Japan's Fiscal Crisis

Yukio Noguchi

Japanese Economy, 1982, vol. 10, issue 3, 53-85

Abstract: 1. Causes of the Fiscal Crisis: Beginning with the compilation of the Supplementary Budget for fiscal year (FY) 1975, the Japanese central government's revenues have been based increasingly on new issues of public bonds. In the initial Budget Program for FY 1979 the amount of public bonds to be issued exceeded 15 trillion yen, raising the share of revenue from the issuance of public bonds to close to 40% of the revenue total. In the FY 1980 Budget Program, though the amount of new public bonds has been cut down by 1 trillion yen as compared with the initial FY 1979 Budget Program, in anticipation of an automatic increment of tax revenue, dependence on new public bond issue is still as high as 34% of total revenue.

Date: 1982
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DOI: 10.2753/JES1097-203X100353

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