全球智库信息集成服务系统(G2TT): Paying for the FILP

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9385
来源ID	Working 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
URL	https://www.nber.org/papers/w9385
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/567004
推荐引用方式 GB/T 7714	Takero Doi,Takeo Hoshi. Paying for the FILP. 2002.