Fiscal Policy and Interest Rates : : How Sustainable Is The “New Economy”? / / Manmohan Kumar, David Hauner
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| Autore: |
Kumar Manmohan
|
| Titolo: |
Fiscal Policy and Interest Rates : : How Sustainable Is The “New Economy”? / / Manmohan Kumar, David Hauner
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2006 |
| Descrizione fisica: | 1 online resource (34 p.) |
| Soggetto topico: | 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 | |
| Soggetto geografico: | United States |
| Altri autori: |
HaunerDavid
|
| Note generali: | "May 2006." |
| Nota di bibliografia: | Includes bibliographical references. |
| Nota di contenuto: | ""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"" |
| Sommario/riassunto: | 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. |
| Titolo autorizzato: | Fiscal Policy and Interest Rates |
| ISBN: | 1-4623-3265-X |
| 1-4527-1180-1 | |
| 1-283-51491-5 | |
| 1-4519-0906-3 | |
| 9786613827364 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910788403403321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2006/112