Paying for the Filp
Paying for the Filp
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DOI：
10.7208/9780226060231-004
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
T. Hoshi
中科院分区：
文献类型：
--
作者：
T. Doi;T. Hoshi
本文对财政投资和贷款计划（FILP）截至2001年3月底的财务状况进行了调查。我们研究了FILP接受者的财务状况，其中包括公共企业和地方政府。我们发现许多人事实上已经破产。我们的估计表明，多达75%的FILP贷款是不良的。预计损失约为？75万亿（占GDP的15%以上）。我们还研究了2001年4月的FILP改革的效果，该改革试图在FILP基金的配置中引入市场纪律。尚未发现资金流动有重大变化。金融市场似乎将新推出的没有政府担保的FILP机构债券与政府担保债券区分开来。然而，现在判断金融市场是否会成为FILP机构的有效监督者还为时过早。
This paper examines the financial health of the Fiscal Investment and Loan Program (FILP) as of the end of March 2001. We study the financial conditions of FILP recipients, which include public corporations and local governments. We find many are de facto insolvent. Our estimates suggest as much as 75% of the FILP loans are bad. The expected losses are estimated to be about ?75 trillion (over 15% of GDP). We also studied the effects of the FILP reform of April 2001, which tries to introduce market discipline in allocation of FILP funds. No significant changes in financial flow are detected, yet. The financial market seems to differentiate the newly introduced FILP agency bonds, which are supposed to without government guarantee, from government guaranteed bonds. It is too early to tell, however, whether the financial market will become an effective monitor of FILP agencies.