04457oam 22011534 450 991096463300332120250426110644.097866138273649781462332656146233265X978145271180514527118019781283514910128351491597814519090671451909063(CKB)3360000000443664(EBL)3014407(SSID)ssj0000940828(PQKBManifestationID)11598328(PQKBTitleCode)TC0000940828(PQKBWorkID)10955948(PQKB)11727793(OCoLC)698585693(IMF)WPIEE2006112(MiAaPQ)EBC3014407(IMF)WPIEA2006112WPIEA2006112(EXLCZ)99336000000044366420020129d2006 uf 0engur|n|---|||||txtccrFiscal Policy and Interest Rates : How Sustainable Is The “New Economy”? /Manmohan Kumar, David Hauner1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (34 p.)IMF Working Papers"May 2006."9781451863727 1451863721 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/112Interest ratesFiscal policyBanks and BankingimfDebt ManagementimfDebtimfDebts, PublicimfDeflationimfFinanceimfFiscal PolicyimfFiscal policyimfGovernment debt managementimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfLong term interest ratesimfMacroeconomicsimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfReal interest ratesimfSovereign DebtimfUnited StatesimfInterest rates.Fiscal policy.Banks and BankingDebt ManagementDebtDebts, PublicDeflationFinanceFiscal PolicyFiscal policyGovernment debt managementInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsLong term interest ratesMacroeconomicsPrice LevelPricesPublic finance & taxationPublic FinanceReal interest ratesSovereign DebtKumar Manmohan1803826Hauner David1815890DcWaIMFBOOK9910964633003321Fiscal Policy and Interest Rates4371502UNINA