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Journal articles on the topic 'The debt/deficits effect on the interest rate'

Author: Grafiati

Published: 4 June 2021

Last updated: 6 February 2022

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1

Oppers, Stefan E. "The Interest Rate Effect of Dutch Money in Eighteenth-Century Britain." Journal of Economic History 53, no. 1 (1993): 25–43. http://dx.doi.org/10.1017/s0022050700012377.

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It is generally recognized that the Dutch played a major part in financing British government deficits from the 1720s to the late 1770s. This article argues that even though the Dutch continued to hold large amounts of British debt after 1780, they stopped supplying new capital to the British and started a modest repatriation of some of their previous investments. A comparative econometric study of 3 percent consol yields during the two deficit-inducing wars Britain fought between 1750 and 1795 shows that as a result British interest rates became much more sensitive to increases in government

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2

Laubach, Thomas. "New Evidence on the Interest Rate Effects of Budget Deficits and Debt." Finance and Economics Discussion Series 2003, no. 12 (2003): 1–20. http://dx.doi.org/10.17016/feds.2003.12.

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3

Laubach, Thomas. "New Evidence on the Interest Rate Effects of Budget Deficits and Debt." Journal of the European Economic Association 7, no. 4 (2009): 858–85. http://dx.doi.org/10.1162/jeea.2009.7.4.858.

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4

Allen, Stuart D. "The effect of federal deficits and debt on the tax-adjusted, short-term, real interest rate." Economics Letters 34, no. 2 (1990): 169–73. http://dx.doi.org/10.1016/0165-1765(90)90239-w.

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5

Oche, Mary Oyemowo, Gisele Mah, and Itumeleng Pleasure Mongale. "The effects of public debt on foreign direct investment in South Africa (1983-2013): An empirical analysis." Risk Governance and Control: Financial Markets and Institutions 6, no. 4 (2016): 448–56. http://dx.doi.org/10.22495/rgcv6i4siart2.

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The political move in South Africa occurred against a setting of high government deficits. Efforts have been made over the years by the government to reduce fiscal deficit and inflation, liberalize the capital account and the financial system as well as reduce tariffs. The main objective of this study, therefore, is to empirically investigate the effect of public debt on foreign direct investment in South African for the period 1983 – 2013. The study employs a Vector Error Correction Model, which provides both the long run and short run relationships among the variables. The long run results i

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Uchenna Okoye, Lawrence, Felicia O. Olokoyo, Felix N. Ezeji, Johnson I. Okoh, and Grace O. Evbuomwan. "Determinants of behavior of inflation rate in Nigeria." Investment Management and Financial Innovations 16, no. 2 (2019): 25–36. http://dx.doi.org/10.21511/imfi.16(2).2019.03.

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Inflation is an important macroeconomic issue that has continued to dominate discussions at major economic fora over time. Governments all over the world are concerned about its rising trend because of its pervasive effect on economic performance. One intriguing fact about inflation is that it is both the cause and effect of certain policy actions of government. Several studies have been conducted on the effect of inflation on economic activities in developing and developed nations, but studies on its cause, particularly in developing nations, are scant. This paper aims at identifying major fa

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Ademi, Hasan. "THE IMPORTANCE OF PUBLIC DEBT IN THE ECONOMY- THE CASE OF THE REPUBLIC OF MACEDONIA." KNOWLEDGE INTERNATIONAL JOURNAL 30, no. 1 (2019): 99–106. http://dx.doi.org/10.35120/kij300199a.

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The issue of public finance stability is one of the many issues for which many analyzes are made whether high budget deficits are causing them or not. Also, the sustainability of the state debt is presented as a global political and economic challenge. In the long run, public debt impacts on economic growth, lowering the tax rate, promoting macroeconomic income savings, and facilitating equality between layers in society. Public debt is different from private debt, which makes it even more important to analyze its effects. Public debt in general is a disturbing term. Public debt represents the

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Freitas, Fabio, and Rodrigo Christianes. "A baseline supermultiplier model for the analysis of fiscal policy and government debt." Review of Keynesian Economics 8, no. 3 (2020): 313–38. http://dx.doi.org/10.4337/roke.2020.03.02.

