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Net treasury borrowing and interest-rate changes

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  • William Gissy

Abstract

As noted by Arora and Dua (1993, 1995), studies investigating the relationship between budget deficits and short-term interest rates have generated inconsistent results. This study performs Granger causality tests on four short-term interest rates using changes instead of level measures. In lieu of deficit, the level of net treasury borrowing will serve as thex variable. Copyright Springer 1999

Suggested Citation

  • William Gissy, 1999. "Net treasury borrowing and interest-rate changes," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 23(1), pages 23-29, March.
    • Handle: RePEc:spr:jecfin:v:23:y:1999:i:1:p:23-29
    DOI: 10.1007/BF02752683
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    References listed on IDEAS

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    1. Hafer, R W & Kutan, A M, 1997. "More Evidence on the Money-Output Relationship," Economic Inquiry, Western Economic Association International, vol. 35(1), pages 48-58, January.
    2. John Y. Campbell & Pierre Perron, 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know about Unit Roots," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 141-220, National Bureau of Economic Research, Inc.
    3. Cebula, Richard, 1987. "Federal Government Budget Deficits and Interest Rates: A Brief Note," MPRA Paper 49829, University Library of Munich, Germany.
    4. McMillin, W. Douglas, 1986. "Federal deficits and short-term interest rates," Journal of Macroeconomics, Elsevier, vol. 8(4), pages 403-422.
    5. HARJIT K. Arora & PAMI Dua, 1993. "Budget Deficits, Domestic Investment, And Trade Deficits," Contemporary Economic Policy, Western Economic Association International, vol. 11(1), pages 29-44, January.
    6. David C. Rose & David R. Hakes, 1995. "Deficits and Interest Rates as Evidence of Ricardian Equivalence," Eastern Economic Journal, Eastern Economic Association, vol. 21(1), pages 57-66, Winter.
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    Cited by:

    1. Cebula, Richard J. & Foley, Maggie, 2019. "An Empirical Analysis for the U.S. of the Effects of Government Budget Deficits on the Ex Ante Real Interest Rate Yields on Thirty-Year and Twenty-Year Treasury Bonds," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 72(2), pages 231-252.
    2. Cebula, Richard J., 2018. "An Empirical Note on Income Tax Evasion Behavior and the Real Interest Rate Yield on Municipal Bonds," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(2), January.

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