Perspectiveson Low Global Interest Rates / / Luis Catão, George Mackenzie

• Autore: Catão Luis
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (31 p.)
• Soggetto topico: Interest rates - Econometric models; Saving and investment - Econometric models; Banks and Banking; Finance: General; Investments: Stocks; Investments: General; Interest Rates: Determination, Term Structure, and Effects; International Finance: General; General Financial Markets: General (includes Measurement and Data); Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Investment; Capital; Intangible Capital; Capacity; Finance; Investment & securities; Macroeconomics; Real interest rates; Long term interest rates; Yield curve; Emerging and frontier financial markets; Stocks; Financial services; Financial markets; Financial institutions; Return on investment; National accounts; Interest rates; Financial services industry; Saving and investment
• Soggetto geografico: United States
• Altri autori: MackenzieGeorge
• Note generali: "March 2006."
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. SOME HISTORICAL PERSPECTIVE""; ""III. SIMPLE ANALYTICS OF GLOBAL INTEREST RATE DETERMINATION ""; ""IV. AN ASSET-PRICING PERSPECTIVE""; ""V. ECONOMETRIC EVIDENCE""; ""VI. CONCLUSIONS""; ""APPENDIX I. THEORETICAL FRAMEWORK""; ""REFERENCES""
• Sommario/riassunto: This paper looks at the dramatic decline in global real interest rates in recent years from a historical perspective and examines the various factors that may account for this trend. We show that current levels of real interest rates on long-term bonds in advanced economies are not low by historical standards and that it is the real long bond rates of the early 1980s through much of the 1990s that look anomalous. We also find that current global long-term interest rates are roughly in line with what one would predict given current price-earnings (P/E) ratios and under reasonable assumptions about the equity risk premia and the expected rate of growth of earnings in advanced countries. Finally, we provide econometric evidence that global long-term interest rates are significantly affected by commodity prices, expected productivity growth, and fiscal consolidation in advanced countries.
• Titolo autorizzato: Perspectiveson Low Global Interest Rates
• ISBN: 1-4623-6494-2; 1-4527-0272-1; 1-283-51847-3; 1-4519-0872-5; 9786613830920
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788697303321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/076