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dc.contributor.authorFrankel, Jeffreyen_US
dc.contributor.authorChinn, Menzie D.en_US
dc.date.accessioned2009-01-28T15:05:03Z-
dc.date.available2009-01-28T15:05:03Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/17934-
dc.description.abstractWe find that real interest rates paid on government debt depend significantly upon current and expected future levels of debt, in Europe as in the US. But this result only emerges when we condition on foreign interest rates, illustrating financial international integration. The previously strong effect of debt on US interest rates has been diluted by the addition of 2004-2006 data to the sample, perhaps reflecting the effect of massive purchases of US securities by foreign central banks. Another finding is that the asymmetry in the effect of US interest rates on European interest rates has not disappeared with the coming of European Economic and Monetary Union in 1999, as one might have thought.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kiel-
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2007-11en_US
dc.subject.jelE43en_US
dc.subject.jelF41en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordinterest ratesen_US
dc.subject.keywordinflationen_US
dc.subject.keyworddebten_US
dc.subject.keywordfinancial integrationen_US
dc.titleDebt and Interest Rates: The U.S. and the Euro Areaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn558071775en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:5525-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers

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