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Financial Review

Since 1986, the Policy Research Institute has issued Financial Review, a research journal which includes both theoretical and empirical analyses of fiscal or economic issues. The analyses are conducted by outstanding scholars and the research staff of the Institute. The Review is highly regarded in academic circles because of its high-quality and diversified contents. Opinions expressed in the articles in the Review do not reflect an official view of the Japanese government.Financial Review is available at Government Publication Service Centers and Administrative Report Stores.


Here you will find:


  1. The last Issue
    No.154 (2023.10)       - Exploring Economic and Fiscal Risks and Uncertainty from a Global Perspective


  2. Past special themes and individual ones (since No.46) (Before No.130 : Link to National Diet Library)
    No.153 (2023.6)       - The International Monetary System in the 21st Century
    No.152 (2023.6)       - Role of Tax Law in the Legal System I: Functions of Tax Law
    No.151 (2023.2)       - Economic Analysis of Taxes and Transfers
    No.150 (2022.12)      - Sustainable Economy: Theoretical Conditions and Future Outlook
    No.149 (2022.11)      - Empirical Analysis of Local Government Actions―Verification of Fiscal Management by Local Governments
    No.148 (2022.3)      - The Reality of Over- and Under-Provision of Health Care in Japan: Financial Impacts
    No.147 (2022.3)      - The Role of Fiscal Investment and Loan Program in Macroeconomy and Social Capital Development
    No.146 (2021.6)      - Analysis of Government Debt and Debt Management in Japan
    No.145 (2021.3)      - Effectiveness of Fiscal and Monetary Policies under Population Aging
    No.144 (2021.3)      - Macroeconomic Effects of Fiscal Policy
    No.143 (2020.6) - Digital Economy and New Trends in Taxation
    No.142 (2020.3) - Shift in the flow of funds to implement the stable formation of the people's assets
    No.141 (2019.12) - Empirical Analysis of Education Policy
    No.140 (2019.11) - Diverse Perspectives on the Conventional Regimes
    for Free Trade in the Current International Community
    No.139 (2019.9) - Trends in Fin-tech
    No.138 (2019.8) - China—Domestic and Foreign Policies of the Second Stage of the Xi Jinping Regime
    No.137 (2019.3) - International Capital Flows and Emerging Markets
    No.136 (2019.1) - Exchange Market’s Influence over Companies and Response
    No.135 (2018.11) - East Asia’s Production Networks and Economic Growth
    No.134 (2018.7) - Quantitative Analysis of Japan's Public Finance and Economy
    No.133 (2018.3) - Development and Integration of Financial Markets in Asia
    No.132 (2017.10) - Corporate Sector’s Financial Surplus and Corporate Governance
    No.131 (2017.6) - Population Decline and Local Economies
    No.130Open a New Window (2017.3) - Financial Statements Statistics of Corporations by Industry
    No.129Open a New Window (2017.3) - Extensive Study on the Principle of Statute-Based Taxation
    No.128Open a New Window(2016.11) - Economic Growth Policy and Knowledge Creation
    No.127Open a New Window (2016.10) - Tax System Reform - Evidence-Based Policy Recommendations
    No.126Open a New Window (2016.3) - Feature Articles Concerning Tax Systems IV - BEPS and Response to Tax Avoidance
    No.125Open a New Window (2015.10) - Economic Stability and Financial Regulation
    No.124Open a New Window (2015.10) - Reconsideration of Social Infrastructure
    No.123Open a New Window (2015.6) - Toward Cost-Benefit Analysis of Local Healthcare and Nursing Care Services
    No.122Open a New Window (2015.3) - Statistical Consistency and Identification of Household Behavior
    No.121Open a New Window (2015.3) - Corporate Governance
    No.120Open a New Window (2014.9) - Fiscal Consolidation
    No.119Open a New Window (2014.8) - China: Economic Policy and Political Regime under Xi Jinping
    No.118Open a New Window (2014.3) - Household Consumption, Savings Behavior and Tax Systems
    No.117Open a New Window (2014.3) - Quantitative Analysis of Japan’s Fiscal and Economic Conditions
    No.116Open a New Window (2013.9) - Japan's Asia Strategies
    No.115Open a New Window (2013.6) - Public Pension System and Budget Deficits
    No.114Open a New Window (2013.3) - Low-Volatility Anomaly and Active Portfolio Management in Stock Market
    No.113Open a New Window (2013.3) - Legal Analyses of Public Finance with “Law and Economics”
    No.112Open a New Window (2013.1) - Firm Dynamics and Macroeconomy
    No.111Open a New Window (2012.9) - The Roles of Public and Private Insurances in Medical Systems
    No.110open the new window (2012.3) - The Sovereign Risks and the Monetary Problems
    No.109open the new window (2012.3) - The World’s Funds Flow and Japan’s Financial Market
    No.108open the new window (2012.3) - Local Government Finances - Risk Sharing between Governments
    No.107open the new window (2011.5) - Corporate Enterprises’ Behavioral Patterns, Economic Analysis Based upon Corporate Statistics
