経済成長と財政維持の新しい関係

Material type: 文書・図像類

Author: 堀井, 亮

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2023-06

Material Format: Paper

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Note (General)：: “Fiscal consolidation cannot be achieved without economic growth,” is a symbolic statement by the Japanese government, announced repeatedly in the las...

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Paper

Material Type: 文書・図像類
Title: 経済成長と財政維持の新しい関係
Author/Editor: 堀井, 亮
Author Heading: 堀井, 亮
https://nrid.nii.ac.jp/nrid/1000090324855
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2023-06
Publication Date (W3CDTF): 2023-06
Alternative Title: A New Relationship Between Economic Growth and Government Debt Sustainability
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1209
Volume: 1209
Pages: 1-12
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: jpn
Target Audience: 一般
Note (General): “Fiscal consolidation cannot be achieved without economic growth,” is a symbolic statement by the Japanese government, announced repeatedly in the last two decades. However, the actual plan accompanied by this statement was to implement austere fiscal policy in successive years to regain a positive primary balance. This article argues that such an attempt could be one reason Japan failed to achieve either fiscal consolidation or economic growth for the last 30 years. We explain the debt sustainability condition considering the possibility that the growth rate is higher than the interest rate, typically observed in advanced countries in the post-war period. In this definition, debt sustainability depends more sensitively on the GDP growth rate than the primary balance. Reductions in growth-enhancing public investment will worsen debt sustainability even when they improve the primary balance, confirming the initial statement.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2023/DP1209.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華