地方財政健全化指標における相互依存関係の実証分析

Hirota, Haruaki and Yunoue, Hideo (2015): 地方財政健全化指標における相互依存関係の実証分析.

Abstract

The purpose of this paper is to evaluate an effect of new fiscal rules in the Japanese prefectural government. Especially, we focus on creative accounting [von Hagen and Wolff (2006)] in the Law Relating to the Financial Soundness of Local Governments (2007, Law No. 94). We estimated the effect of fiscal rules by using SUR model. Our results show that the new rules may have induced local governments to use stock-flow adjustments. The Japanese prefectural government increased future burden ratio introducing new rules while they decreased their deficit.

• Item Type: MPRA Paper
• English Title: Interdependency of Financial Indexes in the Law Relating to the Financial Soundness of Local Governments: Empirical evidence of Japanese prefectural data
• Language: Japanese
• Keywords: fiscal rules, creative accounting, local public finance
• Subjects: H - Public Economics > H7 - State and Local Government ; Intergovernmental Relations > H74 - State and Local Borrowing; H - Public Economics > H7 - State and Local Government ; Intergovernmental Relations > H77 - Intergovernmental Relations ; Federalism ; Secession

References

金坂成通・広田啓朗・湯之上英雄(2011) 「自治体財政の健全化と行政評価‐都市データによる実証分析‐」『会計検査研究』第44 号　pp.91-101.

菅原宏太(2013)「地方財政健全化法の施行と地方公共団体の健全化行動－関西の市町村データによる考察－」『会計検査研究』No.47, pp.39-54.

田尾真一(2014)「ドイツにおける地方財政規律と財政再建化」日本地方財政学会第22回大会報告論文.

田中秀明(2011)『財政規律と予算制度改革　なぜ日本は財政再建に失敗しているか』日本評論社.

田中秀明(2013)『日本の財政　再建の道筋と予算制度』中公新書.

鶴光太郎(2004)「日本の財政問題：問題意識と解決のための処方箋の切り口」青木昌彦・鶴光太郎編著『日本の財政改革』, pp.35-88.

中井英雄・齊藤愼・堀場勇夫・戸谷裕之(2010)『新しい地方財政論』有斐閣アルマ.

平嶋彰英(2010)「地方公共団体財政健全化法成立から三年を経て－制度設計を振り返り、影響を検証する－」『地方財政』2010.7, pp.10-39.

別所俊一郎(2010)「財政規律とコミットメント」『会計検査研究』No.42, pp.29-47.

山本拓(1995)『計量経済学』新世社.

Alesina, A. and R. Perotti, (1996), “Fiscal Dicipline and the Budget Process,” American Economic Review, 86(2), pp.401-407.

Beetsma, R., M. Giuliodori, and P. Wierts, (2009), “Planning to cheat: EU fiscal policy in real time,” Economic policy, 24(60), pp.753-804.

Beetsma, R. M.W. J., and X. Debrun, (2007), “The new stability and growth pact: A first assessment,” European Economic Review, 51(2), pp.453-477.

Debrun, X., L. Moulin, A. Turrini, J. Ayuso-i-Casals, and M. S. Kumar, (2008), “Tied to the mast? National fiscal rules in the European Union,” Economic Policy, 23(54), pp.297-362.

Debrun, X., D. Hauner, and M. S. Kumar, (2009), “Independent fiscal agencies,” Journal of Economic Surveys, 23(1), pp.44-81.

Eichengreen, B., and T. Bayoumi, (1994), “The political economy of fiscal restrictions: Implications for Europe from the United States,” European Economic Review, 38, pp.783-791.

Kakamu, K., H. Yunoue., and T. Kuramoto., (2014), “Spatial patterns of flypaper effects for local expenditure by policy objective in Japan: A Bayesian approach,” Economic Modelling, 37, pp.500-506.

Kirchgussner, G., (2002), “The Effect of fiscal institutions on public finance: A survey of the empirical evidence,” in S.L. Winer and H. Shibata (eds.), Political Economy and Public Finance, Cheltenham, pp. 145-177.

Koen, V., and P. Noord, (2005), “Fiscal Gimmickry in Europe: One-Off Mearsures and Creative Accounting,” OECD Economics Department Working Papers, 417.

Kontopoulos, Y. and R. Perotti, (1999), “Government fragmentation and fiscal policy outcomes: evidence from OECD countries,” in Fiscal Institutions and Fiscal Performance, National Bureau of Economic Research Inc., pp.81-102.

Luechinger, S., and C.A. Schaltegger, (2013), “Fiscal rules, budget deficits and budget projections,” International Tax and Public Finance, 20(5), pp.785-807.

Milesi-Ferretti, G M., (2003), “Good, bad or ugly? On the effects of fiscal rules with creative accounting,” Journal of Public Economics, 88, pp.377-394.

Persson, T., and G. Tabellini, (1999), “The size and scope of government: Comparative politics with rational politicians,” European Economic Review, 43, pp.699-735.

von Hagen, J., (2006), “Political economy of fiscal institutions,” in B. R. Weingast and D. A. Wittman (eds.), The Oxford Handbook of Political Economy, Oxford University Press, pp.464-478.

von Hagen, J and Harden, I J. (1995). “Budget processes and commitment to fiscal discipline,” European Economic Review, 39, pp.771-779.

von Hagen, J., and G. B. Wolff, (2006), “What Do Deficits Tell Us About Debt?: Empirical Evidence on Creative Accounting with Fiscal Rules in the EU,” Journal of Banking and Finance, 30(12), pp.3259-3279.