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
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.:
- Barro, R.J. & Martin, X.S., 1990.
"World Real Interest Rates,"
RCER Working Papers
227, University of Rochester - Center for Economic Research (RCER).
- Olivier J. Blanchard, 1984.
"Debt, Deficits and Finite Horizons,"
NBER Working Papers
1389, National Bureau of Economic Research, Inc.
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