KEIMEI KAIZUKA is Honorary President of the Policy Research Institute, Ministry of Finance, Japan. He is also Professor Emeritus at Chuo University and at the University of Tokyo, and has held advisory positions in several financial institutions. He received his PhD in Economics from the University of Tokyo. ANNE O. KRUEGER has been the First Deputy Managing Director of the International Monetary Fund, USA, since September 1, 2001. Before this, she was the Herald L. and Caroline L. Ritch Professor in Humanities and Sciences in the Department of Economics at Stanford University. She was

"[T]he book does an excellent job of providing thoughtful analysis of some of the thorniest aspects of Japan's fiscal situation, such as the extent to which the existing debt burden may limit future policy options, the difficulties of achieving a central government surplus given the structure of intergovermental transfers, and the many unknowns plaguing efforts to predict the budgetary consequences of Japan's aging population." - Jennifer H. Dwyer, Hunter College

• Overview of the Japanese Deficit Question; R.G.Hubbard & T.Ito Comments on 'Overview of the Japanese Deficit Question'; D.E.Weinstein Comments on 'Overview of the Japanese Deficit Question'; N.Yoshino Public Debt and Economic Growth in an Ageing Japan; T.Ihori, R.R.Kato, M.Kawade & S.Bessho Comments on 'Public Debt and Economic Growth in an Ageing Japan; R.Dekle Comments on 'Public Debt and Economic Growth in an Ageing Japan; T.Tomita Medium-term Strategies for Long-term Goals; H.J.Aaron Comments on 'Medium-term Strategies for Long-term Goals'; H.Ishi Comments on 'Medium-term Strategies for Long-term Goals'; K.N.Kuttner Fiscal Decentralization in Japan: Does It Harden the Budgets of Local Governments? E.Tajika & Y.Yui Comments on 'Fiscal Decentralization in Japan: Does It Harden the Budgets of Local Governments?'; D.Citrin Comments on 'Fiscal Decentralization in Japan: Does It Harden the Budgets of Local Governments?'; M.Hayashi Managing Public Costs in the Japanese Health and Nursing Care Sector; Y.Imai & H.Oxley Managing Social Costs: Challenges in Creating a Cohesive System for Health Care, Pensions, and the Needs of the Elderly; K.Kaizuka Avoiding a Fiscal/Demographic/Economic Debacle in Japan; L.J.Kotlikoff Comments on 'Managing Public Costs in the Japanese Health and Nursing Care Sector', 'Managing Social Costs: Challenges in Creating a Cohesive System for Health Care, Pensions, and the Needs of the Elderly' and 'Avoiding a Fiscal/Demographic/Economic Debacle in Japan'; P.S.Heller Comments on 'Managing Public Costs in the Japanese Health and Nursing Care Sector', 'Managing Social Costs: Challenges in Creating a Cohesive System for Health Care, Pensions, and the Needs of the Elderly' and 'Avoiding a Fiscal/Demographic/Economic Debacle in Japan'; Y.Iwamoto Concluding Remarks; A.O.Krueger