The Financial and Fiscal Impacts
The Great East Japan Earthquake (GEJE) occurred against the backdrop of a struggling economy and public finance system under stress, implying an exceptional fiscal cost and imposing a fiscal management challenge to the Government of Japan (GoJ). In...
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| Format: | Brief |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/09/18027462/financial-fiscal-impacts http://hdl.handle.net/10986/16165 |
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okr-10986-161652021-04-23T14:03:27Z The Financial and Fiscal Impacts Sato, Motohiro Boudreau, Laura ACCIDENT ACCOUNTING ASSET RECONSTRUCTION AVAILABILITY OF INFORMATION BOND BOND ISSUANCE BOND MARKET BONDS BORROWING BUDGET DEFICITS CASH TRANSFERS CATASTROPHIC EVENTS CENTRAL GOVERNMENT DEBT CENTRAL GOVERNMENT SPENDING CONTINGENT LIABILITIES CONTINGENT LIABILITY CORPORATE INCOME TAX CREDIBILITY CREDIT RATING CREDITWORTHINESS DEBT DEBT BURDEN DEBT FINANCING DEBT ISSUANCE DEBT MANAGEMENT DEBT RATIOS DEVELOPING COUNTRIES DISASTER EVENTS DISASTER MANAGEMENT DISASTER PREVENTION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER VICTIMS EARTHQUAKE EARTHQUAKES ELECTRICITY EMERGENCY RELIEF EXPENDITURES FINANCIAL CRISIS FINANCIAL EXPOSURE FINANCIAL INCENTIVES FINANCIAL SUPPORT FISCAL BURDEN FISCAL MANAGEMENT FISCAL POLICY GOVERNMENT BONDS GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FUNDING GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HOUSING INCOME SUPPORT INCOME TAX INSURANCE INSURANCE MARKETS INTEREST PAYMENTS INTEREST RATE INVENTORY LIQUIDATION LOAN LOCAL ECONOMY LOCAL GOVERNMENT LOCAL GOVERNMENT SPENDING LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET INFRASTRUCTURE MATURITIES MONETARY FUND MUNICIPAL GOVERNMENT MUNICIPALITIES NATURAL DISASTER NATURAL DISASTERS OUTSTANDING DEBT PENSION PENSION FUND PERSONAL INCOME PORTFOLIO PRIVATE SECTOR PUBLIC PUBLIC ASSETS PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC SECTOR PUBLIC WORKS PUBLIC WORKS PROJECTS REGULATORY FRAMEWORK REPAYMENT RESERVE RESERVE FUNDS RETAIL INVESTORS RISK MANAGEMENT RISK REDUCTION ROADS SAVINGS SHORT-TERM LIQUIDITY SOCIAL EXPENDITURE SOVEREIGN DEBT STRUCTURAL PROBLEMS TAX TAX DEDUCTIONS TAX INCENTIVE TAX INCENTIVES TAX RATE TAX REVENUE TAX REVENUES TAXATION WITHHOLDING TAXES The Great East Japan Earthquake (GEJE) occurred against the backdrop of a struggling economy and public finance system under stress, implying an exceptional fiscal cost and imposing a fiscal management challenge to the Government of Japan (GoJ). In response, the government committed to a full-scale national initiative that has evinced its ability to quickly mobilize short- term liquidity but leaves in question its reliance on debt issuance and taxation measures to finance longer-term reconstruction. This note examines the fiscal costs of the event, the financial measures taken by the GoJ to fund these expenses, and the fiscal implications of these actions. Lessons learned and recommendations for developing countries are distilled from this discussion. In the aftermath of the event, the GoJ announced a full-scale national response in which the government would support: 1) rebuilding disaster-resilient regions, 2) restoring the livelihoods of the disaster-affected population, and 3) reviving the local economy and industry. To finance this approach, the GoJ mobilized a portfolio of fiscal measures that minimized the financial burden on local governments, residents, and industry but significantly increased the financial burden of the central government, and thus, indirectly, of the current and future Japanese population and economy. 2013-10-15T21:55:58Z 2013-10-15T21:55:58Z 2012-09 http://documents.worldbank.org/curated/en/2012/09/18027462/financial-fiscal-impacts http://hdl.handle.net/10986/16165 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research East Asia and Pacific Japan |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCIDENT ACCOUNTING ASSET RECONSTRUCTION AVAILABILITY OF INFORMATION BOND BOND ISSUANCE BOND MARKET BONDS BORROWING BUDGET DEFICITS CASH TRANSFERS CATASTROPHIC EVENTS CENTRAL GOVERNMENT DEBT CENTRAL GOVERNMENT SPENDING CONTINGENT LIABILITIES CONTINGENT LIABILITY CORPORATE INCOME TAX CREDIBILITY CREDIT RATING CREDITWORTHINESS DEBT DEBT BURDEN DEBT FINANCING DEBT ISSUANCE DEBT MANAGEMENT DEBT RATIOS DEVELOPING COUNTRIES DISASTER EVENTS DISASTER MANAGEMENT DISASTER PREVENTION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER VICTIMS EARTHQUAKE EARTHQUAKES ELECTRICITY EMERGENCY RELIEF EXPENDITURES FINANCIAL CRISIS FINANCIAL EXPOSURE FINANCIAL INCENTIVES FINANCIAL SUPPORT FISCAL BURDEN FISCAL MANAGEMENT FISCAL POLICY GOVERNMENT BONDS GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FUNDING GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HOUSING INCOME SUPPORT INCOME TAX INSURANCE INSURANCE MARKETS INTEREST PAYMENTS INTEREST RATE INVENTORY LIQUIDATION LOAN LOCAL ECONOMY LOCAL GOVERNMENT LOCAL GOVERNMENT SPENDING LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET INFRASTRUCTURE MATURITIES MONETARY FUND MUNICIPAL GOVERNMENT MUNICIPALITIES NATURAL DISASTER NATURAL DISASTERS OUTSTANDING DEBT PENSION PENSION FUND PERSONAL INCOME PORTFOLIO PRIVATE SECTOR PUBLIC PUBLIC ASSETS PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC SECTOR PUBLIC WORKS PUBLIC WORKS PROJECTS REGULATORY FRAMEWORK REPAYMENT RESERVE RESERVE FUNDS RETAIL INVESTORS RISK MANAGEMENT RISK REDUCTION ROADS SAVINGS SHORT-TERM LIQUIDITY SOCIAL EXPENDITURE SOVEREIGN DEBT STRUCTURAL PROBLEMS TAX TAX DEDUCTIONS TAX INCENTIVE TAX INCENTIVES TAX RATE TAX REVENUE TAX REVENUES TAXATION WITHHOLDING TAXES |
| spellingShingle |
ACCIDENT ACCOUNTING ASSET RECONSTRUCTION AVAILABILITY OF INFORMATION BOND BOND ISSUANCE BOND MARKET BONDS BORROWING BUDGET DEFICITS CASH TRANSFERS CATASTROPHIC EVENTS CENTRAL GOVERNMENT DEBT CENTRAL GOVERNMENT SPENDING CONTINGENT LIABILITIES CONTINGENT LIABILITY CORPORATE INCOME TAX CREDIBILITY CREDIT RATING CREDITWORTHINESS DEBT DEBT BURDEN DEBT FINANCING DEBT ISSUANCE DEBT MANAGEMENT DEBT RATIOS DEVELOPING COUNTRIES DISASTER EVENTS DISASTER MANAGEMENT DISASTER PREVENTION DISASTER RECOVERY DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER VICTIMS EARTHQUAKE EARTHQUAKES ELECTRICITY EMERGENCY RELIEF EXPENDITURES FINANCIAL CRISIS FINANCIAL EXPOSURE FINANCIAL INCENTIVES FINANCIAL SUPPORT FISCAL BURDEN FISCAL MANAGEMENT FISCAL POLICY GOVERNMENT BONDS GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT FUNDING GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT HOUSING INCOME SUPPORT INCOME TAX INSURANCE INSURANCE MARKETS INTEREST PAYMENTS INTEREST RATE INVENTORY LIQUIDATION LOAN LOCAL ECONOMY LOCAL GOVERNMENT LOCAL GOVERNMENT SPENDING LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MARKET INFRASTRUCTURE MATURITIES MONETARY FUND MUNICIPAL GOVERNMENT MUNICIPALITIES NATURAL DISASTER NATURAL DISASTERS OUTSTANDING DEBT PENSION PENSION FUND PERSONAL INCOME PORTFOLIO PRIVATE SECTOR PUBLIC PUBLIC ASSETS PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC SECTOR PUBLIC WORKS PUBLIC WORKS PROJECTS REGULATORY FRAMEWORK REPAYMENT RESERVE RESERVE FUNDS RETAIL INVESTORS RISK MANAGEMENT RISK REDUCTION ROADS SAVINGS SHORT-TERM LIQUIDITY SOCIAL EXPENDITURE SOVEREIGN DEBT STRUCTURAL PROBLEMS TAX TAX DEDUCTIONS TAX INCENTIVE TAX INCENTIVES TAX RATE TAX REVENUE TAX REVENUES TAXATION WITHHOLDING TAXES Sato, Motohiro Boudreau, Laura The Financial and Fiscal Impacts |
| geographic_facet |
East Asia and Pacific Japan |
| description |
The Great East Japan Earthquake (GEJE)
occurred against the backdrop of a struggling economy and
public finance system under stress, implying an exceptional
fiscal cost and imposing a fiscal management challenge to
the Government of Japan (GoJ). In response, the government
committed to a full-scale national initiative that has
evinced its ability to quickly mobilize short- term
liquidity but leaves in question its reliance on debt
issuance and taxation measures to finance longer-term
reconstruction. This note examines the fiscal costs of the
event, the financial measures taken by the GoJ to fund these
expenses, and the fiscal implications of these actions.
Lessons learned and recommendations for developing countries
are distilled from this discussion. In the aftermath of the
event, the GoJ announced a full-scale national response in
which the government would support: 1) rebuilding
disaster-resilient regions, 2) restoring the livelihoods of
the disaster-affected population, and 3) reviving the local
economy and industry. To finance this approach, the GoJ
mobilized a portfolio of fiscal measures that minimized the
financial burden on local governments, residents, and
industry but significantly increased the financial burden of
the central government, and thus, indirectly, of the current
and future Japanese population and economy. |
| format |
Publications & Research :: Brief |
| author |
Sato, Motohiro Boudreau, Laura |
| author_facet |
Sato, Motohiro Boudreau, Laura |
| author_sort |
Sato, Motohiro |
| title |
The Financial and Fiscal Impacts |
| title_short |
The Financial and Fiscal Impacts |
| title_full |
The Financial and Fiscal Impacts |
| title_fullStr |
The Financial and Fiscal Impacts |
| title_full_unstemmed |
The Financial and Fiscal Impacts |
| title_sort |
financial and fiscal impacts |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/09/18027462/financial-fiscal-impacts http://hdl.handle.net/10986/16165 |
| _version_ |
1764432366621687808 |