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The article presents a basic Sraffian supermultiplier model for the analysis of fiscal policy and government debt. First, we discuss the assumptions and the equilibrium and stability properties of the model. Next, we investigate the effects on the main endogenous variables of the model (including the primary government deficit and debt ratios) of changes in the rate of growth and composition of autonomous demand, in the tax rates on profits and wages, and in the rate of interest. The analysis of the impacts of changes in the interest rate is conducted according to two possible closures for the

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9

Senibi, Victoria, Emmanuel Oduntan, Obinna Uzoma, Esther Senibi, and Akinde Oluwaseun. "Public Debt and External Reserve: The Nigerian Experience (1981–2013)." Economics Research International 2016 (October 16, 2016): 1–7. http://dx.doi.org/10.1155/2016/1957017.

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Nigeria is confronted with the issue of limited capital and has to resort to foreign debt in order to augment domestic savings, balance of payment deficits, and shortfall in revenue which induce continuous raise in the debt stock at an alarming rate. In the light of this, this study assesses the impact of public debt on external reserve in Nigeria. The objectives of this study include the assessment of the trends and relationship between public debt and external reserve in Nigeria, using the Johansen cointegration and FMOLS technique on the secondary data from 1981 to 2013. The result revealed

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Folorunso, Benjamin Ayodele. "Relationship between Fiscal Deficit and Public Debt in Nigeria: an Error Correction Approach." Journal of Economics and Behavioral Studies 5, no. 6 (2013): 346–55. http://dx.doi.org/10.22610/jebs.v5i6.410.

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The paper examined the nexus between fiscal deficit and public debt in Nigeria. Public debt was disaggregated into domestic and external debt with a view to analyzing the causal relationship and relative effect of both categories of debt on fiscal deficit. Time series data were collected from Statistical Bulletins published by the Central Bank of Nigeria from 1970 to 2011. Except for inflation rate that was I(0), the unit root test results revealed stationarity of fiscal balance, public debt and its components, income, exchange rate and rate of interest series at their first difference; they a

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11

Kemal, Muhammad Ali. "Policy of Inflation Targeting in the Presence of Fiscal Deficit and External Debt: Opt or Not to Opt." Pakistan Development Review 50, no. 4II (2011): 841–52. http://dx.doi.org/10.30541/v50i4iipp.841-852.

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The main task of the macroeconomic policy-makers is to control unemployment and inflation at the minimum possible level. Different policies have been tried to control inflation at its minimum possible level and inflation targeting is the most popular among them. It is the commitment to maintain inflation at the announced level and use interest rate as an instrument to control it if it is expected to diverge from the announced level. However in a higher \dollar denominated debt. country Central Bank is reluctant to increase interest rate because it pressurises the foreign exchange market, whic

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Javid, Attiya Y., Muhammad Javid, and Umiama Arif. "Fiscal Policy and Current Account Dynamics in the Case of Pakistan." Pakistan Development Review 49, no. 4II (2010): 577–92. http://dx.doi.org/10.30541/v49i4iipp.577-592.

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The relationship between fiscal policy and the current account has long attracted interest among academic economists and policymakers after introduction of the standard intertemporal model of the current account by Sachs (1981) and its extension by Obstfeld and Rogoff, (1995) in open economy macroeconomics. There are two major strands of the current account literature Mundell-Fleming [Mundell (1968) and Fleming (1967)] and Ricardian equivalence [Barro (1974, 1989)] to explain such variations in the deficits. According to Mundell-Fleming model budget deficits cause current account deficits thro

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13

Nuraini, Airin, and Abdul Roup. "Kenaikan Utang Luar Negeri Dalam Sistem Ekonomi Makro Modern." Jurnal Ilmiah Manajemen Kesatuan 8, no. 3 (2020): 371–78. http://dx.doi.org/10.37641/jimkes.v8i3.409.

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The macroeconomic conditions in Indonesia and other third world countries have never been separated from economic problems, one of which is high foreign debt. This is indicated because of the vicious cycle that occurs in the modern macroeconomic system (Nuraini, 2020), namely if the monetary sector is larger than the real sector or an increase in the money supply occurs, inflation or economic bubbles will occur, the way to overcome this is with a contraction policy to reduce the amount. money supply, and later the economy will slow down, if the economy slows down, it will be overcome by expans

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Ajmi Jameel Al-Dhaimesh, Hel. "The effect of monetary and financial variables on share prices of Jordanian commercial banks." Banks and Bank Systems 15, no. 3 (2020): 147–59. http://dx.doi.org/10.21511/bbs.15(3).2020.13.

