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Record Nr. |
UNINA9910788403403321 |
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Autore |
Kumar Manmohan |
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Titolo |
Fiscal Policy and Interest Rates : : How Sustainable Is The “New Economy”? / / Manmohan Kumar, David Hauner |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-3265-X |
1-4527-1180-1 |
1-283-51491-5 |
1-4519-0906-3 |
9786613827364 |
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Descrizione fisica |
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1 online resource (34 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Interest rates |
Fiscal policy |
Banks and Banking |
Inflation |
Public Finance |
Interest Rates: Determination, Term Structure, and Effects |
Price Level |
Deflation |
Debt |
Debt Management |
Sovereign Debt |
Fiscal Policy |
Finance |
Macroeconomics |
Public finance & taxation |
Long term interest rates |
Real interest rates |
Government debt management |
Prices |
Debts, Public |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. LOW GLOBAL INTEREST RATES: POSSIBLE EXPLANATIONS""; ""III. A MODEL OF INTEREST RATE DETERMINATION""; ""IV. EMPIRICAL EVIDENCE""; ""A. Data and Methodology""; ""B. Empirical Results""; ""C. A New Economy of Interest Rates?""; ""V. CONCLUSIONS AND POLICY IMPLICATIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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This paper explores the determinants of long-term government bond yields in the Group of Seven (G-7) economies and analyzes the factors that could explain the conundrum of very low rates in the face of a variety of adverse factors in recent years. In particular, the paper focuses on the deteriorating fiscal position in the G-7 economies and enquires which factors could have offset their impact on long-term interest rates, and how sustainable they are likely to be. A model of interest rate determination is elaborated and estimated for the G-7, with explicit emphasis on capital flows and public savings. The results suggest a high likelihood of a substantial impact of the weaker budgetary positions in the G-7 on global interest rates when the offsetting unprecedented capital flows slow down. |
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