Departmental Bulletin Paper 地方債の共同発行─自治体向け公庫資金と市場公募地方債の統合化の検討─

大東, 辰起

With the fiscal investment and loan reform of 2001, local government debt switched to beingtraded on the open market. Due to this reform, the role of the local government debt shiftedfrom financing to dealing with added financing cost. As a method to facilitate this, I examinethe possibility for the joint publication of local government debt. This paper examines, from an economic viewpoint, the effectiveness of financing techniques,and the merit gained by joint publication of local government debt. Local public entity financemechanisms and publication of two combination bonds, which succeeded the governmentbackedfinance corporation and now called the joint primary market open call for participantslocal government debt, exists, but both face issues needing consideration. I conclude that for local governments to overcome such problems and create broaderfinancing techniques, the merits of unifying the publication of the two bonds should be explored.

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