Fiscal Consolidation in the Political Economy of Japan

Toshihiro Ihori ()
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Toshihiro Ihori: University of Tokyo

Chapter Chapter 1 in The Political Economy of Fiscal Consolidation in Japan, 2015, pp 3-33 from Springer

Abstract: Abstract The present chapter highlights several important factors of fiscal consolidation in Japan by investigating incentives for governments and private agents to either implement or postpone consolidation and structural fiscal reforms in a political economy. This chapter shows that the counter-cyclical fiscal measures, which result in the accumulation of public debt, are not always desirable from a long-run perspective. The long-run commitment to fiscal consolidation may enhance fiscal structural reforms even if these reforms might produce short-run costs and, hence, cause severe resistance from interest groups.

Keywords: Deficit ceiling; Fiscal privilege; Income fluctuation; Political effort (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-4-431-55127-0_1

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DOI: 10.1007/978-4-431-55127-0_1

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