메뉴 건너뛰기




Volumn 53, Issue 1, 2009, Pages 37-55

Financial markets' behavior around episodes of large changes in the fiscal stance

Author keywords

Fiscal expansions; Fiscal stabilizations; Interest rates; Stock market prices

Indexed keywords

DEBT; FINANCIAL MARKET; FISCAL POLICY; INTEREST RATE; OECD; PANEL DATA; POLICY IMPLEMENTATION; PRICE DYNAMICS; PUBLIC SPENDING; STOCK MARKET;

EID: 58549096890     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.euroecorev.2008.07.003     Document Type: Article
Times cited : (100)

References (49)
  • 1
    • 58549103780 scopus 로고    scopus 로고
    • Afonso, A., Strauch, R., 2004. Fiscal policy events and interest rate swaps spreads: Some evidence from EU, European Central Bank Working Paper 303.
    • Afonso, A., Strauch, R., 2004. Fiscal policy events and interest rate swaps spreads: Some evidence from EU, European Central Bank Working Paper 303.
  • 2
    • 0031797806 scopus 로고    scopus 로고
    • Alesina, A., Ardagna, S., 1998. Tales of fiscal adjustments. Economic Policy 489-545.
    • Alesina, A., Ardagna, S., 1998. Tales of fiscal adjustments. Economic Policy 489-545.
  • 3
    • 0006908741 scopus 로고
    • Fiscal expansions and adjustments in OECD countries
    • Alesina A., and Perotti R. Fiscal expansions and adjustments in OECD countries. Economic Policy 21 (1995) 207-247
    • (1995) Economic Policy , vol.21 , pp. 207-247
    • Alesina, A.1    Perotti, R.2
  • 4
    • 0003151164 scopus 로고    scopus 로고
    • Alesina, A., Perotti, R., 1997. Fiscal adjustments in OECD countries: Composition and macroeconomic effects. IMF Staff Papers, June, pp. 210-248.
    • Alesina, A., Perotti, R., 1997. Fiscal adjustments in OECD countries: Composition and macroeconomic effects. IMF Staff Papers, June, pp. 210-248.
  • 7
    • 3242667276 scopus 로고    scopus 로고
    • Fiscal stabilizations: When do they work and why
    • Ardagna S. Fiscal stabilizations: When do they work and why. European Economic Review 48 5 (2004) 1047-1074
    • (2004) European Economic Review , vol.48 , Issue.5 , pp. 1047-1074
    • Ardagna, S.1
  • 8
    • 58549106852 scopus 로고    scopus 로고
    • Ardagna, S., 2004b. Financial markets' behavior around episodes of large changes in the fiscal stance. European Central Bank working paper.
    • Ardagna, S., 2004b. Financial markets' behavior around episodes of large changes in the fiscal stance. European Central Bank working paper.
  • 9
    • 58549121216 scopus 로고    scopus 로고
    • Ardagna, S., Caselli, F., Lane, T., 2004. Fiscal discipline and the cost of public debt service: Some estimates for OECD countries.
    • Ardagna, S., Caselli, F., Lane, T., 2004. Fiscal discipline and the cost of public debt service: Some estimates for OECD countries.
  • 11
    • 38249034919 scopus 로고
    • Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918
    • Barro R. Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918. Journal of Monetary Economics 20 2 (1987) 221-247
    • (1987) Journal of Monetary Economics , vol.20 , Issue.2 , pp. 221-247
    • Barro, R.1
  • 13
    • 0345922297 scopus 로고
    • The effects of federal budget deficits on interest rates and the composition of domestic output
    • Penner R.G. (Ed), Urban Institute Press, Washington
    • Barth J., Iden G., Russek F., and Wohar M. The effects of federal budget deficits on interest rates and the composition of domestic output. In: Penner R.G. (Ed). The Great Fiscal Experiment (1991), Urban Institute Press, Washington
