NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?

Charles Y. Horioka, Takaaki Nomoto, Akiko Terada-Hagiwara

NBER Working Paper No. 19596
Issued in October 2013

---- Acknowledgements -----

This paper was prepared for Asian Development Bank TA 7859-REG: Asian Development Outlook 2012. The authors are indebted to Maria Socorro Bautista, Iris Claus, Hal Hill, Yoshihiko Kadoya, Masahiro Kawai, Changyong Rhee, T. N. Srinivasan, Bijung Wang, other participants at the Asian Development Review Conference on Development Issues in Asia, held at the Asian Development Bank in Manila, The Philippines, on May 15-16, 2012, especially Joseph Lim and Peter Morgan, for their valuable comments and to Shiela Camingue for her superb assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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