英文摘要 |
In this paper, we analyze how the Japanese government financed the needs for reconstruction for the Great East Japan Earthquake while at the same time avoided exacerbating the already severe fiscal crisis. After the earthquake occurred, the government appropriated the reserve fund for the 2010 fiscal year for emergent management. After this phase, the Japanese government and Diet passed the first budget amendment of four trillion yen for cleaning the wrecks, temporary housing and reconstructing roads and harbors on May 2nd, 2011. The passed the second budget amendment of two trillion yen for reparation for nuclear disaster and supporting victims on July 25th, 2011. To avoid issuing more government bonds, these two packages of reconstruction were paid by reducing expenditure, reducing pension sponsored by the government and surplus in the previous year. The third budget amendment, whose purpose is to fundamentally facilitate reconstruction, was based on 'The Principle for Reconstruction for Great East Japan Earthquake' and 'The Basic Law for Reconstruction for Great East Japan Earthquake'. Through the negotiations between incumbent and opposition party, this twelve trillion yen package was passed on November 21th. 95% of it was paid by special government bond for reconstruction, which will eventually paid by tax hike, expenditure reduction and non-tax revenue according to the principles announced by the government. |