�敪 Subject Subject in Charge The Field of Regional Study & Development Policy Independent Study in Local Public Finance Yoshihiro Nakamura We will investigate the current condition and theories of local public finance, focusing on intergovernmental financial relations. What levels of central and regional intergovernmental financial relations are there currently in Japan and the rest of the world? Where is the foundation for progress in decentralization of power in mature welfare states? In order to understand these problems, we will critically investigate fundamental literature regarding the public finance theories of power decentralization. In addition, we will investigate the state of intergovernmental financial relations in recent years in Japan and other major national powers.