The Case for an Independent Fiscal Institution in Japan

Author/Editor:

George Kopits

Publication Date:

August 2, 2016

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

In response to the recent financial crisis and the ensuing buildup in public indebtedness, an increasing number of advanced economies have created independent fiscal institutions (IFIs) to improve the quality of public finances and to strengthen the credibility of government policy. A review of Japan’s fiscal policymaking over the past decades suggests that Japan would greatly benefit from establishing an IFI in line with internationally accepted standards of good practice. Such an institution could help correct critical weaknesses in policymaking and anchor expectations, especially if introduced as part of a fiscal framework with a medium-term perspective.

Series:

Working Paper No. 16/156

Subject:

English

Publication Date:

August 2, 2016

ISBN/ISSN:

9781475522686/1018-5941

Stock No:

WPIEA2016156

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

27

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