Fiscal Deficits, Public Debt, and Sovereign Bond Yields:
The recent sharp increase in fiscal deficits and government debt in many countries raises questions regarding their impact on long-term sovereign bond yields. While economic theory suggests that this impact is likely to be adverse, empirical results have been less clear cut, have generally ignored n...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/184 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The recent sharp increase in fiscal deficits and government debt in many countries raises questions regarding their impact on long-term sovereign bond yields. While economic theory suggests that this impact is likely to be adverse, empirical results have been less clear cut, have generally ignored nonlinear effects of deficits and debt through some other key determinants of yields, and have been mostly confined to advanced economies. This paper reexamines the impact of fiscal deficits and public debt on long-term interest rates during 1980 - 2008, taking into account a wide range of country-specific factors, for a panel of 31 advanced and emerging market economies. It finds that higher deficits and public debt lead to a significant increase in long-term interest rates, with the precise magnitude dependent on initial fiscal, institutional and other structural conditions, as well as spillovers from global financial markets. Taking into account these factors suggests that large fiscal deficits and public debts are likely to put substantial upward pressures on sovereign bond yields in many advanced economies over the medium term |
| Beschreibung: | 1 Online-Ressource (28 p) |
| ISBN: | 1455202185 9781455202188 |
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| index_date | 2024-07-03T20:13:27Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Kumar, Manmohan S. Verfasser aut Fiscal Deficits, Public Debt, and Sovereign Bond Yields Kumar, Manmohan S Washington, D.C International Monetary Fund 2010 1 Online-Ressource (28 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/184 The recent sharp increase in fiscal deficits and government debt in many countries raises questions regarding their impact on long-term sovereign bond yields. While economic theory suggests that this impact is likely to be adverse, empirical results have been less clear cut, have generally ignored nonlinear effects of deficits and debt through some other key determinants of yields, and have been mostly confined to advanced economies. This paper reexamines the impact of fiscal deficits and public debt on long-term interest rates during 1980 - 2008, taking into account a wide range of country-specific factors, for a panel of 31 advanced and emerging market economies. It finds that higher deficits and public debt lead to a significant increase in long-term interest rates, with the precise magnitude dependent on initial fiscal, institutional and other structural conditions, as well as spillovers from global financial markets. Taking into account these factors suggests that large fiscal deficits and public debts are likely to put substantial upward pressures on sovereign bond yields in many advanced economies over the medium term Online-Ausg Baldacci, Emanuele Sonstige oth http://elibrary.imf.org/view/IMF001/11210-9781455202188/11210-9781455202188/11210-9781455202188.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kumar, Manmohan S. Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title | Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title_auth | Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title_exact_search | Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title_exact_search_txtP | Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title_full | Fiscal Deficits, Public Debt, and Sovereign Bond Yields Kumar, Manmohan S |
| title_fullStr | Fiscal Deficits, Public Debt, and Sovereign Bond Yields Kumar, Manmohan S |
| title_full_unstemmed | Fiscal Deficits, Public Debt, and Sovereign Bond Yields Kumar, Manmohan S |
| title_short | Fiscal Deficits, Public Debt, and Sovereign Bond Yields |
| title_sort | fiscal deficits public debt and sovereign bond yields |
| url | http://elibrary.imf.org/view/IMF001/11210-9781455202188/11210-9781455202188/11210-9781455202188.xml |
| work_keys_str_mv | AT kumarmanmohans fiscaldeficitspublicdebtandsovereignbondyields AT baldacciemanuele fiscaldeficitspublicdebtandsovereignbondyields |