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Impact of US structural budget deficits on thrift institution interest rates, 1964-1995

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  • Richard Cebula

Abstract

This study examines, for the period 1964-95, the impact of structural federal budget deficits in the US on interest rates at savings and loan institutions (S&Ls). Interest rates at S&Ls have largely been neglected in the deficit/interest rate literature. Moreover, the deficit/interest rate literature for the US has largely ignored the second half of the 1980s and the 1990s. Accordingly, this study (1) empirically investigates the impact of structural budget deficits on the cost of deposits to S&Ls and the mortgage interest rate charged by S&Ls and (2) provides current/updated information through 1995 on this important issue of the interest-rate impact of budget deficits. The empirical estimates find the S&L cost of deposits and mortgage rate to be increasing functions of the structural deficit.

Suggested Citation

  • Richard Cebula, 1998. "Impact of US structural budget deficits on thrift institution interest rates, 1964-1995," Applied Economics Letters, Taylor & Francis Journals, vol. 5(8), pages 481-484.
    • Handle: RePEc:taf:apeclt:v:5:y:1998:i:8:p:481-484
    DOI: 10.1080/135048598354393
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