    • (1991) The Great Fiscal Experiment
    • Barth, J.1    Iden, G.2    Russek, F.3    Wohar, M.4
  • 14
    • 58549120040 scopus 로고    scopus 로고
    • Bernoth, K., Von Hagen, J., Schuknecht, L., 2004. Sovereign risk premia in the European Government bond market. European Central Bank Working Paper No. 369.
    • Bernoth, K., Von Hagen, J., Schuknecht, L., 2004. Sovereign risk premia in the European Government bond market. European Central Bank Working Paper No. 369.
  • 16
    • 58549089371 scopus 로고    scopus 로고
    • Blanchard, O., 1993. Suggestion for a new set of fiscal indicators. OECD Working paper.
    • Blanchard, O., 1993. Suggestion for a new set of fiscal indicators. OECD Working paper.
  • 18
    • 58549083003 scopus 로고    scopus 로고
    • Canzoneri, M., Cumby, R., Diba, B., 2002. Should the European Central Bank and the Federal Reserve be concerned about fiscal policy, in "Rethinking Stabilization Policy", A Symposium Sponsored by the Federal Reserve Bank of Kansas City, pp. 333-389.
    • Canzoneri, M., Cumby, R., Diba, B., 2002. Should the European Central Bank and the Federal Reserve be concerned about fiscal policy, in "Rethinking Stabilization Policy", A Symposium Sponsored by the Federal Reserve Bank of Kansas City, pp. 333-389.
  • 19
    • 0036272212 scopus 로고    scopus 로고
    • Long-term nominal interest rates and domestic fundamentals
    • Caporale G., and Williams G. Long-term nominal interest rates and domestic fundamentals. Review of Financial Economics 11 (2002) 119-130
    • (2002) Review of Financial Economics , vol.11 , pp. 119-130
    • Caporale, G.1    Williams, G.2
  • 20
    • 2942715122 scopus 로고    scopus 로고
    • Chari, A., Henry, P.B., 2004. Risk sharing and asset prices: Evidence from a natural experiment. Journal of Finance 59 (3), 1295-1314.
    • Chari, A., Henry, P.B., 2004. Risk sharing and asset prices: Evidence from a natural experiment. Journal of Finance 59 (3), 1295-1314.
  • 21
    • 0242369007 scopus 로고    scopus 로고
    • Codogno, L., Favero, C., Missale, A., 2003. Yield spreads on EMU Government bonds. Economic Policy 503-532.
    • Codogno, L., Favero, C., Missale, A., 2003. Yield spreads on EMU Government bonds. Economic Policy 503-532.
  • 23
    • 84981853724 scopus 로고
    • Do large deficits produce high interest rates
    • Evans P. Do large deficits produce high interest rates. American Economic Review 75 1 (1985) 68-87
    • (1985) American Economic Review , vol.75 , Issue.1 , pp. 68-87
    • Evans, P.1
  • 24
    • 0011831274 scopus 로고
    • Do budget deficits raise nominal interest rates? Evidence from six countries
    • Evans P. Do budget deficits raise nominal interest rates? Evidence from six countries. Journal of Monetary Economics 20 (1987) 281-300
    • (1987) Journal of Monetary Economics , vol.20 , pp. 281-300
    • Evans, P.1
  • 25
    • 58549116194 scopus 로고    scopus 로고
    • Feldstein, M., 1986. Budget Deficits, Tax Rules, and Real Interest Rates, National Bureau of Economic Research, Working Paper No. 1970.
    • Feldstein, M., 1986. Budget Deficits, Tax Rules, and Real Interest Rates, National Bureau of Economic Research, Working Paper No. 1970.
  • 26
    • 58549087030 scopus 로고    scopus 로고
    • Gale, W., Orszag, P., 2002. The economic effects of long-term fiscal discipline. Urban-Brookings Tax Policy Center Discussion Paper.
    • Gale, W., Orszag, P., 2002. The economic effects of long-term fiscal discipline. Urban-Brookings Tax Policy Center Discussion Paper.
