are directed at a certain sector. Firms that face higher costs tend to be small, highly leveraged, domestic, government …

This paper offers a formal analysis of the relationship between changes in government primary balance and debt … government liabilities relative to aggregate output. A crucial role is played by the relationship between the elasticities of …, the latter relates to the well-known controversy on the size of government spending multipliers. The paper shows an …

Japan’s gross government debt of 226% of GDP in 2018 is the highest ever recorded in the OECD area, and places the … economy at risk. The government now aims to achieve a primary surplus by FY 2025. Additional fiscal consolidation, based on a … detailed plan covering specific spending cuts and tax increases, is necessary to put the government debt ratio on a downward …

With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to …