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Impact of budget deficits on ex post real long-term interest rates

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  • Richard Cebula

Abstract

The study investigates the impact of budget deficits on ex post real long-term interest rates over the 1973-1995 period, thereby addressing an interest rate measure and time period, i.e. beyond the mid-to late-1980s, that have received only limited attention in the literature. The instrumented variables (IV) estimate provides strong evidence that budget deficits do raise the long-term real ex post rate of interest.

Suggested Citation

  • Richard Cebula, 2000. "Impact of budget deficits on ex post real long-term interest rates," Applied Economics Letters, Taylor & Francis Journals, vol. 7(3), pages 177-179.
    • Handle: RePEc:taf:apeclt:v:7:y:2000:i:3:p:177-179
    DOI: 10.1080/135048500351744
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    Citations

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    Cited by:

    1. Poghosyan, Tigran, 2014. "Long-run and short-run determinants of sovereign bond yields in advanced economies," Economic Systems, Elsevier, vol. 38(1), pages 100-114.
    2. Jérôme Creel & Bruno Ducoudré & Catherine Mathieu & Henri Sterdyniak, 2005. "Doit-on oublier la politique budgétaire ?. Une analyse critique de la nouvelle théorie anti-keynésienne des finances publiques," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 43-97.
    3. Denise Côté & Christopher Graham, 2004. "Convergence of Government Bond Yields in the Euro Zone: The Role of Policy Harmonization," Staff Working Papers 04-23, Bank of Canada.
    4. repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
    5. Bruno Ducoudre, 2008. "Structure par terme des taux d’intérêt et anticipations de la politique économique," Sciences Po publications info:hdl:2441/5221, Sciences Po.
    6. Bruno Ducoudré, 2005. "Fiscal policy and interest rates," Documents de Travail de l'OFCE 2005-08, Observatoire Francais des Conjonctures Economiques (OFCE).
    7. Peter Claeys & Rosina Moreno & Jordi Suriñach, 2010. "Fiscal Policy and Interest Rates: The Role of Financial and Economic Integration," Advances in Spatial Science, in: Antonio Páez & Julie Gallo & Ron N. Buliung & Sandy Dall'erba (ed.), Progress in Spatial Analysis, pages 311-336, Springer.
    8. repec:hal:spmain:info:hdl:2441/1769 is not listed on IDEAS
    9. repec:spo:wpecon:info:hdl:2441/1769 is not listed on IDEAS
    10. repec:hal:wpspec:info:hdl:2441/1769 is not listed on IDEAS
    11. Marc Hayford, 2005. "Fiscal policy and national saving," Applied Economics, Taylor & Francis Journals, vol. 37(9), pages 981-992.
    12. Yu Hsing, 2015. "Determinants of the Government Bond Yield in Spain: A Loanable Funds Model," IJFS, MDPI, vol. 3(3), pages 1-9, July.
    13. Perveen, Asma & Munir, Kashif, 2017. "Impact of Total, Internal and External Government Debt on Interest Rate in Pakistan," MPRA Paper 83427, University Library of Munich, Germany.

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