Deficit bonds - akajikousai

A general term for deficit government bonds and deficit local government bonds issued by the national and local governments to make up for revenue shortfalls in the general account. The funds raised through issuance are used for ongoing and mandatory expenses such as social security expenses, personnel expenses, and administrative expenses that are paid annually. Generally, there are deficit government bonds and construction government bonds, which are the debts of the national and local governments. Construction government bonds are used to build roads, bridges, waterworks, schools, etc., and leave assets to future generations, while deficit government bonds leave only debt to future generations, so the two are strictly distinguished. Deficit government bonds issued by the national government are deficit government bonds based on special laws (special government bonds), and are used for social security expenses such as medical care and pensions, as well as personnel expenses for national civil servants. Deficit local government bonds include temporary financial measures bonds, revenue reduction compensation bonds, and retirement allowance bonds, and are used for personnel expenses for local civil servants, as well as contributions for welfare assistance and child allowances. The term deficit government bonds is sometimes used synonymously with deficit government bonds.

After the war, the huge amount of wartime bonds issued to finance the war effort led to severe postwar inflation, and legal restrictions were put in place to prevent the national and local governments from issuing bonds too easily. The Public Finance Act generally prohibits the issuance of government bonds, with a proviso allowing only the issuance of construction bonds. The Local Public Finance Act also generally prohibits the use of local government bonds to cover financial resources, except for those used to build public facilities (non-bond issuance). However, in 1975 (Showa 50), when tax revenues fell due to the oil crisis, the national government began issuing deficit government bonds in earnest, and has issued deficit government bonds every year since then, except for the period of increased tax revenues due to the bubble economy (1991-1993). In 2012 (Heisei 24), the system requiring the enactment of a special law for one year was made possible, allowing the enactment of a special law that allows issuance over multiple years. The Local Finance Act also strictly regulates the issuance of deficit local bonds, but due to the worsening state of local finances and a shortage of local allocation tax revenues from the national government, the issuance of temporary financial measures bonds to cover shortfalls in regular local revenues and expenditures was approved in fiscal 2001, resulting in an accumulation of deficit local bonds. The long-term debt balance of the national and local governments is expected to reach 1,212 trillion yen by the end of fiscal 2021 (Reiwa 3), with more than half of this being deficit bonds, which are the main cause of the deterioration of finances.

[Takeshi Yano August 20, 2021]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

国や地方自治体が一般会計の歳入不足を補うために発行する赤字国債や赤字地方債の総称。発行して調達した財源は社会保障関係費、人件費、事務費など毎年継続的に支出される経常・義務的経費にあてる。一般に国や地方自治体の借金である公債には、赤字公債と建設公債がある。建設公債が道路、橋、水道、学校などの建設に充当されて後世に資産を残すのに対し、赤字公債は後の世代に借金のみを残すため、両者は厳密に区別されている。国が発行する赤字公債は特例法に基づく赤字国債（特例国債）であり、医療、年金などの社会保障費のほか、国家公務員の人件費などにあてられる。赤字地方債には臨時財政対策債、減収補填(ほてん)債、退職手当債などがあり、地方公務員の人件費のほか、生活保護や児童手当の負担金などに使われる。なお、赤字公債という用語は、赤字国債と同義で使われることがある。

　第二次世界大戦の戦費を調達するために発行された膨大な戦時国債が戦後の激しいインフレーション（インフレ）を招いたとの反省から、戦後、国や地方自治体が安易に公債を発行しないよう法的制約がなされた。財政法は国債発行を原則禁止し、但書で建設国債の発行のみを認めている。地方財政法も公共施設を建設する財源を除き、地方債で財源をまかなうことを原則禁じている（非募債主義）。しかし、石油ショックで税収が落ち込んだ1975年（昭和50）、国は本格的な赤字国債発行に踏み切り、以後、バブル経済による税収増加期（1991～1993年度）を除いて毎年赤字国債を発行。1年限りの特例法制定を必須(ひっす)とする仕組みも2012年（平成24）に、複数年度にまたがって発行可能な特例法制定を可能とした。地方財政法でも、赤字地方債の発行は厳格に規制されてきたが、地方財政の悪化と国が交付する地方交付税財源の不足から、2001年度、地方での通常収支の不足を補填する臨時財政対策債の発行が認められ、赤字地方債が累増する結果を招いた。国と地方の長期債務残高（借金）は2021年度（令和3）末に1212兆円に達する見通しで、この過半は赤字公債が占め、財政悪化の主因となっている。

［矢野　武　2021年8月20日］

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