Who Will Provide the Next Financial Model? by Sahoko Kaji & Eiji Ogawa

Author:Sahoko Kaji & Eiji Ogawa
Language: eng
Format: epub
Publisher: Springer Japan, Tokyo

Japan currently faces a significant amount of outstanding sovereign debt, and to avoid a liquidity crises similar to the European sovereign debt crises, Japan must rapidly engage in fiscal consolidation, including an immediate increase in consumption tax and the reform of its social security system. However, Japan is not yet experiencing the crisis situations seen in Europe (for example in Greece, Italy, and Spain) because of a large pool of domestic savings that has resulted in a substantial current account surplus, and has acted as a breakwater.

Fukao has fairly assessed the existing evidence and has provided an even-handed judgment regarding his comparison study of Japan’s financial crises in the 1990s, the recent US financial crises, and the EU sovereign crises.

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