Introduction: Takatoshi Ito, Andrew K. Rose (p. 1 - 8)

1. Puzzling Tax Structures in Devloping Countries: A Comparison of Two Alternative Explanations: Roger Gordon, Wei Li (p. 9 - 35)
       Comment: Francis T. Lui (p. 35 - 37)
       Comment: Michael M. Alba (p. 37 - 44)

2. The Direct Substitution between Government and Private Consumption in East Asia: Yum K. Kwan (p. 45 - 58)
       Comment: Kiyoshi Mitsui (p. 58 - 60)
       Comment: Mario B. Lamberte (p. 60 - 62)

3. Measuring the Effectiveness of Fiscal Policy in Korea: Seok-Kyun Hur (p. 63 - 93)
       Comment: Wei Li (p. 93 - 97)
       Comment: Yum K. Kwan (p. 97 - 98)

4. Income Risk and the Benefits of Social Insurance: Evidence from Indonesia and the United States: Raj Chetty, Adam Looney (p. 99 - 121)
       Comment: Roger Gordon (p. 122 - 128)
       Comment: Mario B. Lamberte (p. 128 - 132)

5. Will China Eat Our Lunch or Take Us to Dinner? Simulating the Transition Paths of the United States, the European Union, Japan, and China: Hans Fehr, Sabine Jokisch, Laurence J. Kotlikoff (p. 133 - 193)
       Comment: Yasushi Iwamoto (p. 193 - 196)
       Comment: Cielito F. Habito (p. 196 - 198)

6. External Debt, Adjustment, and Growth: Delano P. Villanueva, Roberto S. Mariano (p. 199 - 221)
       Comment: Francis T. Lui (p. 221 - 224)

7. Australian Government Balance Sheet Management: Wilson Au-Yeung, Jason McDonald, Amanda Sayegh (p. 225 - 252)
       Comment: Youngsun Koh (p. 252 - 253)
       Comment: Corrinne Ho (p. 254 - 256)

8. Dealing with Contingent Liabilities: The Philippines: Gilberto M. Llanto (p. 257 - 284)
       Comment: Jason McDonald (p. 284 - 286)
       Comment: Shigeki Kunieda (p. 286 - 288)

9. Reforming the Fiscal Management System in Korea: Youngsun Koh (p. 289 - 335)
       Comment: Gilberto M. Llanto (p. 335 - 336)
       Comment: Chong-Hyun Nam (p. 336 - 338)

10. Population Aging, Fiscal Policies, and National Saving: Predictions for the Korean Economy: Young Jun Chun (p. 339 - 372)
       Comment: Laurence J. Kotlikoff (p. 372 - 373)
       Comment: Shigeki Kunieda (p. 373 - 376)

11. Sustainability, Debt Management, and Public Debt Policy in Japan: Takero Doi, Toshihiro Ihori, Kiyoshi Mitsui (p. 377 - 412)
       Comment: Dante B. Canlas (p. 412 - 414)

12. Policy Options for Financing Future Health and Long-Term Care Costs in Japan: Tadashi Fukui, Yasushi Iwamoto (p. 415 - 442)
       Comment: Epictetus Patalinghug (p. 442 - 444)
       Comment: Raj Chetty (p. 444 - 446)

13. Contributors, Index: (p. 447 - 458)