Fiscal policy and interest rates in Europe

Economic Policy

Volumn 21, Issue 47, 2006, Pages 443-489

  Faini, Riccardo ^a  

^a UNIVERSITY OF ROME TOR VERGATA   (Italy)

Author keywords

[No Author keywords available]

Indexed keywords

DEBT; ECONOMIC GROWTH; EUROPEAN MONETARY UNION; EXCHANGE RATE; FINANCIAL CRISIS; FINANCIAL POLICY; FISCAL POLICY; INTEREST RATE;

EURASIA; EUROPE;

EID: 33745932073     PISSN: 02664658     EISSN: 14680327     Source Type: Journal    
DOI: 10.1111/j.1468-0327.2006.00163.x     Document Type: Article

References (43)

1. Afonso, A. and R. Strauch (2003). 'Fiscal policy and interest swap spreads: Some evidence from the EU', European Central Bank, mimeo.
2. Alesina, A. and R. Perotti (1997). 'Fiscal adjustment in OECD countries: composition and macroeconomic effects', IMF Staff Papers.
3. Ardagna, S., F. Caselli and T. Lane (2004). 'Fiscal discipline and the cost of public debt service: Some estimates for OECD countries', mimeo, Harvard University.
4. Arellano, M. (1987). 'Computing robust standard errors for within-group estimators', Oxford Bulletin of Economics and Statistics.
5. Bagwell, K. and R. Staiger (1999). 'An economic theory of GATT', American Economic Review.
6. Balassone, F., D. Franco and R. Giordano (2004). 'Market induced fiscal discipline: Is there a fall-back solution for rule-failure?', Banca d'Italia, Sixth workshop on public finance, Perugia, 1-3 April.
7. Barro, R. and X. Sala-i-Martin (1990). 'World real interest rates', NBER Macroeconomics Annuals, NBER, Cambridge.
8. Bernoth, K., J. von Hagen and L. Schuknecht (2003). 'The determinants of the yield differential in EU government bond market'.
9. Bernoth, K., J. von Hagen and L. Schuknecht (2004). 'Sovereign risk premia in the European government bond market', ECB Working Paper n. 369, European Central Bank, Frankfurt.
10. Blanchard, O. (1993). 'Suggestions for a new set of fiscal indicators', in H. Verbon and F. van Winden (eds.), The Political Economy of Debt, Elsevier Science, North Holland, 1993, 307-324.
11. Blanchard, O. and L. Summers (1984). 'Perspectives on high world real interest rates', Brookings Papers on Economic Activity.
12. Canzoneri, M., R. Cumby and B. Dida (2002). 'Should the European Central Bank and the Federal Reserve be concerned about fiscal policy?', mimeo, Georgetown University.
13. Capiello, L., R. Engle and K. Shepard (2003). 'Asymmetric dynamics in the correlation of global equity and bond returns', ECB Working Paper No. 204, European Central Bank, Frankfurt.
14. Codogno, L., C. Favero and A. Missale (2003). 'Yields spreads on EMU government bonds', Economic Policy.
15. Council of Economic Advisers (2003), Economic Report of the President, US Government, Washington.
16. Detken, C., V. Gaspar and B. Winkler (2004). 'On prosperity and posterity. The need for fiscal discipline in a monetary union', ECB Working Paper No. 420, European Central Bank, Frankfurt.
17. Drudi, F. and A. Prati (2000). 'Signalling fiscal regime sustainability', European Economic Review.
18. Elmendorf, D. and G. Mankiw (1999). 'Government debt', in J. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, North Holland, New York.
19. Engen, E. and G. Hubbard (2004). 'Federal government debts and interest rates', NBER Working Paper No. 10681, NBER, Cambridge.
20. Evans, P. (1985). 'Do large deficits produce high interest rates?', American Economic Review.
21. Evans, P. (1987a). 'Interest rates and expected future budget deficits in the United States', Journal of Political Economy.
22. Evans, P. (1987b). 'Do budget deficits raise nominal interest rates? Evidence from six countries', Journal of Monetary Economics.
23. Feldstein, M. (1986). 'Budget deficits, tax rules, and real interest rates', NBER Working Paper No. 1970.
24. Feldstein, M. (2005). 'The euro and the Stability Pact', NBER Working paper No. 11249.
25. Feldstein, M. and C. Horioka (1980). 'Domestic saving and international capital flows', Economic Journal.
26. Gale, W. and P. Orszag (2002). 'The economic effects of long term fiscal discipline', Urban Brookings Tax Policy Center Discussion Paper.
27. Gale, W. and P. Orszag (2004). 'Budget deficits, national saving, and interest rates', Brookings Papers on Economic Activity.
28. Galeotti, M. and F. Schiantarelli (1994). 'Stock market volatility and investment: Do only fundamentals matter?', Economica.
29. Gallant, R. and D. Jorgenson (1979). 'Statistical inference for a system of simultaneous non linear implicit equations in the context of instrumental variable estimation', Journal of Econometrics.
30. Giannone, D. and M. Lenza (2004). 'The Feldstein-Horioka fact', mimeo, Universite'Libre de Bruxelles.
31. Giavazzi, F., T. Jappelli and M. Pagano (2000). 'Searching for non-linear effects of fiscal policies: Evidence from industrial and developing countries', European Economic Review.
32. Im, K., H. Pesaran and Y. Shin (2003). 'Testing for unit roots in heterogeneous panels', Journal of Econometrics.
33. Klingen, Ch., B. Weder and J. Zettelmeyer (2004). 'How Private Creditors Fared in Emerging Debt Markets, 1970-2000', CEPR Discussion Paper No. 4374.
34. Kneller, R., M. Bleaney and N. Gemmell (1999). 'Fiscal policy and growth: Evidence from OECD countries', Journal of Public Economics.
35. Laubach, T. (2004). 'The effects of budget deficits on interest rates: A review of empirical results', Banca d'Italia, Sixth workshop on public finance, Perugia, 1-3 April.
36. Muehleisen, M. and C. Tower (2004). 'U.S. fiscal policies and priorities for long run sustainability', IMF, Occasional Paper No. 227.
37. Obstfeld, M. and K. Rogoff (2000). 'The six major puzzles in international macroeconomics: Is there a common cause?', NBER Working Paper No. 7777.
38. OECD (2004). 'Saving behaviour and the effectiveness of fiscal policy', OECD Economic Outlook.
39. Orr, A. and P. Conway (2002). 'The GIRM: A global interest rate model', Westpac Institutional Bank Occasional Paper, Wellington, New Zealand.
40. Pedroni, P. (1999). 'Critical values for cointegration tests in heterogeneous panels with multiple regressors', Oxford Bulletin of Economics and Statistics.
41. Sapir, A., P. Aghion, G. Bertola, M. Hellwig, J. Pisani-Ferry, D. Rosati, J. Viñals and H. Wallace (2004). An Agenda for a growing Europe, Oxford University Press, Oxford.
42. Tanzi, V. and M. Lutz (1993). 'Interest rates and government debt: Are the linkages global rather than national?', in H. Verbon and F. van Winden (eds.), The Political Economy of Debt, Elsevier Science, North Holland, 1993, 307-324.
43. Ventura, J. (2002). 'Toward a theory of the current account', NBER Working Paper No. 9163.