It is important that the fiscal positions of government bodies are appropriately assessed by the markets for the bonds they issue, thereby allowing market regulations on fiscal management to function effectively and promoting sound fiscal management. This article examines the relationship...

By focusing on the changes that were taking place in the political environment the 1990s, this article tries to explain why Japan's fiscal condition deteriorated markedly during this decade. The analysis demonstrates that a substantial portion of the actual budget deficit can be understood as an...

We investigate the impact of road construction on economic growth using the Japanese prefectural data for the period 1960-1999. Our main findings are as follows. The construction of major roads forming the nationwide network had a positive effect on growth in less developed regions over the...

This paper first summarises Japan's fiscal policies in the 1990s. Then, we investigate the macroeconomic impact of government debt and the sustainability problem. We find that the Keynesian fiscal policy in the 1990s was not effective and fiscal sustainability may therefore become a serious...