IS THE NATIONAL GOVERNMENT REGULATION ON LOCAL LOANS NECESSARY?

我认为，在日本，国民政府对地方政府贷款的监管是必要的，原因有三：1.日本各地地方政府的支出规模大约是国家政府支出的两倍。因此，在商业环境非常不景气，需要一些扩张性财政政策的时候，地方政府应该在国家政府的指导下增加支出。在日本，如果不增加地方政府的贷款支出，我们就不能指望财政政策成功。2.在日本，当贫困地区的地方政府偿还贷款时，国家政府会补贴地方政府。因此，地方贷款在日本是一种空中再分配政策，应该受到中央政府的公平控制。3.直到大约20年前，各国民政府部门都通过各自的专项拨款对地方政府进行了严格的控制。但最近，特定用途助学金逐渐被贷款取代，其中赎回贷款由一般用途助学金补贴。但普通用途赠款的金额是有限的。因此，国家政府对地方贷款规模的控制就显得十分必要。

I think, in Japan, National Government regulations on subnational government loans are necessary because of following 3 reasons.1.The size of subnational governments expenditure all over Japan is about two times larger than that of national government. So in the time when business condition is very dull, and some expansionary fiscal policy is needed, subnational governments expenditure should be increased under the direction of national government. In Japan, we can not expect a successful fiscal policy without the increased subnational government expenditure financed by loans.2.In Japan, the national government subsidizes subnational governments of poor area when they refund their loans. So, local loan is a kind of aerial redistribution policy in Japan and should be controlled equitably by the national government.3.Until about 20 years ago, each ministry of national government had exerted severe controls on subnational governments through their specific purpose grants. But recently, specific purpose grants are gradually substituted by loans of which redemption are subsidized by general purpose grant. But the amount of the general purpose grant is limited. So the control of national government on the amount of local loans becomes necessary.