Do large industrialized economies pursue sustainable debt policies? A comparative study for Japan, Germany and the United States
This 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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