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The Fiscal Investment and Loan Program in Transition

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  • Yasushi Iwamoto

    (Department of Economics, Hitotsubashi University)

Abstract

This paper discusses the adequacy of the activities of the Fiscal Investment Loan Program agencies after the fundamental reform in April 2001, which disconnected postal savings and public pension reserves from the FILP. It is found that many ideas of justifying the government interventions to the financial sector have now lost their relevancy. The activity of government financial intermediaries should be streamlined. Among infrastructure construction projects, the most serious part of welfare loss lies on national motorway construction, which is estimated to be about 14.5 trillion yen of welfare loss.

Suggested Citation

  • Yasushi Iwamoto, 2002. "The Fiscal Investment and Loan Program in Transition," CIRJE F-Series CIRJE-F-168, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2002cf168
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    References listed on IDEAS

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    1. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, information and incentives," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(4), pages 567-585.
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    5. Magnus Blomström & Jennifer Corbett & Fumio Hayashi & Anil Kashyap, 2003. "Structural Impediments to Growth in Japan," NBER Books, National Bureau of Economic Research, Inc, number blom03-1.
    6. Ishi, Hiromitsu, 2000. "Making Fiscal Policy in Japan: Economic Effects and Institutional Settings," OUP Catalogue, Oxford University Press, number 9780199240715.
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    Cited by:

    1. Sawada, Michiru, 2013. "Measuring the effect of postal saving privatization on the Japanese banking industry: Evidence from the 2005 general election," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 967-983.
    2. Kay Shimizu & Kenji E. Kushida, 2014. "Syncretism: Politics and Interest Groups in Japan’s Financial Reforms," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(4), pages 26-31, 01.
    3. Takero Doi & Takeo Hoshi, 2003. "Paying for the FILP," NBER Chapters, in: Structural Impediments to Growth in Japan, pages 37-70, National Bureau of Economic Research, Inc.
    4. repec:ces:ifodic:v:11:y:2014:i:4:p:19104036 is not listed on IDEAS
    5. Kay Shimizu & Kenji E. Kushida, 2014. "Syncretism: Politics and Interest Groups in Japan’s Financial Reforms," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(04), pages 26-31, January.
    6. Masami Imai, 2009. "Political Determinants of Government Loans in Japan," Journal of Law and Economics, University of Chicago Press, vol. 52(1), pages 41-70, February.
    7. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, May.
    8. Uwe Vollmer & Diemo Dietrich & Ralf bebenroth, 2009. "Behold the 'Behemoth'. The privatization of Japan Post Bank," Discussion Paper Series 236, Research Institute for Economics & Business Administration, Kobe University.
    9. Dharish David, 2014. "The Japanese Experience with Highway Development," Journal of Infrastructure Development, India Development Foundation, vol. 6(1), pages 17-42, June.
    10. Imai, Masami, 2012. "Local economic effects of a government-owned depository institution: Evidence from a natural experiment in Japan," Journal of Financial Intermediation, Elsevier, vol. 21(1), pages 1-22.

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