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来源类型Working Paper
规范类型报告
DOI10.3386/w10788
来源IDWorking 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
URLhttps://www.nber.org/papers/w10788
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568420
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Silvia Ardagna,Francesco Caselli,Timothy Lane. Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries. 2004.
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