Departmental Bulletin Paper 1970年代後半における国債の膨張メカニズム : 財政収支試算と地方財政収支試算を手掛かりとして
1970ネンダイ コウハン ニ オケル コクサイ ノ ボウチョウ メカニズム : ザイセイ シュウシ シサン ト チホウ ザイセイ シュウシ シサン オ テガカリ ト シテ
Why Did Government Bonds Expand in the 1970s in Japan?

大塚, 勲  ,  オオツカ, イサオ  ,  Ohtsuka, Isao

14pp.43 - 75 , 2016-03-25 , 熊本大学
General government gross debt in 2014 was over 230% of GNP in Japan and the government will issue government bonds of 36.9 trillion yen in 2015. The Ministry of Finance (MOF) used to explain that issuance of government bonds was due to a serious recession. A description related with causes of the issuance in Public Finance depends on the MOF's explanation. The fiscal science ignores that the MOF tells poisonous lies if it requires them. If the description was fictional, Public Finance should lose its position as a science. This study deals with the problem in the 1970s. In the 1970s government bonds were expanded from 2 trillion yen of 1975 fiscal year to 15.3 trillion yen of 1979 fiscal year. As a result of verification of the expansion, the study has derived the following conclusions. The expansion was closely related to the economic plan established in 1976. Revenues from 1976 to 1979 were insufficient because the government increased expenditures in accordance with the plan. Therefore, it supplemented the revenue shortages with government bonds. The study concludes that expansion of the bonds in the 1970s depended on the plan not the recession.

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