authority of Japan because it has accumulated the debt outstanding much more than other countries …The purpose of this paper is to analyze sustainability issues of Japan's fiscal policy and then to discuss the debt …

The purpose of this paper is to analyze sustainability issues of Japan%u2019s fiscal policy and then to discuss the … authority of Japan because it has accumulated the debt outstanding much more than other countries …

government's debt risk premium. Finally, liquidity in the Euro area plays a significant role on yields determination. The results …

, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold …. Introducing government debt as a competing source of liquidity is a double-edged sword: firms hold more liquidity in every state … of the world, but by squeezing intermediaries' profits and amplifying their leverage cycle, public liquidity increases …

lending arrangements. If the collateral constraint binds, agents price in a liquidity premium on bonds that lowers the real … or spending. The price dynamics are driven solely by the liquidity premium on the debt …