World Interest Rates and Investment
In a world of integrated capital markets, the price of credit--which is measured by short-term expected real interest rates--is determined to equate the world aggregate of investment demand to the world aggregate of desired national saving. This approach is implemented empirically by approximating the world by aggregates for ten major developed countries. For the period since 1959, the common component of expected real interest rates for these countries relates especially to developments on world stock and oil markets and secondarily to world monetary and fiscal policies. Copyright 1992 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 94 (1992)
Issue (Month): 2 ()
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References listed on IDEAS
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- Robert J. Barro & Xavier Sala-i-Martin, 1990.
"World Real Interest Rates,"
NBER Chapters,in: NBER Macroeconomics Annual 1990, Volume 5, pages 15-74
National Bureau of Economic Research, Inc.
- Robert J. Barro & Xavier Sala-i-Martin, 1990. "World Real Interest Rates," NBER Working Papers 3317, National Bureau of Economic Research, Inc.
- Barro, R.J. & Martin, X.S., 1990. "World Real Interest Rates," RCER Working Papers 227, University of Rochester - Center for Economic Research (RCER).
- Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.