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Interest rates and budget deficits: Cross-country evidence from the period 1924-1938

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  • Virén, Matti

Abstract

This paper examines the question of whether budget deficits raise nominal interest rates. The empirical analyses make use of cross-country data from 16 countries covering the period 1924 - 1938 .. Contrary to some recent studies (by e.g. Evans), it turns out that budget deficits affect nominal rates positively and thus the Ricardian equivalence proposition can be questioned.

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  • Virén, Matti, 1988. "Interest rates and budget deficits: Cross-country evidence from the period 1924-1938," Bank of Finland Research Discussion Papers 13/1988, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1988_013
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    1. repec:zbw:bofrdp:1988_011 is not listed on IDEAS
    2. repec:zbw:bofrdp:1988_006 is not listed on IDEAS
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