Do large industrialized economies pursue sustainable debt policies? A comparative study for Japan, Germany and the United States
AbstractThis paper analyzes the public debt situation in Japan, Germany and the United States by reflecting their respective debt history and by analyzing whether the governments pursue a sustainable debt policy. Starting point of the analysis are theoretical considerations about conditions guaranteeing sustainability of public debt. In the empirical estimations we allow for time-varying parameters to take into account changing government policies. The findings allow to conclude that for all selected countries there is evidence of sustainability of public debt although country specific characteristics of public finances need to be considered.
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Bibliographic InfoArticle provided by Elsevier in its journal Japan and the World Economy.
Volume (Year): 23 (2011)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/inca/505557
Public debt; Inter-temporal budget constraint; Penalized spline estimation;
Find related papers by JEL classification:
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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