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Fiscal Positions And Government Bond Yields In Oecd Countries
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Book Synopsis Fiscal Positions and Government Bond Yields in OECD Countries by : Joseph W. Gruber
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:
Book Synopsis The Tax Treatment of Government Bonds by : Mr.John Norregaard
Download or read book The Tax Treatment of Government Bonds written by Mr.John Norregaard and published by International Monetary Fund. This book was released on 1997-03-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: In their effort to finance fiscal deficits at a reasonable cost, governments compete with other users of financial capital. Governments, however, are in the unique position that they are the only debt suppliers that can determine the taxation of debt instruments they issue. Following an overview of the current tax treatment of government bonds in OECD countries, this paper argues that—on purely economic grounds—there are no reasons for exempting interest on government bonds. Administrative difficulties in capturing interest on many other debt instruments in the tax net may, however, provide a rationale for doing so.
Book Synopsis Fiscal Discipline and the Cost of Public Debt Service by : Francesco Caselli
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:
Book Synopsis OECD Sovereign Borrowing Outlook 2013 by : OECD
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.
Book Synopsis Fiscal Adjustments in OECD Countries by : Mr.Alberto Alesina
Download or read book Fiscal Adjustments in OECD Countries written by Mr.Alberto Alesina and published by International Monetary Fund. This book was released on 1996-07-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how the composition of fiscal adjustments influences their likelihood of “success”, defined as a long lasting deficit reduction, and their macroeconomic consequences. We find that fiscal adjustments which rely primarily on spending cuts on transfers and the government wage bill have a better chance of being successful and are expansionary. On the contrary fiscal adjustments which rely primarily on tax increases and cuts in public investment tend not to last and are contractionary. We discuss alterative explanations for these findings by studying both a full sample of OECD countries and by focusing on three case studies: Denmark, Ireland and Italy.
Book Synopsis OECD Sovereign Borrowing Outlook 2013 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2013 written by OECD and published by OECD Publishing. This book was released on 2013-02-27 with total page 150 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.
Book Synopsis Strategies for Countries with Favourable Fiscal Positions by : Christophe André
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:
Book Synopsis OECD Sovereign Borrowing Outlook 2018 by : OECD
Download or read book OECD Sovereign Borrowing Outlook 2018 written by OECD and published by OECD Publishing. This book was released on 2018-05-28 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers.
Book Synopsis The Effect of Real-Time Fiscal Policy on Sovereign Interest Rates in OECD Countries by : Ernest Dautović
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.
Book Synopsis OECD Economic Outlook, Volume 2019 Issue 1 by : OECD
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.
Book Synopsis An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries by : Mr.Alun H. Thomas
Download or read book An Exploration of the Private Sector Response to Changes in Government Saving Across OECD Countries written by Mr.Alun H. Thomas and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-05-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several recent papers have examined the response of national saving to changes in fiscal policy. This paper uses knowledge about the intergenerational fiscal position of a country to determine whether this information helps to explain cross country differences in the nature of the response. Using OECD data the paper finds that in countries in intergenerational fiscal balance, the private sector completely offsets fiscal policy changes whereas in other countries the private sector offset is only partial. Moreover, in countries with large intergenerational fiscal imbalances, strong fiscal consolidation packages reduce the impact of changes in fiscal policy on national saving.
Book Synopsis Public Sector Deficits in OECD Countries by : Henry Cavanna
Download or read book Public Sector Deficits in OECD Countries written by Henry Cavanna and published by . This book was released on 1988 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: These papers state the causes and consequences of the deficits in OECD countries, and point out remedies. After an overview of the situation in OECD countries, each contributor writes about his own country: the USA, the UK, Germany, Italy and France.
Book Synopsis Fiscal Deficits, Public Debt, and Sovereign Bond Yields by : Mr.Manmohan S. Kumar
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.
Book Synopsis OECD Economic Outlook, Volume 2019 Issue 2 by : OECD
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.
Book Synopsis China's Local Government Bond Market by : W. Raphael Lam
Download or read book China's Local Government Bond Market written by W. Raphael Lam and published by International Monetary Fund. This book was released on 2018-10-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments—low liquidity, weak credit discipline, structural fiscal deficit in local governments—have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances.
Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD
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.
