Download or read book Fiscal Positions and Government Bond Yields in OECD Countries written by Joseph W. Gruber and published by DIANE Publishing. This book was released on 2011-04 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term gov't. bond yields in the Org. for Econ. Cooperation and Development (OECD). In order to control for the endogenity of fiscal positions to the business cycle. the authors utilize forward projections of fiscal positions from the OECD's Economic Outlook. In a panel regression over the period from 1988 to 2007, they find a robust and significant effect of fiscal performance on long-term bond yields. The marginal effect of the projected deterioration of fiscal positions associated with the recent financial crisis is to add about 60 basis points to U.S. bond yields by 2015, with effects on other G7 bond yields generally being smaller. Illus. This is a print on demand report.
Download or read book Document de Travail written by and published by . This book was released on 2004 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Discipline and the Cost of Public Debt Service written by Francesco Caselli and published by . This book was released on 1998 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OECD Sovereign Borrowing Outlook 2013 written by OECD and published by OECD Publishing. This book was released on 2013-03-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Sovereign Borrowing Outlook provides data and information on borrowing needs and funding policies for the OECD area and country groupings.
Download or read book Strategies for Countries with Favourable Fiscal Positions written by Christophe André and published by . This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effect of Real Time Fiscal Policy on Sovereign Interest Rates in OECD Countries written by Ernest Dautović and published by . This book was released on 2017 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this study is to investigate the effect of real-time projections of fiscal policy stances on government bonds long-term interest rates using a panel of 20 OECD countries between 1992 and 2008. To deal with endogeneity arising from forecasts of fiscal balances the paper exploits instrumental variables and GMM estimators together with the variation in real-time primary balances. The study shows how a static specification that does not include the one-period lag of the interest rate is prone to serial correlation and to downward bias in standard errors. To correct the bias, a dynamic specification with the lagged interest rates used as explanatory variable should be used due to the intrinsic persistent behavior of the interest rates. Results show that when the persistency of the interest rates is taken into account, it corrects the bias in standard errors of the estimates, and the correlation between fiscal policy variables and sovereign rates disappears: the inertia of the behavior of interest rates is the only variable affecting the relation.
Download or read book Fiscal Deficits Public Debt and Sovereign Bond Yields written by Mr.Manmohan S. Kumar and published by International Monetary Fund. This book was released on 2010-08-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book OECD Economic Outlook Volume 2019 Issue 2 written by OECD and published by OECD Publishing. This book was released on 2019-12-10 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances. Coverage is provided for all OECD member countries as well as for selected non-member countries.
Download or read book OECD Economic Outlook Volume 2019 Issue 1 written by OECD and published by OECD Publishing. This book was released on 2019-05-21 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue includes a general assessment, a special chapter on the effects of digitalisation on productivity and a chapter summarising developments and providing projections for each individual country.
Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
Download or read book OECD Economic Outlook Volume 2015 Issue 1 written by OECD and published by OECD Publishing. This book was released on 2015-06-19 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years.
Download or read book The Global Outlook for Government Debt Over the Next 25 Years written by Joseph E. Gagnon and published by Peterson Institute. This book was released on 2011-06-15 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study addresses a fundamentally new feature of the contemporary world economy: the simultaneous buildup of very large public deficits and debt positions in virtually all of the advanced high-income countries. The recent global financial crisis sharply accelerated this fiscal deterioration, but it was already well underway in some countries, including the United States, where demographic prospects had posed extremely worrisome trajectories for a number of years. The book has three basic objectives. First, it projects the global fiscal outlook to 2035. Second, it asks whether the combination of deficits and debt in a large number of countries at the same time produces an impact on the world economy that is qualitatively different from the more traditional emergence of such problems in one or a few countries in any given period. Third, it analyzes the effects of the fiscal prospects on key economic variables including global interest rates and growth rates. The analysis finds that the current public debt profiles in most advanced economies will grow to dangerous and unsustainable levels over the next couple of decades unless major changes are made in projected spending and revenue levels. The authors conclude that the United States and Japan, in particular, need to start planning now for significant future budget cuts to minimize the risk of a crisis. Acting soon enables the adjustment to be phased in over an extended period, which cushions the inevitable adjustment costs, while avoiding the potentially enormous pressures that could be levied by markets if correction is delayed too long.
Download or read book Government Financial Assets and Debt Sustainability written by Ms.Camila Henao Arbelaez and published by International Monetary Fund. This book was released on 2017-07-25 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.
Download or read book OECD Economic Surveys Euro Area 2010 written by OECD and published by OECD Publishing. This book was released on 2010-12-13 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2010 edition of OECD's periodic review of the Euro area economy. This edition includes chapters covering exiting from the crisis, resolving unsustainable imbalances, rebuilding public finances and fiscal discipline and minimising risks from imbalances in European banking.
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Download or read book OECD Economic Surveys Denmark 2013 written by OECD and published by OECD Publishing. This book was released on 2014-01-20 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2013 edition of the OECD Economic Survey of Denmark examines recent economic developments, policies and prospects. Special chapters cover promoting competition and innovation and skills.
Download or read book Pathways to Fiscal Reform in the United States written by John W. Diamond and published by MIT Press. This book was released on 2015-01-02 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts discuss fiscal reforms intended to address the U.S. debt problem, examining entitlements, federal budgetary processes, and individual and corporate income taxes. The United States and other advanced economies in the Eurozone and elsewhere face severe fiscal problems. The United States is on an unsustainable dynamic path; absent corrective fiscal policies, federal deficits and debts relative to gross domestic product will continue to increase dramatically. In this book, experts consider possible fiscal reforms aimed at addressing the debt problem, focusing on entitlement programs, budgetary issues and processes, and individual and corporate income tax reform. The contributors address such topics as the interaction of rising health care costs and the level of federal expenditures; alternative methods for evaluating the fiscal health and sustainability of Social Security; the effectiveness of budgetary constraints imposed on the states, including balanced budget amendments and debt ceilings; approaches to curtailing individual tax expenditures and methods for increasing the progressivity of the tax system; and the effects of traditional base-broadening, rate-reducing corporate income tax reforms. Contributors Henry J. Aaron, James Alm, Rosanne Altshuler, Daniel Baneman, Joe Barnes, Robert J. Carroll, Ruud A. de Mooij, John W. Diamond, Jagadeesh Gokhale, Jane G. Gravelle, Peter R. Hartley, Vivian Ho, John Kitchen, Edward D. Kleinbard, John Mutti, Thomas S. Neubig, Mark V. Pauly, Rudolph G. Penner, Andrew J. Rettenmaier, Shanna Rose, Joseph Rosenberg, Daniel Smith, Eric Toder, Alan D. Viard, Roberton Williams, George R. Zodrow
