World Interest Rates and Investment
In a world of integrated capital markets, the price of credit - which I measure 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. I implement this approach 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.
|Date of creation:||Sep 1991|
|Publication status:||published as Barro, Robert J, 1992. " World Interest Rates and Investment," Scandinavian Journal of Economics, Blackwell Publishing, vol. 94(2), pages 323-42.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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- Robert J. Barro & Xavier Sala-i-Martin, 1990.
"World Real Interest Rates,"
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.