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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w10788 |
来源ID | Working Paper 10788 |
Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries | |
Silvia Ardagna; Francesco Caselli; Timothy Lane | |
发表日期 | 2004-09-27 |
出版年 | 2004 |
语种 | 英语 |
摘要 | We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest rates by about 10 basis points. In a vector autoregression (VAR), the same shock leads to a cumulative increase of almost 150 basis points after 10 years. The effect of debt on interest rates is non-linear: only for countries with above-average levels of debt does an increase in debt affect the interest rate. World fiscal policy is also important: an increase in total OECD-government borrowing increases each country's interest rates. However, domestic fiscal policy continues to affect domestic interest rates even after controlling for worldwide debts and deficits. |
主题 | Public Economics ; National Fiscal Issues |
URL | https://www.nber.org/papers/w10788 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568420 |
推荐引用方式 GB/T 7714 | Silvia Ardagna,Francesco Caselli,Timothy Lane. Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries. 2004. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w10788.pdf(341KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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