一、日本的国债概况二次大战后,日本政府曾长期奉行“均衡财政”政策,即依靠税收的大幅度自然增长来满足不断扩大的财政需要。与此同时,日本政府也发行过短期国债(不超过一年)和政府保证债券。这两项国债的累积额虽然不小,但都不会增加未来的财政负担,并未构成财政问题。 1965年,日本爆发了战后第5次经济危机,导致当年税收水平下降,财政出现赤字。1966年1月,日本政府制定了财政处理特别措施法,发行1972亿日元政府公愤以补充1965年度预算岁入之不足。紧接着,日本政府根据财政法第4条开始发行了“建设国债”6655亿日元,占政府财政的14.9%;1967年增到7094亿日元,占政府财政的13.8%。日本政府自1966年起发行的建设国债,偿还 I. Overview of Japan’s National Debt After the Second World War, the Japanese government had long followed the “balanced fiscal policy,” which relied on the substantial natural increase in tax revenue to meet its ever-expanding fiscal needs. In the meantime, the Japanese government also issued short-term government bonds (less than a year) and government-guaranteed bonds. Although the cumulative amounts of these two treasury bonds are not small, they will not increase the financial burden in the future and do not constitute a financial problem. In 1965, the fifth post-war economic crisis broke out in Japan, resulting in a drop in tax revenue and a fiscal deficit in that year. In January 1966, the Japanese government enacted a fiscal special measures law, the issue of 1972 billion yen in government outrage to supplement the deficit of 1965 annual budget. Immediately thereafter, the Japanese government started issuing 665.5 billion yen of “building national debt”, accounting for 14.9% of the government’s fiscal revenue, and 709.9 billion yen in 1967, accounting for 13.8% of the government’s fiscal revenue. The Japanese government has issued treasury bonds for repayment since 1966