Arbeitspapier
Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan: Lessons for the EMU
Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis. It is shown for Japan that the attempts to maintain regional cohesion via a regional transfer mechanism has contributed to the unprecedented rise in public debt and persistent monetary expansion. Econometric estimations show that in Japan regional redistribution of funds has ensured homogeneous living conditions across Japanese regions pre- and post-crisis. The side condition is monetary expansion. A similar effect could emerge in Europe, if the crisis persists.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 5908
- Klassifikation
-
Wirtschaft
Crisis Management
Intergovernmental Relations; Federalism; Secession
Monetary Policy
- Thema
-
Japan
EMU
crisis
regional redistribution
monetary policy
public debt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Fischer, Raphael
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Fischer, Raphael
- Schnabl, Gunther
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2016
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