01672cas a2200241 a 4500 AALejournalIMF000263 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451853674 1018-5941 BD-DhAAL BD-DhAAL Okamura, K. Japan's Medium : and Long-Term Fiscal Challenges / K. Okamura. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper assesses the sustainability of Japan's fiscal position. The simulations indicate that, even if the government's pension reform plan is fully implemented, the initial budget imbalance, combined with pressures from population aging, would lead to explosive increases in government deficits and debt. Present-value calculations point to a fiscal 'gap' of about 4 percent of GDP, indicating the combination of tax increases and/or spending cuts that would be required to generate a sustainable long-run fiscal position. Finally, the paper presents an illustrative package of tax and spending measures that could be implemented to close this gap. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/113 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/113/001.1996.issue-113-en.xml IMF e-Library