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This study aims to examine the effect of monetary and financial variables on share prices of Jordanian commercial banks for the period 2001–2018. The monetary variables used in the research include broad money supply, the interest rate on time deposits and inflation, while financial variables include both the deficit of the general budget and government expenditures, and the general government domestic debt. A multiple linear regression equation is designed using E-Views program to test this effect. The study shows that there is a significant positive effect of broad money supply, whereas a ne

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Kasasbeh, Hamad A., and Marwan Alzoub. "The impact of deficit financing on economic stability." Ekonomski pregled 70, no. 5 (2019): 706–22. http://dx.doi.org/10.32910/ep.70.5.2.

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This study examines the effect of deficit financing on economic stability in Jordan during the period 2005-2017, using quarterly data by employing the Vector Error Correction Model (VECM) after seasonally adjusting the variables. This paper is unique as it is the first of its kind that tackles the issue of stability in Jordan. It provides empirical evidence that external borrowing (EBDT) and domestic bank financing (BANK) negatively affect economic stability in Jordan. The bank effect is due to crowding out the private sector. External borrowing negative impact is driven by the current high le

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16

Van Rompuy, Vic. "Openbare financiën en politiek in 1986." Res Publica 29, no. 3 (1987): 403–18. http://dx.doi.org/10.21825/rp.v29i3.18941.

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A drastic change in economie and monetary policy, which started in 1982, has up to now resulted in a normalisation of the rate of inflation and the balance of payments. However, the growth rate of GNP is still low and unemployment high. Budget deficits, public debt and related interest payments are in proportion to GNP between the highest in the industrialised world. Economic events and political constraints hampered the efforts of the government to restore the situation. In 1986 a new plan was introduced and approved by Parliament, confirming an important cut in public expenditures. The exist

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Kholopov, A. "Macroeconomic Policy at a Crossroads." World Economy and International Relations 65, no. 7 (2021): 5–15. http://dx.doi.org/10.20542/0131-2227-2021-65-7-5-15.

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The article examines macroeconomic policy options for advanced economies to respond to adverse shocks in the environment of very low interest rates and very high levels of public debt, when the scope for using conventional policy tools is limited. The standard transmission mechanism of monetary policy in the ELB conditions stops working normally, and the economy faces the “liquidity trap” effect. The deployment by central banks of unconventional monetary tools (forward guidance, quantitative easing, and negative interest rates) after global financial crisis was helpful in combatting the downtu

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18

Fitzgerald, E. V. K. "Private Sector Investment and Savings Behaviour: The Policy Implications of Capital Account Disaggregation (The Distinguishedl Lecture)." Pakistan Development Review 31, no. 4I (1992): 491–510. http://dx.doi.org/10.30541/v31i4ipp.491-510.

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After a prolonged period of macroeconomic adjustment, lasting at least a decade in most LDCs, much has been learned (and in many cases re-learned) and a consensus reached about many key policy points, such as the virtues of budgetary balance, the need for a strong real exchange rate, and the requirement for microeconomic reforms if markets are to work properly. To a considerable extent, moreover, there has been success in closing current account deficits, reducing government expenditure and moderating rates of inflation. Much of this logic is reflected in the standard policy models employed by

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Javid, Attiya Y., Umaima Arif, and Abdul Sattar. "Testing the Fiscal Theory of Price Level in Case of Pakistan." Pakistan Development Review 47, no. 4II (2008): 763–78. http://dx.doi.org/10.30541/v47i4iipp.763-778.

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There are two competing views of the interaction between monetary and fiscal policy and their effects on price stability for policy-maker’s point of view. In the classical view, in Ricardian regimes it is the demand for liquidity and its evolution over time that determines prices. In such a regime fiscal policy is passive, which implies that government bonds are not net wealth [Barro (1974)], and monetary policy works through the interest rate or another instrument to determine prices. In the opposite view which is more recent, a non-Ricardian regime will prevail whenever fiscal policy becomes

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20

LAL, Deepak, and Sweder van Wijnbergen. "Government deficits, the real interest rate and LDC debt." European Economic Review 29, no. 2 (1985): 157–91. http://dx.doi.org/10.1016/0014-2921(85)90051-0.

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EHIGIAMUSOE, KIZITO UYI, HOOI HOOI LEAN, and JIN HOOI CHAN. "INFLUENCE OF MACROECONOMIC STABILITY ON FINANCIAL DEVELOPMENT IN DEVELOPING ECONOMIES: EVIDENCE FROM WEST AFRICAN REGION." Singapore Economic Review 65, no. 04 (2019): 837–56. http://dx.doi.org/10.1142/s0217590819500553.

