World Public Debt and Real Interest Rates
World Public Debt and Real Interest Rates
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世界公共债务和实际利率
DOI：
10.1093/oxrep/15.2.77
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发表时间：
1995
影响因子：
6.8
通讯作者：
D. Laxton
中科院分区：
文献类型：
--
作者：
R. Ford;D. Laxton
1980年代和1990年代，几乎所有工业化国家的真实的利率似乎都比前几十年普遍存在的水平有所上升。有人担心，这可能反映了公共债务的增加，而公共债务正在挤出私营部门的活动。国际资本市场的一体化程度也在不断提高，这意味着任何国家的利率都可能对全球财政动态敏感。本文估计了九个工业化国家的这种财政发展对真实的利率的影响。结果表明，自20世纪70年代末以来，经合组织范围内的政府债务增加是真实的利率上升的主要因素。版权所有1999年由牛津大学出版社。
Real interest rates appear to have risen in virtually all industrialized countries in the 1980s and 1990s relative to levels that prevailed in earlier decades. There is concern that this may reflect higher public debt, which is crowding out private-sector activity. There has also been increasing international capital market integration, implying that interest rates in any country may be sensitive to global fiscal developments. This paper estimates the effects of such fiscal developments on real interest rates in nine industrial countries. The results imply that the increase in OECD-wide government debt since the late 1970s was a major factor in the rise in real interest rates. Copyright 1999 by Oxford University Press.