  • 27
    • 0242306004 scopus 로고    scopus 로고
    • Gali, J., Perotti, R., 2003. Fiscal policy and monetary integration in Europe. Economic Policy, April 2003.
    • Gali, J., Perotti, R., 2003. Fiscal policy and monetary integration in Europe. Economic Policy, April 2003.
  • 29
    • 0033919753 scopus 로고    scopus 로고
    • Searching for non-linear effects of fiscal policy: Evidence from industrial and developing countries
    • Giavazzi F., Jappelli T., and Pagano M. Searching for non-linear effects of fiscal policy: Evidence from industrial and developing countries. European Economic Review 44 7 (2000) 1259-1289
    • (2000) European Economic Review , vol.44 , Issue.7 , pp. 1259-1289
    • Giavazzi, F.1    Jappelli, T.2    Pagano, M.3
  • 30
    • 0008919779 scopus 로고    scopus 로고
    • Stock market liberalization, economic reform, and emerging market equity prices
    • Henry P.B. Stock market liberalization, economic reform, and emerging market equity prices. Journal of Finance LV 2 (2000) 529-564
    • (2000) Journal of Finance , vol.LV , Issue.2 , pp. 529-564
    • Henry, P.B.1
  • 31
    • 0042671300 scopus 로고    scopus 로고
    • Is disinflation good for the stock market?
    • Henry P.B. Is disinflation good for the stock market?. Journal of Finance LVII 4 (2002) 1617-1648
    • (2002) Journal of Finance , vol.LVII , Issue.4 , pp. 1617-1648
    • Henry, P.B.1
  • 32
    • 0003374301 scopus 로고
    • New evidence on deficits and interest rates
    • Hoelscher G. New evidence on deficits and interest rates. Journal of Money Credit, and Banking 18 1 (1986) 1-17
    • (1986) Journal of Money Credit, and Banking , vol.18 , Issue.1 , pp. 1-17
    • Hoelscher, G.1
  • 33
    • 0033196381 scopus 로고    scopus 로고
    • Deficit announcements and interest rates: Evidence for Germany
    • Knot K., and de Haan J. Deficit announcements and interest rates: Evidence for Germany. Journal of Policy Modelling 21 5 (1999) 559-577
    • (1999) Journal of Policy Modelling , vol.21 , Issue.5 , pp. 559-577
    • Knot, K.1    de Haan, J.2
  • 34
    • 4444257497 scopus 로고    scopus 로고
    • International financial integration
    • Lane P., and Milesi-Ferretti G. International financial integration. IMF Staff Papers 50 (2003) 82-113
    • (2003) IMF Staff Papers , vol.50 , pp. 82-113
    • Lane, P.1    Milesi-Ferretti, G.2
  • 35
    • 58549112665 scopus 로고    scopus 로고
    • Laubach, T., 2003. New evidence on the interest rate effects of budget deficits and debt. The Federal Reserve Board, Finance and Economics Discussion Series, 2003-12.
    • Laubach, T., 2003. New evidence on the interest rate effects of budget deficits and debt. The Federal Reserve Board, Finance and Economics Discussion Series, 2003-12.
  • 36
    • 0003093394 scopus 로고    scopus 로고
    • Levine, R., Loayza, N., Thorsten, B., 2000. Financial intermediation and growth. Journal of Monetary Economics (46), 31-77.
    • Levine, R., Loayza, N., Thorsten, B., 2000. Financial intermediation and growth. Journal of Monetary Economics (46), 31-77.
  • 37
    • 33750678572 scopus 로고    scopus 로고
    • An empirical analysis of fiscal adjustments
    • McDermott J., and Wescott R. An empirical analysis of fiscal adjustments. IMF Staff Papers 43 4 (1996) 723-753
    • (1996) IMF Staff Papers , vol.43 , Issue.4 , pp. 723-753
    • McDermott, J.1    Wescott, R.2
  • 38
    • 85005185896 scopus 로고
    • The temporal casuality between fiscal deficits and interest rates
