Titlebook: Deflation and Fiscal Deficits; Three Questions Abou Yoshikiyo Sakai Book 2024 The Editor(s) (if applicable) and The Author(s), under exclus

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https://doi.org/10.1007/978-3-322-89521-9al wealth” is established between the public sector and the private sector from the assumptions, (i) the government activity in which revenue is financed after spending decision is made and (ii) government bonds and the monetary base are treated identically.

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Answers to Questions 1 and 2: Financial System from Viewpoint of Payment,al wealth” is established between the public sector and the private sector from the assumptions, (i) the government activity in which revenue is financed after spending decision is made and (ii) government bonds and the monetary base are treated identically.

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Conclusion,onetary base are the same. However, government bonds are IOUs that do not have finality while the monetary base issued by the central bank have finality. Therefore, from the viewpoint of the economics of payments, the analysis of public debt by distinguishing between government bonds and the monetary base will be an issue for the future.

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https://doi.org/10.1007/978-3-322-89521-9icient according to Pareto criterion. This corresponds to Blanchard’s assertion that public debt contributes to economic welfare, not costs. Thus, these two conflicting claims can be explained coherently by clarifying whether the current public debt satisfies the redeemable condition.

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Structure of Quantitative and Qualitative Monetary Easing and Joint Statement with Government,price stability of 2 percent, and the Government is responsible for sustainable economic growth with the aim of restoring fiscal consolidation. The characteristic of this statement is that each of them is independently responsible for the realization of the matters under their jurisdiction.

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