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Fiscal Policy, Public Debt and the Term Structure of Interest Rates

  • Book
  • © 1999

Overview

Authors:
  1. Roland Demmel

    1. Institute of Public Finance, University of Saarland, Saarbrücken, Germany

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 476)

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Table of contents (7 chapters)

  1. Front Matter

    Pages I-X
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  2. Introduction

    • Roland Demmel
    Pages 1-29

  3. The basic deterministic macroeconomic model

    • Roland Demmel
    Pages 31-71

  4. The basic stochastic macroeconomic model and the short-term interest rate dynamics

    • Roland Demmel
    Pages 73-129

  5. Term structure of interest rates and fiscal policy

    • Roland Demmel
    Pages 131-168

  6. Economic growth and fiscal policy

    • Roland Demmel
    Pages 169-203

  7. Public debt dynamics

    • Roland Demmel
    Pages 205-228

  8. Summary, conclusions and outlook on future research

    • Roland Demmel
    Pages 229-241

  9. Back Matter

    Pages 265-282
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Keywords

About this book

The introduction of the thesis consists of four parts: first, we motivate our chosen macroeconomic setting by looking at some real world phenomena. For a better understanding of these phenomena, we argue that the mutual dynamic interactions between flScal policy and financial markets need to be closely examined in a macroeconomic framework. Second, we review different strands of the economic literature in order to show that most of the literature has so far exclusively concentrated either on fmancial market dynamics or on flScal policy issues. We conclude that a more integrated model setting is called for in order to explain the dynamic interactions observed in reality. Third, we discuss at length the economic assumptions underlying our model. This avoids multiple repetition later on. Finally, we outline the structure of the thesis and the objectives we pursue in the different chapters. 1. 1 Motivation Fiscal policy and financial market reactions are increasingly receiving world­ wide attention. The most recent examples are the Maastricht criteria about flScal control, the South-East Asia financial crisis and the resulting IMF policy stance, the high level of public debt in developed and developing countries and the effect on interest rates and economic growth. In contrast to the still underdeveloped theoretical literature on these dynamic links, finding empirical evidence that supports the existence of these links is not a very hard task.

Authors and Affiliations

  • Institute of Public Finance, University of Saarland, Saarbrücken, Germany

    Roland Demmel

Bibliographic Information

  • Book Title: Fiscal Policy, Public Debt and the Term Structure of Interest Rates

  • Authors: Roland Demmel

  • Series Title: Lecture Notes in Economics and Mathematical Systems

  • DOI: https://doi.org/10.1007/978-3-642-58595-1

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1999

  • Softcover ISBN: 978-3-540-66243-3Published: 17 September 1999

  • eBook ISBN: 978-3-642-58595-1Published: 06 December 2012

  • Series ISSN: 0075-8442

  • Series E-ISSN: 2196-9957

  • Edition Number: 1

  • Number of Pages: X, 282

  • Topics: Public Economics, Finance, general

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