"Debt Sustainability Analysis at Subnational Level" (in Japanese)

Nobuki Mochida
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Nobuki Mochida: Faculty of Economics, The University of Tokyo

No CIRJE-J-260, CIRJE J-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: How do local governments react to the accumulation of debt? Whereas public debt/GDP ratio has reached the worst levels in Japan, this paper provides evidence of corrective action: the marginal response of primary surpluses to changes in debt is increasing in the debt-GDP ratio. This paper also raises a puzzle that local governments in the rural area take corrective measure when the debt-GDP ratio starts rising, while local governments of the metropolis let the debt grow.

Pages: 37 pages
Date: 2014-05
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Persistent link: https://EconPapers.repec.org/RePEc:tky:jseres:2014cj260

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