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This paper examines the effects of macroeconomic stability on financial development in the West African region. Macroeconomic stability is measured based on five Maastricht Criteria’s variables namely inflation rate, real exchange rate, government debt, fiscal deficit and real interest rate. The study employs dynamic models on the panel data. We find that macroeconomic stability has significant effects on financial development in the region. Specifically, inflation rate, real exchange rate and fiscal deficit have negative effects, while the effects of government debt and real interest rate are

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22

Sulistyowati, Novita Denik, and Chandra Kartika. "EFFECT OF OVERSEAS DEBT AND INTEREST RATE RATE OF EXCHANGE RATE RATE (EXCHANGE RATE)." Develop 2, no. 2 (2018): 36. http://dx.doi.org/10.25139/dev.v2i2.1073.

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Perdagangan internasional melibatkan suatu negara dengan negara lain dan menjadikan negara-negara di dunia menjadi lebih terikat.Oleh karena itu, interaksi dengan dunia luar negeri merupakan hal yang tidak bisa dihindari oleh negara manapun, termasuk Indonesia.Memperlancar transaksi perdagangan internasional, penggunaan uang dalamperekonomian terbuka tersebut ditetapkan dengan menggunakan mata uang yang telah disepakati.Tujuan dari penelitian ini untuk mengetahui Utang Luar Negeri dan Tingkat SukuBunga berpengaruh terhadap Nilai Tukar Rupiah periode 2017-2018.Jenis data dalam penelitian ini ad

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23

Kibunja, Philip Njau, and Olanrewaju Isola Fatoki. "Effect of Interest Rates on Private Sector Debt in Kenya." Journal of Business Theory and Practice 8, no. 4 (2020): p21. http://dx.doi.org/10.22158/jbtp.v8n4p21.

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This study sought to examine the effect of interest rates on domestic private sector debt in Kenya over the 30 year period from 1990 to 2019. The dependent variable was private sector domestic debt, the independent variable was commercial bank weighted average lending rate while the control variables were annual GDP growth, extended broad money (M3) and annual USD-KES exchange rate. Using the Prais-Winstein estimator model, the regression model findings were commercial bank lending rate had an insignificant relationship with domestic debt at 95% confidence level but significant at 90% level wh

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Ishfaq, Muhammad, and M. A. Chaudhary. "Fiscal Deficits and Debt Dimensions of Pakistan." Pakistan Development Review 38, no. 4II (1999): 1067–80. http://dx.doi.org/10.30541/v38i4iipp.1067-1080.

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Pakistan continues to suffer from a syndrome of high fiscal deficits and severe incidence of debt. Its annual fiscal deficit has stayed constantly at over 6 percent of GDP especially since 1990 [Pakistan (1997-98)]. The prevalence of such a high fiscal deficit over the years in a row has propelled increased borrowing from both internal and external sources to cover the resource gap. With inadequate improvement in the repayment capacity of the country debt has continued to accumulate at a massive rate. Serving as the cause and effect of each other, the volumes of both the fiscal deficit and deb

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Wahyuningsih, Diah, and Uun Primangesti Ningsih. "The Effect of Foreign Debt on The Exchange Rate and Its Impact on Monetary Policy in Indonesia." Media Trend 14, no. 1 (2019): 128–35. http://dx.doi.org/10.21107/mediatrend.v14i1.5047.

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The objectives of this study are to analyze the effect of foreign debt on the exchange rate that seen from the foreign debt and the exchange rate, and add the variable of inflationary monetary policy and the interest rate of BI Rate to test its impact on monetary policy in Indonesia. The approach in this study is quantitative approach. Data that used are Time Series data from Asian Development Bank and Indonesian World Bank in 1986-2013. Variables that used are exchange rate, foreign debt, inflation and the interest rate of BI Rate. Method that used in this study is Vector Auto Regression (VAR

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Soebagiyo, Daryono. "ISU STRATEGI PEMBIAYAAN DEFISIT ANGGARAN DI INDONESIA." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 13, no. 2 (2012): 260. http://dx.doi.org/10.23917/jep.v13i2.173.

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The issue of budget deficit financing strategy has been broad enough to gain attention in macroeconomic policy. This study is focused on Analysis of Budget Deficit Financing in Indonesia. How is the deficit financing management implemented such as what are the best sources and its contribution to the Indonesian economy. The study explains that the model used to estimate the impact indicators is capable to manage budget deficit financing, in which the variable domestic financing and external debt encourages the economic growth. Another research goal is to identify the amount of deficit financin

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Rasyid, Brilian Amial, Dede Ruslan, and Murni Daulay. "The Influence of Domestic Economic Factors on Inflation in Indonesia." International Journal of Research and Review 8, no. 8 (2021): 577–86. http://dx.doi.org/10.52403/ijrr.20210877.

