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

Author

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  • Anton Brender
  • Florence Pisani

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.

Suggested Citation

  • Anton Brender & Florence Pisani, 2022. "Faut-il s’inquiéter du poids élevé des dettes publiques ? Les leçons du cas japonais," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 121-138.
    • Handle: RePEc:cai:refaef:ecofi_146_0121
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    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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