Kitao, Sagiri; Imrohoroglu, Selahattin; Yamada, Tomoaki - Department of Economics, Hunter College - 2013
Japan’s population is aging fast and the ratio of Japanese Government Bonds (JGBs) to GDP is highest among advanced economies. In addition, further government spending is expected, causing concerns about the potential for JGBs to become a significant global issue. In this paper we build a...