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The Case for an Independent Fiscal Institution in Japan
Author:
Mr. George Kopits
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Series:
IMF Working Papers
Volume/Issue:
Volume 2016: Issue 156
Language:
English
Publication Date:
02 Aug 2016
DOI:
https://doi.org/10.5089/9781475522686.001
ISBN:
9781475522686
ISSN:
1018-5941
Pages:
27
Keywords:
WP; IFI head; a number of IFIs; IFI projection; IFI surveillance; debt ratio; Japan’s fiscal policy; public debt sustainability; independent fiscal institutions; government policy; regime shift; fiscal policy stance; IFI mandate; government initiative; Multilateral development institutions; Budget planning and preparation; Europe
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund