The origins of Macro-Budgeting and the foundations of Japanese public finance : drastic fiscal reform in occupation era

IR

Abstract

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Japan has one of the largest national debls among developed nations. At the root of this the massive economic policy was implemented in the 1990s and it is widely known that this policy laid particular emphasis on public works, tax cuts and mobilization of central banking to fiscal policy. This paper clarifies historical origins and systematic characteristics of Japanese fiscal system focusing on radical institutional revisions in "occupation era." Particularly we look at the interaction of Macro Budgeting, which constituted policy for the period from the 1930s until the war, and policy management during the occupation period, in order to shed light on the cause of the current unprecedented national debt.

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