- 国際通貨基金 (IMF) の Japan Sustainability Report
should jgb yields rise from current levels, japanese debt could quickly become unsustainable. market concerns about fiscal sustainability could result in a sudden spike in the risk premium on jgbs, without a contemporaneous increase in private demand. an increase in yields could be triggered by delayed fiscal reforms; a decline in private savings (e.g., if corporate profits decline); a protracted slump in growth (e.g., related to the march earthquake); or unexpected shifts in the portfolio preferences of japanese investors. once confidence in sustainability erodes, authorities could face an adverse feedback loop between rising yields, falling market confidence, a more vulnerable financial system, diminishing fiscal policy space and a contracting real economy.
- 国際通貨基金 (IMF) の最近のペーパーから
summary: with japan's public debt reaching historical levels, the need for fiscal consolidation and structural reforms have increased. as fiscal consolidation will require a sustained and large adjustment in the fiscal balance, its growth effect is a concern particularly for the short run. this paper uses the imf's global integrated monetary and fiscal model to analyze the growth impact of fiscal consolidation and structural reforms. although fiscal consolidation has short-term costs, the potential long-term benefits are considerable, and reforms that raise potential growth could support consolidation. simulations show that the external environment also matters but domestic policies should be the priority.
- ギリシアはＥＵとＩＭＦの拠出を要求する
the moment has come, papandreou said, speaking from the remote aegean island of kastelorizo 「その時はやって来た」と、パパンドレウは、エーゲ海の離島のカステロリゾ島から話しながら述べた the plan agreed in brussels recently would provide greece with loans from other eurozone countries to the tune of euro30 billion ($40 billion) at interest rates of about 5 percent, and about euro10 billion from the imf, in 2010. it aims to cover greece's immediate borrowing needs so it can continue servicing its debt and avoid default 最近ブリュッセルで同意されたその計画は、ユーロ圏の他の諸国から300億ユーロ (400億ドル) という大金を約５パーセントの利率で、また約100億ユーロをimfから、
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