Japan is facing severe fiscal challenges. The aging of the population is projected to raise total pension and health expenditures. There is already a huge debt to output ratio, which is the highest among the advanced economies. In this paper we ask, gIf the consumption tax rate is raised to 15...

Against the background of the increasing issues of government bonds in the United States and European countries, debt management policy has recently been receiving increasing attention. This paper questions the current practice of the United States, the largest debtor nation in the world, of...