NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Kiyoshi Mitsui

Department of Economics
Gakushuin University
1-5-1 Mejiro, Toshima-ku
Tokyo 171-8588 JAPAN

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NBER Working Papers and Publications

October 2007Comment on "The Direct Substitution between Government and Private Consumption in East Asia"
in Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, Takatoshi Ito and Andrew K. Rose, editors
Sustainability, Debt Management, and Public Debt Policy in Japan
with Takero Doi, Toshihiro Ihori
in Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, Takatoshi Ito and Andrew K. Rose, editors
July 2006Sustainability, Debt Management, and Public Debt Policy in Japan
with Takero Doi, Toshihiro Ihori: w12357
The purpose of this paper is to analyze sustainability issues of Japan%u2019s fiscal policy and then to discuss the debt management policy using the theoretical models and numerical studies. We also investigate the desirable coordination of fiscal and monetary authorities toward fiscal reconstruction. We include a potential possibilities of the government bonds in our theoretical model. The public bonds, therefore, cannot be sold when the issuance leads the amount of debt outstanding to be more than a certain level. In this respect, the fiscal authority has to take into account the upper limit of stocks of public debt. This possibility of debt default provides the fiscal authority to issue public bonds strategically in an earlier period. A strategic behavior of fiscal authority induces...

Published: Sustainability, Debt Management, and Public Debt Policy in Japan, Takero Doi, Toshihiro Ihori, Kiyoshi Mitsui. in Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, Ito and Rose. 2007

 
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