Faut-il s’inquiéter du poids élevé des dettes publiques ? Les leçons du cas japonais

Anton Brender and Florence Pisani

Revue d'économie financière, 2022, vol. N° 146, issue 2, 121-138

Abstract: The steady rise in Japanese public debt is regularly a concern. Its role in managing the macroeconomic equilibrium ? preventing growth from being stifled by an excess of private saving ? is more rarely stressed. As long as private agents continue to want to spend less than they earn and to accumulate debt claims, it is futile to hope for a rapid fall in Japan?s public debt to GDP ratio. Still, the government faces a major challenge: being able to generate budget surpluses tomorrow if private agents decide to spend more than they earn by drawing on the deposits they have accumulated. Classification JEL : H50, H54, H60, H62, H63, H68.

JEL-codes: H50 H54 H60 H62 H63 H68 (search for similar items in EconPapers)
Date: 2022
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