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Inflation is a monetary and structural phenomenon in the Indonesian economy. The objective of this research is to analyse the indirect effect of Debt, Net Export and Interest Rate on the Inflation through Exchange Rate : and to analyse the direct effects of Debt, Net export, Interest Rate, and exchange rate on the inflation in Indonesia. The research uses secondary data carried out from Bank Indonesia. Statistics Center Board, DJPPR ( Directorate General of Financing and Risk Management) of the ministry of finance and from the Ministry of Trade. Quarterly data of 1995 – 2020 are employed as th

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Holloway, Thomas M. "Measuring the Sensitivity of Net Interest Paid to the Business Cycle and to Inflation." Public Finance Quarterly 15, no. 3 (1987): 235–58. http://dx.doi.org/10.1177/109114218701500301.

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Net interest paid has been one of the most rapidly growing components of federal government expenditures since 1970. Unlike other components of the budget, public policy actions can have little effect on its rise—especially in the short run. For this reason, it is important to examine the forces “automatically” affecting net interest paid. This article examines the sources of change in net interest paid and provides an analytical framework to estimate the automatic effects of the business cycle and inflation. The framework incorporates the most important factors affecting net interest paid, in

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HAMEED, MUHAMMAD REEHAN, MAJID ALI, and HAFSAH BATOOL. "Is External Debt a Boon or a Curse? Empirical Evidence from South Asian Countries." International Review of Management and Business Research 9, no. 4 (2020): 223–32. http://dx.doi.org/10.30543/9-4(2020)-19.

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Over the years, the South Asian countries were facing the dilemma of twin’s deficits because they had failed to generate sufficient revenues to finance their budget. Consequently, they were continuously relying on both domestic and external debt to bridge these deficits which had put a severe implication on their economic growth. Their financial position continued to deteriorate and undermined all the efforts of the governments made to stimulate economic growth. The governments in these countries failed to generate enough revenues through internal sources. Therefore, the deficits were normally

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Timseena, Vishnu Prasad. "Effects of Domestic Debt on Interest Rates in Nepal." Interdisciplinary Journal of Management and Social Sciences 2, no. 1 (2021): 205–12. http://dx.doi.org/10.3126/ijmss.v2i1.36759.

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Domestic debt has greater implications on macroeconomic stability and growth. Domestic borrowing can lead to crowding out effect, which can lower the economic growth. In this regard, the study of interest rate effect of the domestic borrowing would be useful to the policymakers and other researchers as well. The time series techniques are used to analyze the relationship between the domestic borrowing and interest rate based on annual data for the period 1990-2020. The empirical study reveals that, despite a positive relationship between domestic borrowing and interest rate, the relationship i

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MELO, MARCELO, and WELIGTON GOMES. "Long Term Effects of Major Macroeconomic Variables on the Brazilian Stock Market: A nonlinear ARDL application." Archives of Business Research 9, no. 2 (2021): 289–99. http://dx.doi.org/10.14738/abr.92.9771.

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This research used NARDL methodology to investigate relevant macroeconomic variables influence on the Brazilian stock market index. We used monthly data from January/2000 to July/2020 and the six macroeconomic variables investigated are described as follows: net government's debt/GDP (DEBT), exports (EXPORT), consumer confidence (ICC), liquidity ratio (M4_PIB), interest rate (SELIC) besides the stock market index (IBOV). All monthly data were collected from IPEADATA. The main conclusions are that there is long run effect of IBOVESPA due to a decrease of government debt is clear and statistical

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Adiningsih, Sri. "The Impact of Government Debt Issuance on Short-Term interest rates in Indonesia." Gadjah Mada International Journal of Business 11, no. 3 (2009): 301. http://dx.doi.org/10.22146/gamaijb.5521.

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This paper analyzes whether the expansionary fiscal policy funded by issuing debt instruments in financial markets will increase short-term interest rates. If the expansionary fiscal policy increases interest rates, which decrease private spending especially investment, crowding out occurs. This is interesting because global economic crisis has encouraged many countries to run large budget deficits to stimulate the economy. Indonesia has also run budget deficit during this crisis and even in years before. The impact of such a policy can be significant because Indonesia’s debt market is still n

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Джрагацпанян, В. А., and Є. Г. Постикіна. "THE IMPACT OF STATE DEBT ON THE COUNTRY FINANCIAL SECURITY." Економічний вісник. Серія: фінанси, облік, оподаткування, no. 5 (July 4, 2020): 65–76. http://dx.doi.org/10.33244/2617-5932.5.2020.65-76.

