日本の財政赤字は持続可能な水準か？̶̶課税平準化と利払いを考慮した分析

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  • ニホン ノ ザイセイ アカジ ワ ジゾク カノウ ナ スイジュン カ? : カゼイ ヘイジュンカ ト リバライ オ コウリョ シタ ブンセキ
  • Is the Japan's Fiscal Deficit Sustainable? ― An Analysis Taking into Account Tax Smoothing and Interest Repayments

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In this paper, we test the Japan's fiscal deficit sustainability, taking into account the change in interest repayment on the debt. First, we clarify that Japan's fiscal deficit is not sustainable before and after the 2nd World War. Second, we can conclude the fiscal deficit is not sustainable even if we use net debt outstanding data rather than gross debt outstanding. Third, our result implies that the fiscal deficit could be extended if the interest repayment on the debt was decreased by the monetary easing policy. Under the present low interest rate circumstance, we can employ the government expenditure stimulus to recover from the COVID-19 disaster.

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  • 経営と経済

    経営と経済 101 (4), 21-38, 2022-03-25

    長崎大学経済学会

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