The outlook for financing Japan's public debt /

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Bibliographic Details
Author / Creator:Tokuoka, Kiichi, author.
Imprint:[Washington, D.C.] : International Monetary Fund, ©2010.
Description:1 online resource (24 pages) : illustrations (some color).
Language:English
Series:IMF working paper, 2227-8885 ; WP/10/19
IMF working paper ; WP/10/19.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12495410
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund. Asia and Pacific Department, issuing body.
ISBN:1283563630
9781283563635
1451985207
9781451985207
9781451962260
1451962266
ISSN:2227-8885
Notes:Title from PDF title page (IMF Web site, viewed Jan. 29, 2010).
At head of title: Asia and Pacific Department.
"January 2010."
Includes bibliographical references (pages 22-24).
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2011 HathiTrust Digital Library committed to preserve
Summary:Despite the rapid rise in public debt and large fiscal deficits, Japanese Government Bond (JGB) yields have remained fairly stable. Possible factors include: Japan's sizable pool of household savings, presence of large and stable institutional investors, and strong home bias. These factors are likely to persist for some time, but going forward, the market's capacity to absorb debt is likely to diminish, as population aging reduces savings inflows and financial reforms enhance risk appetite. This could in turn strengthen the link between JGB yields and the stock of public debt. In light of these structural changes in the market, fiscal consolidation will be key for maintaining market stability.
Other form:Online version: Tokuoka, Kiichi. Outlook for financing Japan's public debt. [Washington, D.C.] : International Monetary Fund, ©2010
Standard no.:10.5089/9781451985207.001

MARC

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260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2010. 
300 |a 1 online resource (24 pages) :  |b illustrations (some color). 
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490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/10/19 
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500 |a At head of title: Asia and Pacific Department. 
500 |a "January 2010." 
504 |a Includes bibliographical references (pages 22-24). 
520 3 |a Despite the rapid rise in public debt and large fiscal deficits, Japanese Government Bond (JGB) yields have remained fairly stable. Possible factors include: Japan's sizable pool of household savings, presence of large and stable institutional investors, and strong home bias. These factors are likely to persist for some time, but going forward, the market's capacity to absorb debt is likely to diminish, as population aging reduces savings inflows and financial reforms enhance risk appetite. This could in turn strengthen the link between JGB yields and the stock of public debt. In light of these structural changes in the market, fiscal consolidation will be key for maintaining market stability. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
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505 0 |a I. Introduction; II. Empirical Evidence; A. Background; Figures; I.1. Developments of Sovereign Yields; B. Cross-Country Analysis of Factors Driving Yields; Outline of Regressions; Main Findings; Tables; II. 1. Summary of Country by Country Regression Results; II. 2. Country by Country Regression Results; Alternative High-frequency Analysis; II. 3. Panel Regression Results; Interpretation; II. 4. Regression Results using High Frequency Data; C. Explanation of the Low Sensitivity of JGB Yields; II. 5. Share of JGB Holdings; II. 1. 10-year Bond Yield and Primary Balance. 
505 8 |a II. 6. Japan-Quarterly Regression ResultsIII. Outlook for Absorption Capacity of the JGB Market; Household Sector; III. 1. Flow of Funds of the Household Sector; Financial Sector; III. 2. Japan's Household Saving Rate; Other Domestic Sectors; Foreign Sector; IV. Policy Implications; V. Conclusions; Appendixes; Appendix; References. 
650 0 |a Debts, Public  |z Japan  |x Econometric models. 
650 0 |a Government securities  |z Japan  |x Econometric models. 
650 0 |a Interest rates  |z Japan  |x Econometric models. 
650 6 |a Dettes publiques  |z Japon  |x Modèles économétriques. 
650 6 |a Effets publics  |z Japon  |x Modèles économétriques. 
650 6 |a Taux d'intérêt  |z Japon  |x Modèles économétriques. 
650 7 |a Debts, Public  |x Econometric models.  |2 fast  |0 (OCoLC)fst00888859 
650 7 |a Government securities  |x Econometric models.  |2 fast  |0 (OCoLC)fst00945599 
650 7 |a Interest rates  |x Econometric models.  |2 fast  |0 (OCoLC)fst00976180 
651 7 |a Japan.  |2 fast  |0 (OCoLC)fst01204082 
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