Masayuki Morikawa, Sunday, November 23, 2014 - 00:00

Roberto Perotti, Saturday, September 13, 2014 - 00:00

Charles Yuji Horioka, Takaaki Nomoto, Akiko Terada-Hagiwara, Tuesday, January 21, 2014 - 00:00

Japan’s sovereign debt-to-GDP ratio is higher than any country in Europe and more than twice the OECD average. This column explains why Japan’s massive government debt did not wreak havoc in the past. Robust domestic saving and a temporary inflow of foreign capital caused by the Global Crisis have prevented a crisis thus far. As both of these factors become less applicable the government faces pressure to reduce debt-to-GDP ratio can be brought under control quickly.

Willem Buiter, Friday, January 10, 2014 - 00:00

Fiscal sustainability has become a hot topic as a result of the European sovereign debt crisis, but it matters in normal times, too. This column argues that financial sector reforms are essential to ensure fiscal sustainability in the future. Although emerging market reforms undertaken in the aftermath of the financial crises of the 1990s were beneficial, complacency is not warranted. In the US, political gridlock must be overcome to reform entitlements and the tax system. In the Eurozone, creating a sovereign debt restructuring mechanism should be a priority.

Willem Buiter, Ebrahim Rahbari, Tuesday, October 12, 2010 - 00:00

CEPR Policy Insight No.51 explains how and why the fiscal crisis in the Eurozone came about and how it is likely to evolve during the rest of this decade.

The Editors, Tuesday, October 12, 2010 - 00:00

The saga of Greece’s public finances continues, and it is not the only country whose fiscal sustainability is in doubt. This column introduces a new Policy Insight by Willem Buiter and Ebrahim Rahbari that analyses the sovereign debt crisis in the Eurozone and the response of the national authorities, EU institutions, and IMF.

CEPR Policy Research