||Fiscal Responses to the COVID-19 Crisis in Japan:The First Six Months
||Michihito Ando (Rikkyo University), Chishio Furukawa (Massachusetts Institute of Technology),
Daigo Nakata (Research Institute of Economy, Trade and Industry), and Kazuhiko Sumiya (Research Institute of Economy, Trade and Industry/Waseda University)
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% of GDP. 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.
||COVID-19, emergency economic measures, fiscal responses, supplementary budgets
||Paper in English (29 pages)