New world fiscal order: introduction /Eugene Steuerle and Masahiro Kawai --Fiscal policy and the aging of the U.S. population /Eugene Steuerle --Fiscal imperatives of changing demographics in Japan /Naohiro Yashiro --Myth of the demographic imperative /Peter Scherer --How yesterday's decisions affect today's budget and fiscal options /Joseph J. Cordes --Prior commitments, sustainability, and intergenerational redistribution in Japan /Toshihiro Ihori --Deficit reduction around the world /Paul Posner and Barbara Bovbjerg. Fiscal policy, global saving and investment, and economic growth /Masahiro Kawai and Yusuke Onitsuka --Deficits, tax policy, and saving /Mark Robson --Fiscal deficit and public debt in industrial countries, 1970-1994 /Vito Tanzi and Domenico Fanizza --