Low inflation, a high net savings surplus and institutional restrictions keep the Japanese long-term interest rate low
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Masson, Paul R. & Kremers, Jeroen & Horne, Jocelyn, 1994.
"Net foreign assets and international adjustment: The United States, Japan and Germany,"
Journal of International Money and Finance, Elsevier, vol. 13(1), pages 27-40, February.
- Ms. Jocelyn Horne & Mr. Paul R Masson & Jeroen J. M. Kremers, 1993. "Net Foreign Assets and International Adjustment: The United States, Japan, and Germany," IMF Working Papers 1993/033, International Monetary Fund.
- Higgins, Matthew, 1998.
"Demography, National Savings, and International Capital Flows,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(2), pages 343-369, May.
- Matthew Higgins, 1997. "Demography, national savings and international capital flows," Staff Reports 34, Federal Reserve Bank of New York.
- John Y. Campbell & N. Gregory Mankiw, 1989.
"Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence,"
NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 185-246,
National Bureau of Economic Research, Inc.
- John Y. Campbell & N. Gregory Mankiw, 1989. "Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence," NBER Working Papers 2924, National Bureau of Economic Research, Inc.
- repec:fth:harver:1435 is not listed on IDEAS
- Barro, Robert J, 1989.
"The Ricardian Approach to Budget Deficits,"
Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 37-54, Spring.
- Robert J. Barro, 1988. "The Ricardian Approach to Budget Deficits," NBER Working Papers 2685, National Bureau of Economic Research, Inc.
- Robert J. Barro, 1988. "The Ricardian Approach to Budget Deficits," Working Paper 728, Economics Department, Queen's University.
- repec:dpr:wpaper:0248 is not listed on IDEAS
- Fukao, Mitsuhiro & Okubo, Takashi, 1984. "International Linkage of Interest Rates: The Case of Japan and the United States," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 193-207, February.
- Bayoumi, Tamim & Masson, Paul R & Samiei, Hossein, 1996. "International Evidence on the Determinants of Saving," CEPR Discussion Papers 1368, C.E.P.R. Discussion Papers.
- Tsuyoshi Oyama & Kotaro Yoshida, 1999. "Does Japan Save Too Much? Or Do Other Major Countries Save Too Little? International comparison of savings rates from the modified golden rule approach," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
- Frank A. G. Den Butter & Pieter Jansen, 2004. "An empirical analysis of the German long-term interest rate," Applied Financial Economics, Taylor & Francis Journals, vol. 14(10), pages 731-741.
- Jorion, Philippe, 1996. "Returns to Japanese investors from US investments," Japan and the World Economy, Elsevier, vol. 8(3), pages 229-241, September.
- Bernheim, B Douglas, 1989. "A Neoclassical Perspective on Budget Deficits," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 55-72, Spring.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Douglas W. Elmendorf, "undated".
"The Effect of Interest-Rate Changes on Household Saving and Consumption: A Survey,"
Finance and Economics Discussion Series
1996-27, Board of Governors of the Federal Reserve System (U.S.), revised 10 Dec 2019.
- Douglas W. Elmendorf, 1996. "The effect of interest-rate changes on household saving and consumption: a survey," Finance and Economics Discussion Series 96-27, Board of Governors of the Federal Reserve System (U.S.).
- Xinshen DIAO & Terry L. ROE & A. Erinç YELDAN, 1999.
"How Fiscal Mismanagement May Impede Trade Reform: Lessons From An Intertemporal, Multi-Sector General Equilibrium Model For Turkey,"
The Developing Economies, Institute of Developing Economies, vol. 37(1), pages 59-88, March.
- Diao, Xinshen & Roe, Terry L. & Yeldan, A. Erinc, 1998. "How Fiscal (Mis)-Management May Impede Trade Reform: Lessons From an Intertemporal, Multi-Sector General Equilibrium Model for Turkey," Bulletins 7459, University of Minnesota, Economic Development Center.
- Joseph Mawejje & Nicholas M. Odhiambo, 2022.
"Macroeconomic determinants of fiscal policy in East Africa: a panel causality analysis,"
Journal of Economics, Finance and Administrative Science, Emerald Group Publishing Limited, vol. 27(53), pages 105-123, February.
- Mawejje, Joseph & Odhiambo, Nicholas M, 2022. "Macroeconomic determinants of fiscal policy in east Africa: a panel causality analysis," Working Papers 29842, University of South Africa, Department of Economics.
- Srivastava, Dinesh Kumar & Kapur, Tarrung & Bharadwaj, Muralikrishna & Trehan, Ragini, 2020. "Impact of Covid-19 on global debt: a study of countries in the G-20 group," MPRA Paper 108379, University Library of Munich, Germany.
- Gudmundsson, Gudmundur S. & Zoega, Gylfi, 2014.
"Age structure and the current account,"
Economics Letters, Elsevier, vol. 123(2), pages 183-186.
- Gudmundur S. Gudmundsson & Gylfi Zoega, 2013. "Age structure and the current account," Birkbeck Working Papers in Economics and Finance 1307, Birkbeck, Department of Economics, Mathematics & Statistics.
- Luigi Mittone & Matteo Tomaselli, 2019. "Economic Growth and Public Debt: An Experimental Approach in Search of a Confidence Channel," DEM Working Papers 2019/18, Department of Economics and Management.
