Social and Economic Systems Studies: The Journal of the Japan Association for Social and Economic Systems Studies
Online ISSN : 2432-6550
Print ISSN : 0913-5472
A Study on the Current State of PPP/PFI Projects, and their Effects on the Fundamental Statistics of Japan
Atsuo MIWA
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2020 Volume 39 Pages 69-84

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Abstract

 PPP/PFI projects are policy instruments that are vital in the effective and efficient implementation of social capital improvement and management and of economic revitalization, as part of the macro-economic policy guidelines of Japan, including “The Basic Policy on Economic and Fiscal Management and Reform (also known as the “big-boned policy”)” and “The Japan Revitalization Strategy”. In light of this, there is a need to conduct regular and continuous assessments of the extent of the effects these projects have on macro-economics. For this purpose, it is a critical issue that information relating to these projects is made public and understood comprehensively, and that an understanding is gained of how these projects are reflected in the Japanese System of National Accounts (JSNA), the contents of which are both “Fundamental Statistics” and Japanese Accounting Standards, and of how they can be compared.

 In order to do this, it is necessary to gain a comprehensive understanding of PPP project expenditures throughout Japan, and link these to the JSNA system to make such comparisons possible. However, laws and guidelines regulating PPP projects do not currently exist, and it is difficult to gain a comprehensive understanding of the number and scale of the projects.

 Since its passage into law in 1999, the Act on Promotion of Private Finance Initiatives (PFI law) has spawned 740 business projects with a combined contract value of 6.2 trillion yen. This study examined PFI projects that have publicly disclosed their details and collected data which can be obtained from the financial statements, etc., of Special Purpose Companies (SPCs) that have been specially established for the implementation of these businesses in an attempt to quantify the business volume of the projects. It was found that the statistical records that have been kept are effective.

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