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The Impact Of Budget Deficits On Real Interest Rates: An International Empirical Investigation

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Author Info
D. GIANNAROS
B. KOLLURI

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Abstract

In this study, an attempt is made to assess the empirical relationship between the short-term real rate of interest and government budget deficit for five industrialized countries during the period of 1965Q1--1985Q4. Contrary to the conclusions reported earlier by some, the results do not support a statistically significant relationship between budget deficit spending and the real interest rate. Alternative estimations of the basic model with money supply and government spending as other determinants of the real interest rate did not alter the fundamental conclusion reached. [310]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 3 (1989)
Issue (Month): 2 (June)
Pages: 17-25
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Handle: RePEc:taf:intecj:v:3:y:1989:i:2:p:17-25

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Evans, Paul, 1985. "Do Large Deficits Produce High Interest Rates?," American Economic Review, American Economic Association, vol. 75(1), pages 68-87, March.
  2. W. W. Brown & G.J. Santoni, 1981. "Unreal estimates of the real rate of interest," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 18-26. [Downloadable!]
  3. Dwyer, Gerald P, Jr, 1982. "Inflation and Government Deficits," Economic Inquiry, Oxford University Press, vol. 20(3), pages 315-29, July.
  4. Giannaros, Demetrios S. & Kolluri, Bharat R., 1985. "Deficit spending, money, and inflation: Some international empirical evidence," Journal of Macroeconomics, Elsevier, vol. 7(3), pages 401-417. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Cornell, Bradford, 1983. "The Money Supply Announcements Puzzle: Review and Interpretation," American Economic Review, American Economic Association, vol. 73(4), pages 644-57, September. [Downloadable!] (restricted)
  7. Plosser, Charles I., 1982. "Government financing decisions and asset returns," Journal of Monetary Economics, Elsevier, vol. 9(3), pages 325-352. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. D. Giannaros & B. Kolluri & M. Panik, 1999. "An Empirical Analysis Of The Effects Of Government Spending On Capital Investment: Evidence From O.E.C.D. Countries," International Economic Journal, Korean International Economic Association, vol. 13(1), pages 45-55, April. [Downloadable!] (restricted)
  2. David W. Findlay, 1990. "Budget Deficits, Expected Inflation And Short-Term Real Interest Rates: Evidence For The U.S," International Economic Journal, Korean International Economic Association, vol. 4(3), pages 41-53, October. [Downloadable!] (restricted)
  3. Ali F. Darrat, 2002. "On Budget Deficits And Interest Rates: Another Look At The Evidence ," International Economic Journal, Korean International Economic Association, vol. 16(2), pages 19-29, June. [Downloadable!] (restricted)
  4. Chowdhury, Khorshed, 2004. "Deficit Financing in LDCs: Evidence From South Asia," Economics Working Papers wp04-18, School of Economics, University of Wollongong, NSW, Australia. [Downloadable!]
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