| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12357 |
| 来源ID | Working Paper 12357 |
| Sustainability, Debt Management, and Public Debt Policy in Japan | |
| Takero Doi; Toshihiro Ihori; Kiyoshi Mitsui | |
| 发表日期 | 2006-07-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | 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 the monetary authority, in a later period, to boost output and raise seigniorage revenues to eliminate the distortion of resource allocation due to the limitation on debt issuance. Therefore, the monetary policy in a later period suffers from an inflation bias from the ax ante point of view. There are two ways to eliminate this distortion toward successful fiscal restoration. One of them is to make the monetary authority more conservative than society in the sense that the price stability weight of monetary authority is higher than that of society. The other way of eliminating the distortion of the resource allocation is to design an institutional ceiling on the debt issuance. The direct ceiling can provide a binding constraint of the public bond issuance for the fiscal authority of Japan because it has accumulated the debt outstanding much more than other countries. |
| 主题 | Public Economics ; National Fiscal Issues ; Taxation ; Macroeconomics ; Fiscal Policy |
| URL | https://www.nber.org/papers/w12357 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570014 |
| 推荐引用方式 GB/T 7714 | Takero Doi,Toshihiro Ihori,Kiyoshi Mitsui. Sustainability, Debt Management, and Public Debt Policy in Japan. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12357.pdf（634KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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