04651oam 22011774 450 991078851780332120230829002219.01-4623-6394-61-4527-8849-91-282-55819-61-4519-0859-89786613822338(CKB)3360000000443268(EBL)3014543(SSID)ssj0000941198(PQKBManifestationID)11547878(PQKBTitleCode)TC0000941198(PQKBWorkID)10963997(PQKB)10358434(OCoLC)694141248(MiAaPQ)EBC3014543(IMF)WPIEE2006063(EXLCZ)99336000000044326820020129d2006 uf 0engur|n|---|||||txtccrGovernment Debt and Long-Term Interest Rates /Noriaki KinoshitaWashington, D.C. :International Monetary Fund,2006.1 online resource (25 p.)IMF Working Papers"March 2006."1-4518-6323-3 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/063Debts, PublicEconometric modelsInterest ratesEconometric modelsBanks and BankingimfMacroeconomicsimfPublic FinanceimfInterest Rates: Determination, Term Structure, and EffectsimfFiscal PolicyimfDebtimfDebt ManagementimfSovereign DebtimfMacroeconomics: ConsumptionimfSavingimfWealthimfPublic finance & taxationimfFinanceimfPublic debtimfReal interest ratesimfLong term interest ratesimfGovernment consumptionimfGovernment debt managementimfFinancial servicesimfNational accountsimfPublic financial management (PFM)imfDebts, PublicimfInterest ratesimfConsumptionimfEconomicsimfUnited StatesimfDebts, PublicEconometric models.Interest ratesEconometric models.Banks and BankingMacroeconomicsPublic FinanceInterest Rates: Determination, Term Structure, and EffectsFiscal PolicyDebtDebt ManagementSovereign DebtMacroeconomics: ConsumptionSavingWealthPublic finance & taxationFinancePublic debtReal interest ratesLong term interest ratesGovernment consumptionGovernment debt managementFinancial servicesNational accountsPublic financial management (PFM)Debts, PublicInterest ratesConsumptionEconomicsKinoshita Noriaki1509568International Monetary Fund.Fiscal Affairs Dept.DcWaIMFBOOK9910788517803321Government Debt and Long-Term Interest Rates3844929UNINA