Data and Code for: Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money

Principal Investigator(s):  View help for Principal Investigator(s) Yili Chien, Federal Reserve Bank of St. Louis; Wenxin Du, Harvard Business School; Hanno Lustig, Stanford Graduate School of Business

Version:  View help for Version V1

Name File Type Size Last Modified
Figure1A_JP_BS_Counterfactual.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 1.2 MB 09/25/2025 01:01:PM
Figure_1 JGB_US_Treasury_Holders.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 184.3 KB 09/01/2025 04:56:PM
README.pdf application/pdf 110.4 KB 09/01/2025 05:03:PM
Table_1_JP_BS_FoF_Data.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 568.9 KB 09/26/2025 08:20:AM
Table_2_ US_BS_FoF_Data.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 998.9 KB 09/25/2025 12:13:PM
Table_3_JP_Household.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 102 KB 09/25/2025 12:21:PM
Table_3_US_Household.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 77.8 KB 09/01/2025 04:54:PM

Project Citation: 

Chien, Yili, Du, Wenxin, and Lustig, Hanno. Data and Code for: Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-11-05. https://doi.org/10.3886/E237647V1

Project Description

Summary:  View help for Summary
The files in this replication package contain the raw data, calculation formulas, and results displayed in Tables 1–3,
Figure 1, and Figure A1. All files are in Excel format, with each file corresponding to a specific table or figure.
Please refer to the README file for details

Scope of Project

JEL Classification:  View help for JEL Classification
      E52 Monetary Policy
      E62 Fiscal Policy
      G12 Asset Pricing; Trading Volume; Bond Interest Rates
Geographic Coverage:  View help for Geographic Coverage Japan and United States
Time Period(s):  View help for Time Period(s) 12/1997 – 6/2024

Methodology

Data Source:  View help for Data Source
  • Japan flow of fund
  • Federal Reserve Financial Accounts
  • US Treasury Bulletin
  • National Accounts of Japan
  • U.S. Flow of Funds
  • U.S. National Income and Product Accounts
  • Bloomberg

Related Publications

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Published Versions

V1 [2025-11-05]

Export Metadata

Dublin Core

DDI 2.5

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