財政調整と地域経済を一体的に捉えるマネーフロー分析 : 応用としてのFITの市町村別収支の４象限地図
- Money Flow Analysis as Combine Financial Adjustment with Regional Economy
This paper proposes a money flow analysis to analyze the functioning oflocal government finances, in which transfers and transfers and fiscaladjustment in a region are captured in an integrated manner. Fiscaladjustment can be understood as the inflow and outflow of base money in aregion through taxes and subsidies. The reasons for the need to analyzefiscal adjustment and the regional economy in an integrated manner are: 1)the supply of fiscal services dependent on taxation autonomy may bedetrimental to the sustainability of the regional economy when the right toissue currency is limited, and 2) the development of monetary theory hasled to a shift in the analysis of regional money flows from short-term to Wefind not only an imbalance between supply and demand, but also arecognizable long-term, stable purchasing power, and 3) money flowadjustment in the local economy in FITs other than taxes and subsidies.We first examine the effects of transfers and fiscal adjustment in Japan’sprefectures. We find that the national tax burden undermines regionalpurchasing power, while subsidies support regional purchasing power.However, even after taking into account the effects of these fiscaladjustments, the results revealed significant excess money flow inflows, asin Tokyo, and excess money flow outflows, as observed in somemunicipalities. Although the analysis of money flows, such as commutingand financial transactions, remains inadequate, it confirms that Japan hasan economic structure with sustained or growing regional imbalances.We next analyze the money flows through the FIT in Japan bymunicipality. We found that the FIT has a significant impact on the moneyflows of municipalities, depending on the characteristics of each region,such as the regions with high and low renewable energy penetration, aswell as the regions with high and low electricity consumption. The inflowand outflow of money flows are shown on a map of Japan in order tovisually understand the regional characteristics. In addition, in assessingthe money flows in each municipality, we have represented the balance oftaxable income per capita and money flows in each municipality on themap. It is confirmed, however, that in some cases, depending on theprevalence of renewable energy and other factors, it is working in thedirection of strengthening the economic power gap between regions.Fiscal adjustment is a system of subsidies to local governments, fundedby national taxation, to cover the fiscal needs of a region. However, Japan’scurrent fiscal adjustment system is inadequate to redress regionaleconomic power disparities both in the short and long run. Our analysisshows that the institutional adjustment of interregional economic power,which is not based on taxes and subsidies, has the same function as thefiscal adjustment, and for FIT, we found that the promotion of renewableenergy has a function of interregional economic power adjustment, but it isnot uniform depending on the situation of local resources, etc.