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Japanese government debt and sustainability of fiscal policy

Doi, Takero; Hoshi, Takeo; Okimoto, Tatsuyoshi


We construct quarterly series of the revenues, expenditures, and debt outstanding for Japan from 1980 to 2010, and analyze the sustainability of the fiscal policy. We pursue three approaches to examine the sustainability. First, we calculate the minimum tax rate that stabilizes the debt to GDP ratio given the future government expenditures. Using 2010 as the base year, we find that the government revenue to GDP ratio must rise permanently to 40-47% (from the current 33%) to stabilize the debt...[Show more]

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
Source: Journal of the Japanese and International Economies
DOI: 10.1016/j.jjie.2011.09.006


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