Takeo Hoshi Co-Authors Wall Street Journal Article on Growth Solution for Japan's Debt
A Growth Solution for Japan's Debt Mess
01/25/2011
Takeo Hoshi and Anil Kashyap,
The Wall Street Journal
Japanese Prime Minister Naoto Kan has invited Kaoru Yosano, who was the last minister of economic and fiscal policy under the Koizumi administration, to join his new cabinet and lead the effort for budget consolidation. The stakes could hardly be higher, because Japan has been pursuing an unsustainable set of tax and spending policies.
Economists usually assess a country's future stability by asking whether debt will stabilize at a certain percentage of GDP if current policies continue. For Japan the answer is a clear no. In only the last four years, Tokyo has issued new debt totaling 40% of GDP.
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Takeo Hoshi can provide commentary on Japan's financial system, bank regulation, macroeconomic conditions and macroeconomic policy.
Takeo Hoshi and Anil Kashyap co-authored the report "Why Did Japan Stop Growing?" on Dec 29, 2010 as commissioned by the National Institute for Research Advancement.
