現代経済システムと国債の累積 : 現代日本の資本蓄積と国家の経済活動によせて(<特集>国債累積下の現代経済)

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  • Modern Capitalism and Government Bonds : State Intervention, Capital Accumulation, Growing Risk in Japan(<SPECIAL ISSUE>The Modern Econoy with Enormous Government Bonds)
  • 現代経済システムと国債の累積--現代日本の資本蓄積と国家の経済活動によせて
  • ゲンダイ ケイザイ システム ト コクサイ ノ ルイセキ ゲンダイ ニホン ノ シホン チクセキ ト コッカ ノ ケイザイ カツドウ ニ ヨセテ

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説明

The world is awash with debt. Especially, "Japan's public sector is essentially bankrupt" (Financial Times, Dec. 15, 2000). The government has a public sector debt well above 160 per cent of gross domestic product. Japan's outstanding debt now equals more than 20 per cent of global GDP. But Japanese Government Bonds, 10-year bonds are yielding a mere 1. 945 per cent (Jul. 10, 2006), the lowest rate among Group of Seven industrial countries. Government Bonds market conditions are bubbly. Because, the Bank of Japan buys Government Bonds from the market each month to support bond prices, through money-market operations. And banks have cut corporate loans, they have placed their funds in government bonds. The important point here is that, in view of the uncertain economic outlook, Government Bonds are regarded by banks, investors, as excellent investment instruments. They make a big profit from the Government Bonds market. If Government Bonds bubble burst, the higher the burden rises, the bigger the economic pain any future rise in yields will cause. Then a debt crisis will trigger a economic crisis.

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