have an effect in accelerating debt repayment by reducing the tax burden on firms. On the other hand, when the debt level is too high, and the debt remains permanently high, the spending expansion policy effectively supports debt repayment. Since fiscal policies affect corporate financing and optimal debt levels, the government must choose the appropriate policy tool depending on the severity of the debt problem.

Free Research Field

マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

財政政策の効果は、状況やその他の政策の影響を受けて変化することが知られており、本研究は企業債務と財政政策の関係を明示的に考察した初めての研究である。分析の結果、企業債務の水準が大きくなるほど、法人減税の効果が大きくなることが分かった。一方、債務水準が高過ぎて永続的に高留まりしている状況では、永続的に支出を拡大する政策が債務問題解消に効果を持つことが分かった。債務問題の深刻度に応じて財政政策を使い分ける必要があることが明らかになった。