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The article discusses the theoretical and practical aspects of ensuring the financial security of Ukraine, highlights the main macroeconomic indicators that determine the level of economic security. The public debt and its impact on economic security are analyzed. A practical model has been developed – the effect of GDP, inflation and budget deficits on public debt. Statistical factors are considered to give the main factors (GDP, inflation rate, budget deficit and public debt) that determine the current level of financial security and understanding of the level of their influence.

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Lindgren, Jussi. "Examination of Interest-Growth Differentials and the Risk of Sovereign Insolvency." Risks 9, no. 4 (2021): 75. http://dx.doi.org/10.3390/risks9040075.

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The objective of this research was to demonstrate the (nonlinear) risks of sovereign insolvency and explore the applicability of stochastic modeling in public debt management, given a structural economic model of stochastic government debt dynamics. A stochastic optimal control model was developed to model public debt dynamics based on the debt accounting identity, where the interest-growth differential obeys a continuous random process. This stochasticity represents both the interest rate risk of public debt and the variability of the growth rate of the nominal Gross Domestic Product combined

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Hendayana, Yayan, and Nopita Riyanti. "PENGARUH INFLASI, SUKU BUNGA, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN." Kinerja 2, no. 01 (2020): 36–48. http://dx.doi.org/10.34005/kinerja.v2i02.795.

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This study aims to determine the effect of inflation (Consumer Price Index), Interest Rate (BI Rate), Liquidity Ratio (Current Ratio) and Leverage Ratio (Debt to Equity Ratio) on Company Value (Price to Book Value). The seals used in this study were Plantation Sub-Sector Companies listed on the Indonesia Stock Exchange and published financial statements in 2012-2017 with 15 sample companies using the purposive sampling method. The independent variables of this study are Inflation as measured by the Consumer Price Index (CPI), Interest Rates as measured by the BI Rate, Liquidity Ratio as measur

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Sinha, Pankaj, and Shalini Agnihotri. "Does Brownian Risk Matter in Debt or Equity Issuance and Repurchase Decision in Indian Non-Financial Companies?" Journal of International Business and Economy 18, no. 1 (2017): 49–69. http://dx.doi.org/10.51240/jibe.2017.1.3.

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External commercial borrowings (ECBs) of Indian non-financial firms have grown by 107 % in past few years. Looking at the high reliance of firms on external debt, this paper investigates the effect of foreign exchange, interest rate and firm specific risk on the debt issuance and retirement decision. It also investigates the factors affecting equity issuance and retirement decision of the firms. Foreign exchange risk and interest rate risk is estimated using stochastic volatility and GARCH (1,1) methods. Firm specific risk is calculated using Black-Scholes Merton model for company valuation. T

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Hasan, Hamid. "Fisher Effect in Pakistan." Pakistan Development Review 38, no. 2 (1999): 153–66. http://dx.doi.org/10.30541/v38i2pp.153-166.

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This paper attempts to test the validity of the Fisher Hypothesis (FH) in Pakistan by investigating the long-run relationship between interest rate and inflation rate applying cointegration analysis. The FH has serious implications for debtors and creditors in an inflation prone economy since inflationary expectations influence nominal interest rate. Moreover, the effectiveness of monetary policy and efficiency in banking sector has direct bearing on the long-run relationship between nominal interest rate and expected inflation rate. Inflationary expectation has been modeled using adaptive and

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Cebula, Richard, and Usha Nair-Reichert. "Impact of federal income tax rates and government borrowing on nominal interest rate yields on tax-free municipal bonds." Journal of Financial Economic Policy 10, no. 3 (2018): 342–50. http://dx.doi.org/10.1108/jfep-10-2017-0104.

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Purpose This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals) in the US. The 58-year study period covers the years 1959 through 2016 and thus is very recent. Design/methodology/approach The study develops a loanable funds model that allows for various financial market factors. Once developed, the model is estimated by autoregressive two-stage least squares, with a Newey-West heteroskedasticity correction. Findings The nominal interest rate yield on municipals is a decreasing func

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Mohanty, Ranjan Kumar, and Sidheswar Panda. "How Does Public Debt Affect the Indian Macroeconomy? A Structural VAR Approach." Margin: The Journal of Applied Economic Research 14, no. 3 (2020): 253–84. http://dx.doi.org/10.1177/0973801020920092.

