1. FISCAL RESPONSES TO THE COVID-19 CRISIS IN JAPAN: THE FIRST SIX MONTHS
- Author
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Ando, Michihito, Furukawa, Chishio, Nakata, Daigo, and Sumiya, Kazuhiko
- Subjects
Public finance -- Health aspects -- Research ,COVID-19 -- Economic aspects ,Business ,Economics ,Law - Abstract
This paper provides an overview of the Japanese government s response to the COVID-19 crisis in terms of the fiscal measures taken between January and June 2020. As the crisis intensified, the government passed emergency budgets with a total value exceeding 10 percent of gross domestic product. One of the main programs was an unconditional cash transfer for households in the amount of 100.000 JPY (i.e., 909 USD) per resident. In addition, to prevent layoffs and bankruptcies, the government created and expanded various loan and subsidy programs to support firms and workers. Other existing social programs and local economic policies are also reviewed. Keywords: COVID-19, emergency economic measures, fiscal responses, supplementary budgets JEL Codes: E62, H12, H53, H60, H84, I. INTRODUCTION By June 2020, the total amount of the initial Japanese fiscal package for the COVID-19 crisis reached nearly six trillion JPY (i.e., approximately 545 billion USD), exceeding 10 [...]
- Published
- 2020
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