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来源类型Working Paper
规范类型报告
DOI10.3386/w9385
来源IDWorking Paper 9385
Paying for the FILP
Takero Doi; Takeo Hoshi
发表日期2002-12-16
出版年2002
语种英语
摘要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.
主题Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w9385
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/567004
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Takero Doi,Takeo Hoshi. Paying for the FILP. 2002.
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