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This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
Persistent link: https://www.econbiz.de/10011994640
Persistent link: https://www.econbiz.de/10012264812
This study constructs a dataset of the maturity structure of Japanese government bond for the past half century. Using the maturity composition data at the end of each fiscal year, this study structurally estimates a canonical preferred-habitat term structure model particularly for the subsample...
Persistent link: https://www.econbiz.de/10013306080
We adapt to the Japanese case a model of stochastic debt sustainability within a monetary policymaking framework. The model incorporates the effects of unconventional monetary policy and its potential unwinding on sovereign debt dynamics. A scenario tree represents stochastic and correlated...
Persistent link: https://www.econbiz.de/10014359168
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
Persistent link: https://www.econbiz.de/10012889807
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10013007066
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010192947
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010193222
Persistent link: https://www.econbiz.de/10012132341
Persistent link: https://www.econbiz.de/10009691600