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Japan's Fiscal CrisisThe Ministry of Finance and the Politics of Public Spending, 1975-2000$
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Maurice Wright

Print publication date: 2002

Print ISBN-13: 9780199250530

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199250530.001.0001

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The ‘Second Budget’: The Fiscal Investment Loan Programme

The ‘Second Budget’: The Fiscal Investment Loan Programme

(p.215) 12 The ‘Second Budget’: The Fiscal Investment Loan Programme
Japan's Fiscal Crisis

Maurice Wright

Oxford University Press

Japan's Fiscal Investment Loan Programme (FILP), also known as the second budget, was a policy-based public finance system through which traditionally the national government transmitted the accumulated savings of small investors to dedicated governmental and quasi-governmental organizations for investment in projects and programmes designed to achieve prescribed national economic and social (and party political) objectives. Since its inception in 1953, FILP has been characterized, first, by the unique source of its funds, and the control of their allocation by the Ministry of Finance for the development of economic, industrial, and social infrastructure; second, by the methods of financing capital projects and programmes through investments, loans, and the underwriting of bonds issued by a number of eligible national, regional, and local organizations; and, third, by the provision of loans and subsidies to some Special Accounts, and the General Account Budget itself.

Keywords:   Fiscal Investment Loan Programme, second budget, public finance, Ministry of Finance, capital management, interest rates, local government, loans, subsidies

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