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This paper aims to provide an overview of the basics of Japan's local public administration and finance system and to … analyze how Japan's municipalities restore their fiscal balance after a fiscal shock. In Japan, local governments play a major … large vertical fiscal gap in Japan between the central and local governments - a gap that necessitates the transfer of funds …
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The paper is devoted to an analysis of the Treaty on Stability Coordination and Governance (TSCG), also known as the "Fiscal Compact" Treaty signed between the EU member states in 2012. We argue than the TSCG, instead of helping to "repair" the institutional failures on which the Euro and the...
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Japan is in the midst of a demographic transition that is both rapid and large by international standards. As recently … as 1990, Japan had the youngest population among the Group of 6 large, developed countries. However, the combined effects … of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself …
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This book, edited and researched by experts at the International Monetary Fund (IMF), looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes. It also looks at whether spending exceeded expectations or...
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