This paper summarises fiscal developments over the past 10 years in 16 industrial countries, based on OECD data and projections. Several countries that had substantial fiscal deficits early in the 1990s turned to surpluses by the year 2000, with some countries improving their fiscal balances by...

Japan's government debt is extremely high, especially considering the fact that the data exclude likely future liabilities stemming from an ageing population and possible requirements of the financial system. Nevertheless, an offsetting factor is the degree to which the Bank of Japan has already...