Budget deficits and interest rates: a fresh perspective

被引：20

作者：

Aisen, Ari ^{[1
]}

Hauner, David ^{[2
]}

机构：

[1] Int Monetary Fund, Middle E & Cent Asia Dept, Washington, DC 20431 USA

[2] Int Monetary Fund, Fiscal Affairs Dept, Washington, DC 20431 USA

来源：

APPLIED ECONOMICS | 2013年 / 45卷 / 17期

关键词：

budget deficits; fiscal policy; interest rates; PANEL-DATA; FISCAL DEFICITS; FINANCIAL DEVELOPMENT; DEVELOPING-COUNTRIES; INFLATION; SPECIFICATION; INSTITUTIONS; GROWTH;

D O I：

10.1080/00036846.2012.667557

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain some of the heterogeneity in the literature; and apply system Generalized Method of Moments (GMM). There is overall a highly significant positive effect of budget deficits on interest rates, but the effect depends on interaction terms and is only significant under one of the several conditions: deficits are high, mostly domestically financed, or interact with high domestic debt; financial openness is low; interest rates are liberalized; or financial depth is low.

引用

页码：2501 / 2510

页数：10

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