Lebow, David E. - Bank for International Settlements (BIS) - 2004
factor is the degree to which the Bank of Japan has already monetised the debt. The monetary expansion up to the end of 2003 … has increased the net worth of the Bank of Japan, properly measured, to more than 17% of GDP, directly reducing the debt … position of the consolidated government and central bank - the most relevant measure of the government's fiscal position …