The fiscal investment and loan system

Fukuda, Susumu

Since FILS resources are public funds, its use is aimed at developing national welfare. During the postwar recovery period, FILP funds were directed mainly toward industrial policy. Since then, however, the emphasis has shifted toward standard of living and environmental concerns, such as water supply, sewers, housing, roads and other environmental facilities. In this way, FILS played a large role during the postwar recovery and high growth period. Even now it is believed to play an important role in the economy, but as the interest rate gap between FILS and the market diminishes, as private financial institutions resources and instruments grow, and as previously public enterprises become privatized, the conditions that surround FILS will change dramatically. Consequently, the need to disperse FILS resources will be far less than before; to continue using FILS efficiently, and to assure allocation in areas of true need, it will be necessary in the future to rationally reappraise the qualitative and quantitative use of the FILS' system.

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Academic Units
Center on Japanese Economy and Business
Center on Japanese Economy and Business, Graduate School of Business, Columbia University
Center on Japanese Economy and Business Working Papers, 27
Published Here
February 7, 2011