Government debt in international financial markets
著者
書誌事項
Government debt in international financial markets
（A Publication of the Graduate Institute of International Studies, Geneva）
Pinter Publishers, 1988
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注記
Bibliography: p.[136]-143
Includes index
内容説明・目次
内容説明
This study of the role of public sector deficits and debt in a world dominated by highly integrated financial markets highlights the growing instability of foreign exchange and other financial markets. Recent theoretical innovations in international economics are used with new empirical evidence to analyze the effects of budget deficits and government debt. The author adoptes two approaches. The first concludes that extensive deficit financing, as used by the industrial world in the 1970s and 1980s, has contributed greatly to the rise in world real interest rates that has occurred over that period. The second approach concludes that the huge budget deficits of the United States in the 1980s can explain the initial large appreciation of the US dollar and its subsequent depreciation. Finally, the empirical results are applied to some outstanding policy issues, such as exchange rate targeting.
目次
- Part 1 Theoretical issues: intertemporal models - the closed economy, open economy extensions
- the non-Ricardian world. Part 2 Empirical issues: empirical work to date - reduced form tests, multi-country models
- world interest rates - debt neutrality and the Fisher Hypothesis, capital mobility
- a two-country model
- policy conclusions. Appendices: data - source notation
- world capital accumulation.
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