    • Miller S., and Russek F. The temporal casuality between fiscal deficits and interest rates. Contemporary Policy Issues ix (1991) 12-23
    • (1991) Contemporary Policy Issues , vol.ix , pp. 12-23
    • Miller, S.1    Russek, F.2
  • 39
    • 0030517784 scopus 로고    scopus 로고
    • Do federal deficits affect interest rates? Evidence from three econometric methods
    • Miller S., and Russek F. Do federal deficits affect interest rates? Evidence from three econometric methods. Journal of Macroeconomics 18 3 (1996) 403-428
    • (1996) Journal of Macroeconomics , vol.18 , Issue.3 , pp. 403-428
    • Miller, S.1    Russek, F.2
  • 40
    • 58549087625 scopus 로고    scopus 로고
    • Mountford, A., Uhlig, H., 2005. What are the effects of fiscal policy shocks, SFB 649 Discussion Paper 2005-039.
    • Mountford, A., Uhlig, H., 2005. What are the effects of fiscal policy shocks, SFB 649 Discussion Paper 2005-039.
  • 41
    • 58549099556 scopus 로고    scopus 로고
    • OECD Economic Outlook No. 73, June 2003.
    • OECD Economic Outlook No. 73, June 2003.
  • 42
    • 58549088583 scopus 로고    scopus 로고
    • Orr, A., Edey, M., Kennedy, M., 1995. The determinants of real long-term interest rates: 17 country pooled-time-series evidence, OECD Working Paper No. 155.
    • Orr, A., Edey, M., Kennedy, M., 1995. The determinants of real long-term interest rates: 17 country pooled-time-series evidence, OECD Working Paper No. 155.
  • 43
    • 58549119834 scopus 로고    scopus 로고
    • Paesani, P., Strauch, R., Kremer, M., 2006. Public debt and long-term interest rates: The case of Germany, Italy and the US, European Central Bank Working Paper No. 656.
    • Paesani, P., Strauch, R., Kremer, M., 2006. Public debt and long-term interest rates: The case of Germany, Italy and the US, European Central Bank Working Paper No. 656.
  • 44
    • 58549096787 scopus 로고    scopus 로고
    • Perotti, R., 2002. Estimating the effects of fiscal policy in OECD countries, ISOM conference, Frankfurt, June 2002.
    • Perotti, R., 2002. Estimating the effects of fiscal policy in OECD countries, ISOM conference, Frankfurt, June 2002.
  • 45
    • 38249035458 scopus 로고
    • Fiscal policy and the term structure
    • Plosser C. Fiscal policy and the term structure. Journal of Monetary Economics 20 (1987) 343-367
    • (1987) Journal of Monetary Economics , vol.20 , pp. 343-367
    • Plosser, C.1
  • 46
    • 0040191687 scopus 로고    scopus 로고
    • The economic consequence of disappearing government debt
    • Reinhart V., and Sack B. The economic consequence of disappearing government debt. Brookings Papers on Economic Activity 2 (2000) 163-209
    • (2000) Brookings Papers on Economic Activity , vol.2 , pp. 163-209
    • Reinhart, V.1    Sack, B.2
  • 47
    • 58549118804 scopus 로고    scopus 로고
    • Tavares, J., Valkanov, R., 2001. The neglected effect of fiscal policy on stock and bond returns, FEUNL Working Paper Series, no 413.
    • Tavares, J., Valkanov, R., 2001. The neglected effect of fiscal policy on stock and bond returns, FEUNL Working Paper Series, no 413.
  • 48
    • 0035732606 scopus 로고    scopus 로고
    • Fiscal consolidations: Quality, economic conditions, and success
    • Von Hagen J., and Strauch R. Fiscal consolidations: Quality, economic conditions, and success. Public Choice 109 3-4 (2001) 327-346
    • (2001) Public Choice , vol.109 , Issue.3-4 , pp. 327-346
    • Von Hagen, J.1    Strauch, R.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.