    No.106open the new window (2011.3) - Micro Price Setting Behaviors and Macro Price Dynamics
    No.105open the new window (2011.3) - An Economic Analysis of Local Fiscal Systems
    No.104open the new window (2011.2) - Law and Economics on the System for Government Procurements
    No.103open the new window (2011.1) - New Developments in Public Finance Law
    No.102open the new window (2011.1) - Tax Reform - In Consideration of Discussions of OECD and Mirrlees Review -
    No.101open the new window (2010.7) - Beyond the Financial Crisis
    No.100open the new window (2010.3) - Macro Econometric Model
    No.99open the new window  (2010.2) - The Currency and The Short-term Financial Market
    No.98open the new window  (2009.12) - Economic Analysis of National Security spending
    No.97open the new window  (2009.12) - EU Economy
    No.96open the new window  (2009.9) - China Economy
    No.95open the new window  (2009.7) - U.S. Economy
    No.94open the new window  (2009.5) - International Taxation
    No.93open the new window  (2009.3) - Cooperation in East Asia
    No.92open the new window  (2008.12) - Human Investment and Economic Growth
    No.91open the new window  (2008.11) - Public Sector Risk Management
    No.90open the new window  (2008.8) - Recent Business Cycles in the World
    No.89open the new window  (2008.3) - Public Capital
    No.88open the new window  (2008.3) - Japan's Capital Flow and Its Structural Change 
    No.87open the new window  (2007.9) - Social Security 
    No.86open the new window  (2006.10) - Measures against the Financial Crisis: Japan's Experience 
    No.85open the new window  (2006.9) - Fiscal and Tax Reform in other countries
    -with focus on social security reform-
    No.84open the new window  (2006.7) - Tax Policy III 
    No.83open the new window  (2006.5) - Financial Architecture of East Asia 
    No.82open the new window  (2006.5) - Economic Analysis of Intergovernmental Fiscal Relations 
    No.81open the new window  (2006.4) - The Japanese External Economic Strategy 
    No.80open the new window  (2006.3) - Health Insurance and Long-term Care Insurance
    -perspectives of the reform in Japan-
    No.79open the new window  (2005.10) - Public Debts and Financial System
    No.78open the new window  (2005.8) - Micro Heterogeneity and Japanese Macroeconomy
    No.77open the new window  (2005.7) - Cost-Benefit Analysis and Public Expenditures
    No.76open the new window  (2005.5) - Fiscal Reform
    No.75open the new window  (2005.2) - Financing for International Public Goods
    No.74open the new window  (2004.11) - Evaluation of Japanese Fiscal Policy
    No.73open the new window  (2004.9) - The Japanese Financial System at the Crossroads: The Bank Crisis and its influence on the Economy
    No.72open the new window  (2004.8) - Social Security
    No.71open the new window  (2004.5) - Japan's Local Finance under Fiscal Structure Reform
    No.70open the new window  (2004.3) - Recent Developments in Financial Economics
    No.69open the new window  (2003.12) - Tax Policy II
    No.68open the new window  (2003.12) - Corporate Governance II
    No.67open the new window  (2003.1) - Long-Term Stagnation in the Japanese Economy andthe Transformation of the Labor Market
    No.66open the new window  (2002.12) - Monetary Policy in the 1990s
    No.65open the new window  (2002.10) - Tax Policy
    No.64open the new window  (2002.8) - Economic Policy under Deflation
    No.63open the new window  (2002.7) - Effects of Fiscal Policy
    No.62open the new window  (2002.6) - Corporation Activity in Japan analyzed byFinancial Statements Statistics of Corporations
    No.61open the new window  (2002.2) - The Problem and Evaluation of Local Public FinanceSystem
    No.60open the new window  (2001.12) - Corporate Governance
    No.59open the new window  (2001.9) - Dynamic Macroeconomics
    No.58open the new window  (2001.7) - The Japanese and the U.S. economies in the 1990's
    No.57open the new window  (2001.6) - Judging the Business Cycle Phases
    No.56open the new window  (2001.3) - Portfolio Selection by Household and Firm in Japan
    No.55open the new window  (2001.2) - Theory and Evaluation of Fiscal Reform
    No.54open the new window  (2001.1) - New Trends in Development Economics
    No.53open the new window  (2000.4) - Japanese Economy and Design of Economic Systems
    No.52open the new window  (1999.12) - Economic Efficiency of Government Expenditure
    No.51open the new window  (1999.6) - Advanced technology in Finance
    No.50open the new window  (1999.6) - Fiscal and Monetary Policy in past and future
    No.49open the new window  (1999.3) - Law and Economic under Market transactions
    No.48open the new window  (1999.1) - Equilibrium Exchange Rate
    No.47open the new window  (1998.10) - Economic Effects on Government Deficits
    - The Development and Decline of Nations
    - The Economic Effect of Holding Company
    No.46open the new window   (1998.7) - Research and Development, and Human Capital


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Ministry of Finance, Policy Research Institute.