Budget deficits and the term structure of interest rates in Italy

IF 1.2 4区经济学 Q3 ECONOMICS Applied Economics Letters Pub Date : 1999-03-01 DOI:10.1080/135048599353636

B. Ewing, Mark A. Yanochik

引用次数: 34

Abstract

This paper tests the hypothesis that changes in the federal budget deficit impact the term structure of interest rates in Italy. The results suggest that budget deficits increase the yield spread between long term government bonds and the three month Treasury bill. The implication is that budget deficits may hinder long-term economic growth in Italy, via a crowding out effect, by increasing long-term interest rates relative to short-term interest rates.

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

意大利的预算赤字和利率期限结构

本文检验了联邦预算赤字变化影响意大利利率期限结构的假设。结果表明，预算赤字增加了长期政府债券和三个月期国库券之间的收益率差。其含义是，预算赤字可能会通过挤出效应，使长期利率相对于短期利率上升，从而阻碍意大利的长期经济增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文去求助

来源期刊

Applied Economics Letters ECONOMICS-

CiteScore

2.90

自引率

6.20%

发文量

460

期刊介绍： Applied Economics Letters is a companion journal to Applied Economics and Applied Financial Economics. It publishes short accounts of new original research and encourages discussion of papers previously published in its two companion journals. Letters are reviewed by the Editor, a member of the Editorial Board or another suitable authority. They are generally applied in nature, but may include discussion of method and theoretical formulation. In a change to the format of the Applied Financial Series of journals, from 2009 Applied Financial Economics Letters will be incorporated into its sister journal Applied Economics Letters.