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The impact of net international capital inflows on nominal long-term interest rates in France

  • Richard Cebula
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    Previous research on the impact of net international capital inflows on domestic interest rates has been almost exclusively founded in regression analysis and has yielded mixed results. Some studies find that net capital inflows reduce domestic interest rates, whereas others find no such impact. The present study, which applies cointegration techniques to quarterly data over the 1973–93 period, finds that such capital inflows to a major industrialized nation, France, may not only reduce longer term interest rates in that nation but may also offset a large portion of the longer term interest rate impact of that nation's central government budget deficit. Copyright International Atlantic Economic Society 1997

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    Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

    Volume (Year): 25 (1997)
    Issue (Month): 2 (June)
    Pages: 179-190

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    Handle: RePEc:kap:atlecj:v:25:y:1997:i:2:p:179-190
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    1. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
    2. Evans, Paul, 1987. "Do budget deficits raise nominal interest rates? : Evidence from six countries," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 281-300, September.
    3. Hoelscher, Gregory, 1986. "New Evidence on Deficits and Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(1), pages 1-17, February.
    4. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    5. Makin, John H, 1983. "Real Interest, Money Surprises, Anticipated Inflation and Fiscal Deficits," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 374-84, August.
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