Empirical analysis on budget deficit, government debt, and long-term interest rates.
| Project/Area Number |
22730269
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
KAMEDA Keigo 関西学院大学, 総合政策学部, 准教授 (80286608)
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| Project Period (FY) |
2010-04-01 – 2013-03-31
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| Project Status |
Completed (Fiscal Year 2013)
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| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | 財政赤字 / 公的債務 / 長期金利 / ソブリンリスク / 財政政策の有効性 / 非ケインズ効果 / Threshold VAR / イベントスタディー / Published Forecast / イベントスタディ / VARMA |
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| Research Abstract |
In this project, we re-analyze the effect of budget deficits and government debt on real long-term interest rates in Japan. As the results, we found (1)the JGB yields responded positively to six of eighteen economic countermeasures after the bubble burst and four of the six cases reflected the sovereign risks,(2)1% increase in budget deficits/GDP raise the rates by 26-34 bps. In addition, a supplementary study in this project showed that tight banks' attitude toward lending and bad financial condition of the government weakened the demand-enhancing effects of fiscal expansion.
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Report
(4 results)
Research Products
(20 results)
