NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Japanese Government Debt and Sustainability of Fiscal Policy

Takero Doi, Takeo Hoshi, Tatsuyoshi Okimoto

NBER Working Paper No. 17305
Issued in August 2011

---- Acknowledgements -----

We thank Shin-ichi Fukuda, Yasushi Iwamoto, Hugh Patrick and two anonymous referees for valuable suggestions. We also thank participants of the 23rd NBER-TCER-CEPR Conference at University of Tokyo and the 12th annual conference of the Association for Public Economic Theory at Indiana University and seminars at University of California, San Diego and Australian National University for helpful comments. Doi has received a financial support from the Grant-in-Aid for Specially Promoted Research from Japan's Ministry of Education, Culture, Sports, Science and Technology: "Economic Analysis of Intergenerational Issues: Searching for Further Development" (grant number 22000001). All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Takero Doi -----

Other Professional Positions:

•Faculty Fellow, Research Institute of Economy, Trade and Industry, July 2005- March 2006.

•Visiting Economist, Economic and Social Research Institute, Cabinet Office, June 2004- June 2005.

•Visiting Senior Economist, Policy Research Institute, Ministry of Finance, Government of Japan, April 2004- Present.

•Researcher, Tokyo Center for Economic Reseach, April 2004- Present.

•Researcher, Japanese Bankers Association (ZENGINKYO), April 2003- March 2006.

•Consulting Fellow, Research Institute of Economy, Trade and Industry, January 2003- March 2004.

•Senior Economist, Policy Research Institute, Ministry of Finance, Government of Japan, August 2002- March 2004.

•Visiting Researcher, Japan Medical Association Research Institute, April 2001- Present.

•Visiting Researcher, Policy Research Institute for Land, Infrastructure and Transport, Ministry of Land, Infrastructure and Transport, Government of Japan, January 2001- March 2001.

•Visiting Researcher, Mitsubishi Economic Research Institute, October 2000- October 2001.

•Researcher, Japanese Bankers Association (ZENGINKYO), April 2000- March 2001.

•Visiting Economist, Economic and Social Research Institute, Cabinet Office (formerly Economic Research Institute, Economic Planning Agency), Government of Japan, June 1998- October 2003.

•Researcher, Advisory Council on Social Security, Prime Minister's Office, Government of Japan, September 1998- March 1999.

•Research Fellow, The Japanese Society for Promotion of Science, April 1995- March 1998.

•Visiting Economist, Kokumin Keizai Research Institute, August 1996- March 1998.

---- Disclosure of Financial Relationships for Takeo Hoshi -----

Compensated Professional Activities, 2006-Present

Board of Directors

Union Bank, N.A., 2009-Present

Consulting

Gerson Lehrman Group, August 2010-Present.

Federal Reserve Bank of Cleveland, April 2008 and September 2010.

Japan Society for the Promotion of Science, April 2008 - March 2009.

Department of Economics, Osaka University, April 2007 - March 2008.

Mosley and Gearinger, LLP, June-October, 2007.

Commissioned Editorship

Elsevier Publishers Encyclopedia of Financial Globalization, January 2009-Present.

Sponsored Research

National Institute for Research Advancement, Japan. “Why Did Japan Stop Growing?” (with Anil Kashyap), December 2010.

Economic and Social Research Institute, Japan. “Corporate Restructuring in Japan” (with Satoshi Koibuchi and Ulrike Schaede), January 2008 – December 2009.

Japan Institute of Labour Policy and Training. “Corporate Governance and Human Resource Management”, April 2005-Present.

Speeches and Presentations

Avalon Capital Group, December 2010

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