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Sustainability of government debt: preconditions for stability in the financial system and prices

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  • Shirakawa, M.
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    Abstract

    In Japan’s case, the drop in the potential growth rate and concerns about the future tax and pension burden have given households and firms the incentive to spend less and save more. This has led to deflationary pressures and low interest rates. However, this situation is not sustainable in the long-run. A combination of measures to improve the longer-term fiscal outlook and to enhance potential growth needs to be implemented aggressively. The social costs of implementing such measures are large. However, if the government’s fiscal outlook loses credibility, the costs would become even greater.

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    Bibliographic Info

    Article provided by Banque de France in its journal Financial Stability Review.

    Volume (Year): (2012)
    Issue (Month): 16 (April)
    Pages: 169-181

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    Handle: RePEc:bfr:fisrev:2011:16:16

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    Postal: Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS
    Web page: http://www.banque-france.fr/
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    1. Reinhart, Carmen & Kirkegaard, Jacob & Sbrancia, Belen, 2011. "Financial repression redux," MPRA Paper 31641, University Library of Munich, Germany.
    2. Uribe, Martín, 2002. "A fiscal theory of sovereign risk," Working Paper Series 0187, European Central Bank.
    3. Xavier Freixas & Bruno M. Parigi & Jean-Charles Rochet, 2000. "Systemic risk, interbank relations, and liquidity provision by the central bank," Proceedings, Federal Reserve Bank of Cleveland, pages 611-640.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," NBER Working Papers 15639, National Bureau of Economic Research, Inc.
    5. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98 National Bureau of Economic Research, Inc.
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