Japan's debt-to-gross domestic product (GDP) ratio is the highest among Organisation for Economic Co-operation and Development (OECD) countries. This paper will firstly answer the question of whether Japanese government debt is sustainable. Next, while the Domar condition and Bohn's condition...

Japan's debt-to-gross domestic product (GDP) ratio is the highest among Organisation for Economic Co-operation and Development (OECD) countries. This paper will firstly answer the question of whether Japanese government debt is sustainable. Next, while the Domar condition and Bohn's condition...

In the literature regarding fiscal sustainability, the Domar condition and Bohn's condition are often used to check whether a government's debt situation is in a dangerous zone. This paper first shows that the Domar condition is obtained only from the government budget constraint (namely the...

This book deals with dynamic timing decisions under uncertainty in the context of exhaustible resources. Adopting the dynamic programming techniqueof decomposing a large and complex problem into smaller and simpler ones, the book offers a unified treatment of the important subjects of...