Local Government Bonds and Fiscal Discipline (in Japanese)

Takero Doi, Tomoko Hayashi and Nobuyuki Suzuki

Economic Analysis, 2006, vol. 178, 3-56

Abstract: This paper compares the fiscal disciplines of local governments in various countries, and discusses the characteristics of local government bond systems in the United States, France, Canada, and Sweden studied through local survey. Some points are clarified from the international comparison. In many countries except Japan, local governments face discipline through market mechanism in the market of local government bond. Various actors such as investors and banks in the market support the fiscal discipline. Furthermore, some fiscal rules also play an important role for reduction of local government debt.

Date: 2006
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