Research On The Non-keynes Effect Of Japan’s Fiscal Policy Since 1990

Since the 90s of the 20th century, The Japanese government in order to promote economic development, mainly uses the Keynesian theory, the Japanese government attempts to stimulate the use of fiscal policy to promote its economy to realize short-term rapid development and in the implementation of the many to public spending, as the core of expansionary fiscal policy at the same time, also took the expansionary monetary policy to cope with the implementation of fiscal policy, such as increasing the money supply and lower deposit and loan interest rate level. Miyazawa Kichi cabinet in August 1992 for the first time in the implementation of the "comprehensive economic strategy", the size of the Japanese yen, followed by successive Japanese government have to follow the Miyazawa Kichi cabinet. So far, the Japanese government has launched a total of nearly 20 similar economic stimulus policies, the Japanese government’s financial revenue and expenditure reached a staggering 200 yen or so. Since entering in twenty-first Century, successive governments have adopted corresponding fiscal policy and monetary policy to stimulate economic growth, but the economic growth rate has been hovering around 1%, the Japanese economy has lost 25 years. It does not deny that the Japanese government’s expansionary fiscal policy has played a crucial role in the anti cyclical regulation of the economy, which makes the Japanese economy shrinking to a certain extent. However, Japan’s economic and financial and no economic growth stimulating fiscal and financial growth stimulating economic growth good cycle in the economic downturn, Japan will eventually have to face financial difficulties and the economic downturn the double predicament. Japan’s government finances sound to achieve in the aging population and long-term economic growth under the conditions of economic growth is not a good people. This is mainly because the Japanese government has adopted the wrong guiding theory and adopted a lot of unreasonable policy tools.Firstly to Japanese government since the 90s of the 20th century to implement fiscal policy made a brief, and then analyzes the Japanese government fiscal revenue and expenditure changes and government debt since the dependence of Japanese government debt balance rise exacerbated the plight of the financial crisis. Finally, the model for the Japanese government fiscal policy of non Keynesian effects empirical analysis. Through the empirical analysis, we can draw a conclusion that the non Keynesian effects in the long term is the existence and implementation of government policy of expansion hindered the growth of private consumption, private investment and import and export. The reason why the government of Japan’s fiscal policy is not Keynes effect, is a profound reason, including:public investment structure is rigid, the future economic expectations, market demand potential decline, the yen appreciation, etc.. It is hoped that the analysis of the effect of Japan’s fiscal policy can be used to the Chinese government’s fiscal policy.