Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/23137 
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dc.contributor.authorYoshino, Naoyukien
dc.contributor.authorRobaschik, Franken
dc.date.accessioned2009-01-29T15:37:05Z-
dc.date.available2009-01-29T15:37:05Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23137-
dc.description.abstractRapidly rising local government debt in Japan presents a nontrivial addition to the central government debt. The planned replacement of the approval system for local government bor- rowing by a 'consultation system' in FY 2006 does not remove the implicit central govern- ment guarantee for local debt and thus the moral hazard involved in the system. Given all the risks associated with high debt levels (crowding out, inflation, potential insustainability) and the bad selection of projects financed under the current system, we suggest to restrict local government borrowing to user based revenue bonds, where investors receive the future revenue of the project and have an incentive to carefully select and monitor the projects they finance. In a generation model we show that this not only improves the sustainability of local government debt, but that it is highly likely that the debt will be sustainable.en
dc.language.isoengen
dc.publisher|aUniversität Duisburg-Essen, Forschungsinstitut für Wirtschaftliche Entwicklungen im Pazifikraum (FIP) |cDuisburgen
dc.relation.ispartofseries|aDuisburger Arbeitspapiere zur Ostasienwirtschaft |x72en
dc.subject.ddc330en
dc.subject.keywordGovernment debten
dc.subject.keywordsustainabilityen
dc.subject.keywordlocal government borrowingen
dc.subject.keywordlocal financeen
dc.subject.keywordJapanen
dc.subject.keywordgeneration modelen
dc.subject.keywordgovernment bondsen
dc.subject.keyworduser based revenue bondsen
dc.subject.stwKommunalverschuldungen
dc.subject.stwGemeindefinanzenen
dc.subject.stwHaushaltskonsolidierungen
dc.subject.stwProjektfinanzierungen
dc.subject.stwFinanzföderalismusen
dc.subject.stwJapanen
dc.titleLocal government finance in Japan : Can irresponsible borrowing be avoided?-
dc.typeWorking Paperen
dc.identifier.ppn391200097en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:udefip:72en

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