Fiscal Sustainability under an Aging Population in Japan: A Financial Market Perspective
In this short paper, we investigate fiscal sustainability under an aging population in Japan from a financial market perspective. First, we focus on self-fulfilling expectations in the bond market and point out the risks of a fiscal collapse triggered by a change in market expectations. Second, we examine the extent to which market participants require the government to improve its fiscal position. Further, we discuss the possibility of lower economic growth accompanied with a high level of government debt, based on relationships observed across countries.
Volume (Year): 9 (2013)
Issue (Month): 4 (September)
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- Carmen M. Reinhart & Kenneth S. Rogoff, 2010.
"Growth in a Time of Debt,"
American Economic Review,
American Economic Association, vol. 100(2), pages 573-78, May.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2010. "Growth in a Time of Debt," Scholarly Articles 11129154, Harvard University Department of Economics.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2010. "Growth in a Time of Debt," CEPR Discussion Papers 7661, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," NBER Working Papers 15639, National Bureau of Economic Research, Inc.
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