THEORETICAL AND EMPIRICAL ANALYSIS OF THE EXPENDITURE PATTERN OF THE LOCAL GOVERNMENT

(1) 1975年至1987年，日本47个县的城市银行、长期信贷银行和信贷协会的分支机构配置情况相似。1987年，各地区银行和信托银行的邮局拨款和分行拨款情况相似。1980年，所有银行每家分行的存款吸收额为110.95美元，邮局为35.81美元。然而，邮局的这一数字有所增加，1987年达到72.02。所有银行也有所增长，1987年达到145.99。(2) 1963年，日本开发银行（JDB）的份额为35.6%，住房贷款公司（HLC）的份额为16.9%。然而，1989年加多宝的份额仅为14.1%，1989年HLC的份额为55.2%。在日本的47个县中，通过政府金融机构发放的贷款的地区分配与现在的私人银行非常相似。政府银行的作用之一是向日本的各个县发放贷款。最近的模式与这些目标背道而驰。(3)面对存款利率的放松管制，民营银行对利润的追求比以往更加强烈。由于民间银行行为的变化，政府向各地分配资金的意图可能会受到损害。政府贷款要么吸引私人贷款到该地区，要么以福利为导向。(4)政府投资的再分配将提高该地区的利率。另一方面，政府贷款降低了利率。公共投资必须引导私人投资进入该地区，而不是排挤私人活动。

(1)City banks, Long-term credit banks, and Credit associations show similar branch allocations in 47 prefectures in Japan from 1975 to 1987. Post office allocations and the branch office allocations of regional banks and trust banks are similar in 1987. The deposit absorption of each branch was 110.95 at all banks and 35.81 at the post office in 1980. However the figure increased at the post office and it became 72.02 in 1987. All banks also show some increase and the figure became 145.99 in 1987.(2)The share of the Japan Development Bank (JDB) was 35.6 % in 1963 and that of the Housing Loan Corporation (HLC) was 16.9 % in 1963. However, the share of JDB became only 14.1 % in 1989 and HLC's share became 55.2 % in 1989. Regional allocation of loans made through government financial institutions among 47 prefectures in Japan becomes very similar to those of private banks in these days. One of the role of the government banks is to distribute loans to various prefectures in Japan. Recent pattern is against those objectives.(3)Faced with the de-regulation of deposit rate of interest, the private banks are seeking profits more than before. The government intention of allocating funds to various prefectures might be jeopardized because of the changing behavior of provate banks. The government loans has to be either inducing private loans into that prefecture or focusing on welfare oriented.(4)The reallocation of the government investment will increase the rate of interest of that prefecture. On the other hand, the government loans reduce the rate of interest. The public investment has to lead the private investment into that prefecture rather than crowding out private activities.