2016 Fiscal Year Final Research Report
Empirical analysis on the interest rates of municipal borrowings from private financial institutions
| Project/Area Number |
26870463
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
Public finance/Public economy
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| Research Institution | University of the Ryukyus |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Keywords | 地方債 / 銀行等引受債 / 地域金融機関 / 寡占 / 市場分断 / 公的資金 / 財政投融資 / 地方公共団体金融機構 |
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| Outline of Final Research Achievements |
We focus on municipal borrowings from private financial institutions and examine the following hypotheses. (i) In regions where there are few commercial banks, interest rates increase due to oligopolies; (ii) public funds, managed by the Ministry of Finance Japan and Japan Finance Organization for Municipalities, counteracts commercial banks and alleviates harmful effects due to oligopoly.
Through official information disclosure and voluntary information provision request, we collect the conditions for municipal borrowings and conduct the empirical analysis. The empirical results support the above hypotheses. Especially, competitive bidding is effective, it is shown that the interest rate will drop by 1.28 bps if one private financial institution participating in bidding.
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| Free Research Field |
地方財政論
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