"Baramaki's policy is a lie" is a misunderstanding by Deputy Finance Secretary of Finance.
「バラマキ政策」を批判した現役の財務省事務次官
Koji Yano, a former secretary of the Ministry of Finance, has been a big topic in the November issue of Bungei Shunju ("Deputy Finance," "The National Finance is going to break down)).
It is a warning that the fiscal expenditure measures related to Corona countermeasures as "Baramaki" and the financial expenditure has increased the possibility of financial bankruptcy, and it seems that the media and the business community are highly evaluated.
However, if you look at the content, there is a lot of paper widths in repeating the repeated states that active bureaucrats need to be prepared for the policy, and there is nothing new in the financial description.。Did those who praise the article really read the text?I feel like an article like a movie without a main story just in the trailer.
On the other hand, the impact of the criticism of the active secretary of expanding fiscal expenditures is very large.The folds are now in the middle of the lower house election.Of the promise of each party in the form of Yano's article, only the "Baramaki" color is cut out, and the attention will be a significant pocket in future policy implementation.
矢野氏の経済学的誤り
Again, there are surprisingly few things about Japanese finances in Yano's article.In summary, there are only the following three points.
・日本の債務残高は膨大な額にのぼる・歳入と歳出の差（ワニの口）が全く埋まっていない・成長率より金利が低くても、プライマリバランスが赤字なら債務残高の対GDP比は拡大するFirst, when considering government debt, it is necessary to compare not only debt but also assets at the same time.At the time before Corona, the pure debt balance (OECD World Economic Outlook DataBase 2018, which has been deducted from the debt (relatively easy to sell) from the debt (OECD World Economic Outlook DataBase 2018, the numbers below.It is impossible that all of the number) is forced to repay government debt issued by the government of developed countries by assets.Aside from institutional details, it is possible to issue money and repay in principle.
Pure debt excluding financial assets and non -financial assets is 5 compared to GDP from the debt of government and government agencies..8 % (Imf Fiscal Monitor 2018).The limit of finances is not in debt balance or its GDP ratio.As described later, inflation is the limit of fiscal expansion.