- Hettihewa, Samanthala & Saha, Shrabani & Zhang, Hanxiong, 2018. "Does an aging population influence stock markets? Evidence from New Zealand," Economic Modelling, Elsevier, vol. 75(C), pages 142-158.
- Lindblad, Hans & Sellin, Peter, 2006. "A Simultaneous Model of the Swedish Krona, the US Dollar and the Euro," Working Paper Series 193, Sveriges Riksbank (Central Bank of Sweden).
- Cheng K. Wu, 1997. "New Result in Theory of Consumption: Changes in Savings and Income Growth," Macroeconomics 9706007, University Library of Munich, Germany.
- Vishal Sharma & Ashok Mittal, 2019. "Fiscal deficit, capital formation, and economic growth in India: a nonlinear ARDL model," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 46(4), pages 353-363, December.
- Peter Prazmowski, 2014. "Ricardian equivalence and fiscal distortions in the Dominican Republic," Empirical Economics, Springer, vol. 46(1), pages 109-125, February.
- Konzelmann, S., 2012. "The Economics of Austerity," Working Papers wp434, Centre for Business Research, University of Cambridge.
- Yu Hsing, 2004. "Response of Venezuelan output to monetary policy, deficit spending, and currency depreciation: a VAR model," Revista de Economía del Rosario, Universidad del Rosario, December.
- Sardoni, Claudio, 2021. "The public debt and the Ricardian equivalence: Some critical remarks," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 153-160.
- Nora Traum & Shu‐Chun S. Yang, 2015.
"When Does Government Debt Crowd Out Investment?,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(1), pages 24-45, January.
- Nora Traum & Shu-Chun Yang, 2010. "When Does Government Debt Crowd Out Investment?," CAEPR Working Papers 2010-006, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
- Shu-Chun S. Yang & Nora Traum, 2011. "When Does Government Debt Crowd Out Investment?," 2011 Meeting Papers 479, Society for Economic Dynamics.
- Philip R. Lane & Gian Maria Milesi-Ferretti, 2002.
"Long-Term Capital Movements,"
NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 73-136,
National Bureau of Economic Research, Inc.
- Philip Lane & Gian Maria Milesi-Ferretti, 2001. "Long-Term Capital Movements," Trinity Economics Papers 200112, Trinity College Dublin, Department of Economics.
- Philip R. Lane & Gian Milesi-Ferretti, 2001. "Long-Term Capital Movements," NBER Working Papers 8366, National Bureau of Economic Research, Inc.
- Milesi-Ferretti, Gian Maria & Lane, Philip, 2001. "Long-Term Capital Movements," CEPR Discussion Papers 2873, C.E.P.R. Discussion Papers.
- Mr. Philip R. Lane & Mr. Gian M Milesi-Ferretti, 2001. "Long-Term Capital Movements," IMF Working Papers 2001/107, International Monetary Fund.
- Philip Lane & Gian Maria Milesi-Ferretti, 2001. "Long-Term Capital Movements," CEG Working Papers 20018, Trinity College Dublin, Department of Economics.
- Mawejje, Joseph & Odhiambo, Nicholas M., 2022.
"The determinants and cyclicality of fiscal policy: Empirical evidence from East Africa,"
International Economics, Elsevier, vol. 169(C), pages 55-70.
- Joseph Mawejje & Nicholas M. Odhiambo, 2022. "The determinants and cyclicality of fiscal policy: Empirical evidence from East Africa," International Economics, CEPII research center, issue 169, pages 50-70.
- Mawejje, Joseph & Odhiambo, Nicholas M, 2022. "The determinants and cyclicality of fiscal policy: empirical evidence from east Africa," Working Papers 29841, University of South Africa, Department of Economics.
- David J. Smyth & Yu Hsing, 1995. "In Search Of An Optimal Debt Ratio For Economic Growth," Contemporary Economic Policy, Western Economic Association International, vol. 13(4), pages 51-59, October.
- Ebney Ayaj Rana & Abu N. M. Wahid, 2017. "Fiscal Deficit and Economic Growth in Bangladesh," The American Economist, Sage Publications, vol. 62(1), pages 31-42, March.
- Arrondel, Luc & Masson, Andre, 2006.
"Altruism, exchange or indirect reciprocity: what do the data on family transfers show?,"
Handbook on the Economics of Giving, Reciprocity and Altruism, in: S. Kolm & Jean Mercier Ythier (ed.), Handbook of the Economics of Giving, Altruism and Reciprocity, edition 1, volume 1, chapter 14, pages 971-1053,
Elsevier.
- Luc Arrondel & André Masson, 2002. "Altruism, Exchange or Indirect Reciprocity: What do the Data on Family Transfers Show?," DELTA Working Papers 2002-18, DELTA (Ecole normale supérieure).
- Luc Arrondel & André Masson, 2006. "Altruism, Exchange or Indirect Reciprocity: What Do the Data on Family Transfers Show?," Post-Print halshs-00754736, HAL.
More about this item
Keywords
Long-term interest rate; Current account balance; Japan; Ricardian equivalence; Ageing;All these keywords.
JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MAC-2006-07-28 (Macroeconomics)
- NEP-SEA-2006-07-28 (South East Asia)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vua:wpaper:2006-11. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: R. Dam (email available below). General contact details of provider: https://edirc.repec.org/data/fewvunl.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.