Missing the point: facts and rhetoric about Japan's fiscal crisis

Takeshi Fujitani

Chapter 8 in Dealing with Crisis, 2023, pp 130-153 from Edward Elgar Publishing

Abstract: This chapter argues that the public discourse’s obsession with whether the current course of Japan’s fiscal policy, due to the massive bulk of its public debts, will eventually run into a fiscal crisis widely misses the point. The genuine question to us is the constitutional problem: the ongoing fiscal-monetary policy regime is already amounting to the re-configuration of the fiscal constitution, which must be done via an honest discussion and clear choice by the democratic polity. The public discourse over the current fiscal-monetary policy regime, on both sides of the debate, pays little attention to its constitutional significance, hence dismantling the democratic accountability mechanism on fiscal/monetary matters. In the author’s view, this amounts to the true “fiscal crisis.”

Keywords: Asian Studies; Environment; Politics and Public Policy (search for similar items in EconPapers)
Date: 2023
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