Government Budget Deficits and Interest Rates: An Empirical Analysis for Pakistan (International ECONOMICS AND Industrialization) (Report) - Pakistan Development Review

Government Budget Deficits and Interest Rates: An Empirical Analysis for Pakistan (International ECONOMICS AND Industrialization) (Report)

By Pakistan Development Review

  • Release Date: 1989-12-22
  • Genre: Economics
Government Budget Deficits and Interest Rates: An Empirical Analysis for Pakistan (International ECONOMICS AND Industrialization) (Report) book review score

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Government Budget Deficits and Interest Rates: An Empirical Analysis for Pakistan (International ECONOMICS AND Industrialization) (Report) Pakistan Development Review Book Review Score: ★★★★★ 5/5 stars

I. INTRODUCTION In recent years many developed and developing countries have experienced large budget deficits, generally believed to be the result of the over-expansionary fiscal actions of the policy-makers. The prevailing orthodoxy argues that larger budget deficits cause interest rates to rise and thus leads to crowding-out of private investment expenditure. The empirical evidence on this point, however, has been inconclusive. Studies by Cebula (1988); Deleuw and Holloway (1985); Hoelscher (1986) and Khan (1988) have found evidence linking deficits to higher interest rates. On the other hand, Dewald 0983); Dwyer (1982); Evans (1985, 1987); Hoelscher (1983); Makin (1983); Mascaro and Meltzer (1983); McMillin 0986); Motley (1983) and Plosser (1982) have concluded that deficits do not have significant impact upon interest rates.

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