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The study investigates the macroeconomic effects of public debt in India during 1980–2017 using a structural vector autoregression framework. The objective is to examine the impact of public debt on the interest rate, investment, inflation and economic growth in India. The results of the impulse response functions show that public debt has an adverse impact on economic growth but a positive impact on the long-term interest rate in the short run and a mixed effect (both negative and positive) on investment and inflation. We also find that domestic debt has a more adverse impact on the economy t

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Saheed, Zakaree S., Ibrahim E. Sani, and Blessing O. Idakwoji. "Impact of Public External Debt on Exchange Rate in Nigeria." International Finance and Banking 2, no. 1 (2015): 15. http://dx.doi.org/10.5296/ifb.v2i1.7734.

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With continuous increase in public expenditures, and low capital formation in many developing countries, many governments have resorted into borrowing either or both within and outside the country. However, most borrowings come with interest attached, which results in debt servicing. Serving external debt may involve demand for foreign currency which tends to affect the exchange rate of the country. Hence, this study examines the impact of public external debt on exchange rate in Nigeria. Using the Ordinary Least Square, on the secondary data sourced from the CBN and DMO among other sources, f

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Uchenna Okoye, Lawrence, Alexander Ehimare Omankhanlen, Uchechukwu Emena Okorie, Johnson I. Okoh, and Ado Ahmed. "Persistence of fiscal deficits in Nigeria: examining the issues." Investment Management and Financial Innovations 16, no. 4 (2019): 98–109. http://dx.doi.org/10.21511/imfi.16(4).2019.09.

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Due to a huge financing gap in many developing nations, governments use budget deficit to facilitate growth and development. However, deficit financing deepens the economic woes of these economies, leaving them in a vicious cycle of deficits. In Nigeria, for instance, fiscal deficits cause country’s bad performance and ranking both in global growth and development indicators. Thus, the use of fiscal deficit to enhance economic performance has proved to be futile and also has left bad economic consequences. Based on the econometric method of Autoregressive Distributed Lag, this study examines h

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Osuka, B. O., and Achinihu Joy Chioma. "The Impact Of Budget Deficits On Macro-Economic Variables In The Nigerian Economy (1981 – 2012)." International Journal for Innovation Education and Research 2, no. 11 (2014): 164–83. http://dx.doi.org/10.31686/ijier.vol2.iss11.278.

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This study examined the impact of budget deficits on macro-economic variables in the Nigerian economy for theperiod 1981-2012. This study sought to find out if there is a long-run relationship between budget deficits and other macro-economic variables in Nigeria. The study used the Augmented Dickey-Fuller (ADF) methods for finding out the presence of unit root in all variables and found that they are stationary at first differencing; they are 1(1). We also used Johansen Cointegration test to check for the cointegration of the variables and found that the variables in the study are all cointegr

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Ejaz, Mehak, and Kalim Hyder. "Fan Chart Approach to Debt Sustainability in Pakistan." LAHORE JOURNAL OF ECONOMICS 24, no. 2 (2019): 1–23. http://dx.doi.org/10.35536/lje.2019.v24.i2.a1.

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Pakistan’s economy has experienced relatively high growth of above 4.5 percent during FY2014-18. Meanwhile external liabilities and domestic debt have increased by almost 50 percent over the same period. This substantial increase in the external and domestic debt is a major issue for policymakers concerned about debt sustainability in Pakistan. With the objective of analyzing debt sustainability in Pakistan, this study applies a probabilistic approach to project the debt path from FY2019 to FY2025. In this approach, projections of the primary balance are derived from the estimated fiscal react

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Hameed, Muhammad Reehan, Hafsa Batool, and Israr Hussain. "Dynamics of Domestic Debt and its Implications on Economic Growth: Evidence From SAARC Countries." Journal of Peace, Development & Communication Volume 4, Issue 3 (2020): 428–44. http://dx.doi.org/10.36968/jpdc-v04-i03-23.

