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The impact of net international capital inflows on nominal long-term interest rates in France

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  • Richard Cebula

Abstract

Previous research on the impact of net international capital inflows on domestic interest rates has been exclusively founded in regression analysis and has yield mixed results. Some studies find that net capital inflows reduce domestic interest rates, whereas others find no such impact. The present study, which applies cointegration techniques to quarterly data over the 1973-93 period, finds that such capital inflows to a major industrialized nation, France, may not only reduce longer term interest rates in that nation but may also offset a large portion of the longer term interest rate impact of that nation's government budget deficit.

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File URL: http://hdl.handle.net/10.1007/BF02298384
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Bibliographic Info

Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

Volume (Year): 25 (1997)
Issue (Month): 2 (June)
Pages: 179-190

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Handle: RePEc:kap:atlecj:v:25:y:1997:i:2:p:179-190

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  1. Vito Tanzi, 1985. "Fiscal Deficits and Interest Rates in the United States: An Empirical Analysis, 1960-84 (Déficits budgétaires et taux d'intérêt aux Etats-Unis: analyse empirique, 1960-84) (El déficit f," IMF Staff Papers, Palgrave Macmillan, vol. 32(4), pages 551-576, December.
  2. Cebula, Richard J & Belton, Willie J, 1993. "Government Budget Deficits and Interest Rates in the United States: Evidence for Closed and Open Systems Put into Perspective, 1955-1989," Public Finance = Finances publiques, , vol. 48(2), pages 188-209.
  3. Evans, Paul, 1987. "Do budget deficits raise nominal interest rates? : Evidence from six countries," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 281-300, September.
  4. Hoelscher, Gregory, 1986. "New Evidence on Deficits and Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(1), pages 1-17, February.
  5. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  6. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
  7. Makin, John H, 1983. "Real Interest, Money Surprises, Anticipated Inflation and Fiscal Deficits," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 374-84, August.
  8. Cebula, Richard, 1996. "An Empirical Note on the Impact of the Federal Budget Deficit on Ex Ante Real Long-Term, Interest Rates, 1973-1995," MPRA Paper 51414, University Library of Munich, Germany.
  9. Cebula, Richard J. & Saltz, Ira S., 1998. "Ex Ante Real Long-Term Interest Rates and U.S. Federal Budget Deficits: Preliminary Error-Correction Evidence, 1971-1991," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 51(2), pages 163-169.
  10. Cebula, Richard J, 1988. "Federal Government Budget Deficits and Interest Rates: An Empirical Analysis for the United States, 1955-1984," Public Finance = Finances publiques, , vol. 43(3), pages 337-48.
  11. James R. Barth & George Iden & Frank S. Russek, 1984. "Do Federal Deficits Really Matter?," Contemporary Economic Policy, Western Economic Association International, vol. 3(1), pages 79-95, 09.
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