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این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۲ دارای ۱۸ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H767
سال نشر: ۲۰۲۲
نام ناشر (پایگاه داده): الزویر
نام مجله: Journal of The Japanese and International Economies
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۸ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۲ : قوانین مالی و حسابداری ساختگی: شواهدی از شهرداری های ژاپن
عنوان کامل انگلیسی:
Fiscal rules and creative accounting: Evidence from Japanese municipalities
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Abstract
This paper analyzes a new fiscal rule and creative accounting using stock-flow adjustments. Previous studies investigate creative accounting using country- or state-level data, although the definitions of creative accounting differ depending on the study. We contribute to the literature on creative accounting by using Japanese municipality data from FY2007 to FY2010, following von Hagen and Wolff (2006). We focus on stock-flow adjustments by considering the relationship between the increase in the change in debt stock and the decrease in the deficit to measure creative accounting. Our contribution is the finding that municipalities engage in stockflow adjustments by increasing their expenditures and revenues through intergovernmental transfers, which represents creative accounting because it allows municipalities to delay improving their fiscal conditions. To evaluate a new fiscal rule, we should check not only the targeted indexes but also the untargeted indexes, which municipalities do not have an incentive to control.
Keywords: Fiscal rule, Creative accounting, Stock-flow adjustments, Soft budget constraint, Difference-in-differences
۱.Introduction
Alesina and Perotti (1996) show that fiscal policy encouraging the issuance of government bonds tends to expand fiscal deficits due to political influence. They argue that the expansion of the fiscal deficit is caused by a lack of specific fiscal rules or the low transparency of budget institutions. Previous studies on the positive effects of fiscal rules are conducted using country- or state-level data (e.g., Eichengreen and Bayoumi (1994); Poterba (1994); von Hagen and Harden (1995); Kirchg¨assner (2002); Debrun et al. (2008)). Similarly, some studies investigate the effects of fiscal rules on local governments and support the effectiveness of fiscal rules (e.g., Luechinger and Schaltegger (2013), Foremny (2014), Chatagny (2015); Grembi et al. (2016); Burret and Feld (2018a,b)). Previous studies have revealed that fiscal deficits are likely to be small when fiscal rules are strict…
۸.Conclusion
In this paper, we contribute to the literature in several ways. We analyze the use of creative accounting after the introduction of the new fiscal rule in Japanese municipalities. In particular, we focus on the institutional change between the announcement and the enforcement of the new fiscal rule. Our primary contribution is that we identify the causal effects of the new fiscal rule focused on the use of stock-flow adjustments by applying the DID method.
Our findings reveal the following points. First, the municipalities with poor fiscal conditions under the former rule improve their new fiscal indexes, which comprise three flow indexes and one stock index. The results, however, are sugarcoated results. Second, municipalities engage in creative accounting through positive stock-flow adjustments within legal limitations. Although municipalities decrease their deficits, they clearly increase the change in debt stock after the introduction of the new fiscal rule. The positive stock-flow adjustments arise from transactions in financial assets, which include money transfers to public enterprises, and volume effects resulting from debt redemption reductions and changes in sector classifications, which include the expansion of the targeted accounts…
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