Restructuring Sovereign Balance Sheets

Dimitris N. Chorafas

Chapter 7 in Sovereign Debt Crisis, 2011, pp 117-134 from Palgrave Macmillan

Abstract: Abstract Japan’s example of an economy which has been, for two long decades, in a coma should give western governments plenty of food for thought. As Chapter 4 on Japanification brought to the reader’s attention, since the early 1990s a prolonged banking crisis, sluggish growth and the failure to prune balance sheets led to deflation, and from there to free fall. Numerous unsuccessful stimulus plans drove up Japan’s debt ratio dramatically, but their effect on the economy has been practically zero; yet, this misdirected policy has found imitators in the USA and Britain.

Keywords: Central Bank; Fiscal Policy; Balance Sheet; Public Debt; Budget Deficit (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-30712-4_7

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DOI: 10.1057/9780230307124_7

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