わが国の地方財政制度では、地方債の起債許可制度があり、起債の際には自治大臣(現総務大臣)又は都道府県知事の許可を得る必要がある。この制度下では、財政力の弱い自治体へ長期低利の財政投融資資金を重点的に配分する、という運営になっている。そして、現行制度下で、財政資金の配分を通じて、財政力の弱い地方部の県に対して(もし民間等資金が引き受けたならば支払わなければならなかったはずの高利と比べて)暗黙の利子補給がより多くなされていることが確認された。また、財政力の弱い県では市場公募債を発行していないため、市場を通じた規律付けが働きにくく、起債の許可さえ得られればより多くの地方債を発行する財政運営につながることも示唆される。
A system of approval exists for issuing local government bonds under Japan's local public finance system, which requires the authorization of the Minister for Home Affaires (currently, the Minister for Internal Affairs and Communications) or the prefectural governor. 
Under this system, long-term low interest rate loans in the Fiscal Investment and Loan Program (FILP) are predominantly allocated to financially weak local government. 
This paper confirms that under this system, the allocation of FILP funds provides a tacit subsidy for interest payable (compared to the high interest rate that would have to be paid if funding were underwritten by private financial institutions) to prefectures of financially weak prefectural government. 
In addition, it is difficult for the market to be a restraint as prefectures with financially weak prefectures do not issue prefectural bonds. 
This suggests that if authorization to issue bonds was granted, it would lead to fiscal management with a greater issuance level of prefectural bonds.

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