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Due to the fragile tax base and mounting budget deficits South Asian countries are persistently relying on both domestic and external debt which severely affects the growth performance of these countries. The external resources are not easy to get and subject to many constraints while domestic resources are easily accessible. Therefore, the budget deficit is normally financed with domestic debt. This paper examines the short-run and long-run impact of domestic debt on the economic growth of SAARC countries i.e. Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. For the sake o

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Hameed, Muhammad Reehan, Hafsa Batool, and Israr Hussain. "Dynamics of Domestic Debt and its Implications on Economic Growth: Evidence From SAARC Countries." Journal of Peace, Development & Communication Volume 4, Issue 3 (2020): 428–44. http://dx.doi.org/10.36968/jpdc-v04-i03-23.

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Due to the fragile tax base and mounting budget deficits South Asian countries are persistently relying on both domestic and external debt which severely affects the growth performance of these countries. The external resources are not easy to get and subject to many constraints while domestic resources are easily accessible. Therefore, the budget deficit is normally financed with domestic debt. This paper examines the short-run and long-run impact of domestic debt on the economic growth of SAARC countries i.e. Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. For the sake o

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Nurhasanah, Ade Irma, and Soeharjoto Soekapdjo. "DETERMINASI VOLATILITAS KURS RUPIAH TERHADAP DOLAR AMERIKA." JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS 7, no. 1 (2019): 1–8. http://dx.doi.org/10.30871/jaemb.v7i1.1145.

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Purpose of this study is to know about Rupiah exchange rate to US Dollar determination with quarterly time series data, from 2010-2017. Using Error Connection Model (ECM) with regression method, and dependent variable is Rupiah exchange rate to US Dollar, and independent variable is foreign debt, current account balance, and Sertifikat Bank Indonesia (SBI) interest rate. Result shown that at short term, foreign debt and current account were not significant, but SBI interest rate have a positive and significant effect from Rupiah to US Dollar. For long term, all of independent variable have pos

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Bampasidou, Maria, Ashok K. Mishra, and Charles B. Moss. "Modeling debt choice in agriculture: the effect of endogenous asset values." Agricultural Finance Review 77, no. 1 (2017): 95–110. http://dx.doi.org/10.1108/afr-06-2016-0054.

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Purpose The purpose of this paper is to investigate the endogeneity of asset values and how it relates to farm financial stress in US agriculture. The authors conceptualize an implied measure of farm financial stress as a function of debt position. The authors posit that there are variations in the asset values that are beyond the farmer’s control and therefore have implications on farm debt. Design/methodology/approach The framework recognizes the endogeneity of return on assets (ROA). It uses a non-parametric technique to approximate the variance of expected ROA (VEROA). The authors model th

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Forson, Richmond, Camara Kwesi Obeng, and William Gabriel Brafu-Insaidoo. "Determinants of Capital Flight In Ghana." Journal of Business and Enterprise Development 7, no. 2017 (2017): 104–26. http://dx.doi.org/10.47963/jobed.2017.06.

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The study investigated the short-run and long-run determinants of capital flight in Ghana using the auto-regressive distributed lag (ARDL) estimation technique. The long-run and short-run results show that real GDP growth rate, higher domestic real interest rate over foreign interest rate, financial development, good governance and strong property rights reduce capital flight, while external debt to GDP leads to increase in capital flight in Ghana. However, lagged external debt to GDP and lagged financial development had negative and positive effect respectively in the short-run. The study rec

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Kraipornsak, Paitoon. "Determinants of Thai Baht Exchange Rate and Asian Currencies Exchange Rate." Research in World Economy 11, no. 5 (2020): 1. http://dx.doi.org/10.5430/rwe.v11n5p1.

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The study hypothesises that the exchange rate is a random walk series. Besides, the study incorporates main macroeconomic factors as a structural exchange rate determination. The Vector Error Correction Model (VECM) is applied in the model estimation for Thai baht. Moreover, the panel data model of the Asian exchange rate is estimated and analysed. The exchange rate of Thai baht is found to be a random walk process. The long-run equilibrium of the estimated cointegrating relation indicates all coefficients of the determining factors are statistically significant. An increase in the real intere

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DA FONSECA, MANUEL A. R. "Brazil's Real Plan." Journal of Latin American Studies 30, no. 3 (1998): 619–39. http://dx.doi.org/10.1017/s0022216x98005185.

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One of the main conclusions of this commentary is that the Real plan – the stabilisation programme introduced in Brazil in July 1994 which was quite successful in bringing inflation down from the extremely high levels that prevailed before that period – did not attack the main cause of the country's inflation, that is, the large financial imbalance in the public sector. Instead, inflation was reduced in an indirect way, by freezing government-controlled prices and wages. In mid-1998, the programme still relies on extremely high interest rates and a tight control of the exchange rate. The main

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