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World Interest Rates and Investment

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  • Barro, Robert J

Abstract

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.

Suggested Citation

  • Barro, Robert J, 1992. " World Interest Rates and Investment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 323-342.
  • Handle: RePEc:bla:scandj:v:94:y:1992:i:2:p:323-42
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    References listed on IDEAS

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    1. 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.
    2. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
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    Cited by:

    1. Domenico Giannone & Michele Lenza, 2010. "The Feldstein-Horioka Fact," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 6(1), pages 103-117.
      • Domenico Giannone & Michele Lenza, 2010. "The Feldstein-Horioka Fact," NBER Chapters,in: NBER International Seminar on Macroeconomics 2009, pages 103-117 National Bureau of Economic Research, Inc.
    2. Eric M. Engen & R. Glenn Hubbard, 2005. "Federal Government Debt and Interest Rates," NBER Chapters,in: NBER Macroeconomics Annual 2004, Volume 19, pages 83-160 National Bureau of Economic Research, Inc.
    3. Domenech, Rafael & Taguas, David & Varela, Juan, 2000. "The effects of budget deficit on national saving in the OECD," Economics Letters, Elsevier, vol. 69(3), pages 377-383, December.
    4. Michele Battisti & Tamara Fioroni & Andrea Mario Lavezzi, 2014. "World Interest Rates, Inequality and Growth: an Empirical Analysis of the Galor-Zeira Model," Discussion Papers 2014/184, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    5. Olivier Passet, 1997. "Le rôle des déficits publics dans la formation des taux d'intérêt," Revue de l'OFCE, Programme National Persée, vol. 62(1), pages 29-74.
    6. Eric Dubois, 1998. "Taux d'intérêt réels élevés dans le monde et crédibilité des autorités monétaires," Revue Française d'Économie, Programme National Persée, vol. 13(1), pages 89-122.
    7. Matthew Higgins & Jeffrey G. Williamson, 1996. "Asian Demography and Foreign Capital Dependence," NBER Working Papers 5560, National Bureau of Economic Research, Inc.
    8. Robert J. Barro, 1995. "Optimal Debt Management," NBER Working Papers 5327, National Bureau of Economic Research, Inc.

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