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The paper is devoted to an analysis of the Treaty on Stability Coordination and Governance (TSCG), also known as the "Fiscal Compact" Treaty signed between the EU member states in 2012. We argue than the TSCG, instead of helping to "repair" the institutional failures on which the Euro and the...
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Japan’s gross government debt of 226% of GDP in 2018 is the highest ever recorded in the OECD area, and places the … infrastructure across jurisdictions and the development of compact cities in the context of depopulation in many parts of Japan … to ensure fiscal sustainability. This Working Paper relates to the 2019 OECD Economic Survey of Japan (http://www.oecd.org/economy/japan-economic-snapshot/) …
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This paper uses a modi.ed Harrodian model to understand both the long period of rapid Japanese growth and the recent period of stagnation. The model has multiple steady-growth solutions when the labour supply is highly elastic, and government intervention, we argue, took the Japanese economy...
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