Fiscal Survival and Financial Revival: Possible Futures for the Japanese Economy
Fiscal Survival and Financial Revival: Possible Futures for the Japanese Economy
Japan has the highest gross public debt in the industrialized world. Private financial institutions and the central bank–the Bank of Japan–have helped the government finance its debt over the years. Thus, the public and private spheres have grown mutually interdependent. This chapter explores how this relationship has evolved, and the risk posed to Japan’s economy by its increasingly dire fiscal position. Over the short-term, the Japanese government should be able to manage these risks, but longer term trends including demographic changes and the need to rely on greater foreign funding will require a commitment to fiscal consolidation.
Keywords: Japanese economy, fiscal sustainability, public finance, debt, finance, banking, fiscal consolidation, Japanese government bond
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