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Record Nr. |
UNINA9910788517803321 |
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Autore |
Kinoshita Noriaki |
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Titolo |
Government Debt and Long-Term Interest Rates / / Noriaki Kinoshita |
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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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1-4623-6394-6 |
1-4527-8849-9 |
1-282-55819-6 |
1-4519-0859-8 |
9786613822338 |
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Descrizione fisica |
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1 online resource (25 p.) |
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Collana |
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Soggetti |
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Debts, Public - Econometric models |
Interest rates - Econometric models |
Banks and Banking |
Macroeconomics |
Public Finance |
Interest Rates: Determination, Term Structure, and Effects |
Fiscal Policy |
Debt |
Debt Management |
Sovereign Debt |
Macroeconomics: Consumption |
Saving |
Wealth |
Public finance & taxation |
Finance |
Public debt |
Real interest rates |
Long term interest rates |
Government consumption |
Government debt management |
Financial services |
National accounts |
Public financial management (PFM) |
Debts, Public |
Interest rates |
Consumption |
Economics |
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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. AN OVERVIEW OF THE LITERATURE""; ""III. THEORETICAL ANALYSIS""; ""IV. EMPIRICAL EVIDENCE""; ""V. CONCLUSION""; ""References""; ""DERIVATION OF DYNAMIC EQUILIBRIUM CONDITIONS""; ""DATA SOURCES AND DEFINITIONS"" |
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Sommario/riassunto |
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This paper examines the relationship between government debt and long-term interest rates. A dynamic general equilibrium model that incorporates debt nonneutrality is specified and solved, and numerical simulations using the model are undertaken. In addition, empirical evidence using panel data for 19 industrial countries is examined. The estimation provides some evidence supporting the theoretical predictions: the paper finds that the simulated and estimated interest rate effects of government debt tend to be small. However, an increase in government consumption and debt leads to a considerably larger effect. The paper also argues that, although the interest rate effects of pure crowding out may be limited, the economic impact of accumulating government debt cannot be ignored. |
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