欧洲货币联盟财政溢出效应对利率的传导

IF 0.4 4区经济学 Q4 ECONOMICS

Ekonomicky Casopis Pub Date : 2020-10-16 DOI:10.31577/ekoncas.2020.09.04

Lena Malešević Perović

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引用次数: 0

摘要

本文研究了2002 - 2015年欧洲货币联盟财政失衡与长期利率之间的关系，并评估了财政溢出效应的各种传导渠道。我们的研究结果支持双边贸易、信息和地理传播渠道的重要性，溢出效应占总体效应的50%以上。我们的研究结果表明，如果所有国家的公共债务占GDP的比例增加1个百分点，一个特定国家的长期利率将平均增加2.56 - 5.98个基点，其中1.9 - 3.61个基点可归因于间接影响。

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Transmission of Fiscal Spillovers on Interest Rates in EMU

In this paper we investigate the relationship between fiscal imbalances and long-term interest rates and assess various transmission channels of fiscal spillovers in EMU during 2002 – 2015. Our results support the importance of bilateral trade, informational and geographical channel of transmission, with spillovers accounting for more than 50 percent of the overall effect. Our findings suggest that if the share of public debt in GDP in all countries increases by 1 percentage point, the long-term interest rates of a given country will, on average, increase by 2.56 – 5.98 basis points, 1.9 – 3.61 basis points of which can be attributed to indirect effects.

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来源期刊

Ekonomicky Casopis ECONOMICS-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： Journal of Economics, Institute of Economic Research of Slovak Academy of Sciences, Šancová 56, 811 03 Bratislava 1, Slovak Republic The Journal is monitored by Social Sciences Citation Index, Current Contents/Social and Behavioural Sciences and by electronic EconLit Index.