Perspectives On Low Global Interest Rates
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Author |
: Luis Catão |
Publisher |
: International Monetary Fund |
Total Pages |
: 36 |
Release |
: 2006 |
ISBN-10 |
: UCSD:31822034373571 |
ISBN-13 |
: |
Rating |
: 4/5 (71 Downloads) |
Synopsis Perspectives on Low Global Interest Rates by : Luis Catão
This paper looks at the dramatic decline in global real interest rates in recent years from a historical perspective and examines the various factors that may account for this trend. We show that current levels of real interest rates on long-term bonds in advanced economies are not low by historical standards and that it is the real long bond rates of the early 1980s through much of the 1990s that look anomalous. We also find that current global long-term interest rates are roughly in line with what one would predict given current price-earnings (P/E) ratios and under reasonable assumptions about the equity risk premia and the expected rate of growth of earnings in advanced countries. Finally, we provide econometric evidence that global long-term interest rates are significantly affected by commodity prices, expected productivity growth, and fiscal consolidation in advanced countries.
Author |
: Luis Catão |
Publisher |
: |
Total Pages |
: |
Release |
: 2006 |
ISBN-10 |
: OCLC:842642327 |
ISBN-13 |
: |
Rating |
: 4/5 (27 Downloads) |
Synopsis IMF Working Papers by : Luis Catão
Author |
: International Monetary Fund. Research Dept. |
Publisher |
: INTERNATIONAL MONETARY FUND |
Total Pages |
: 203 |
Release |
: 2020-10-13 |
ISBN-10 |
: 1513556053 |
ISBN-13 |
: 9781513556055 |
Rating |
: 4/5 (53 Downloads) |
Synopsis World Economic Outlook, October 2020 by : International Monetary Fund. Research Dept.
The global economy is climbing out from the depths to which it had plummeted during the Great Lockdown in April. But with the COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations. While recovery in China has been faster than expected, the global economy’s long ascent back to pre-pandemic levels of activity remains prone to setbacks.
Author |
: M. Ayhan Kose |
Publisher |
: World Bank Publications |
Total Pages |
: 403 |
Release |
: 2021-03-03 |
ISBN-10 |
: 9781464815454 |
ISBN-13 |
: 1464815453 |
Rating |
: 4/5 (54 Downloads) |
Synopsis Global Waves of Debt by : M. Ayhan Kose
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author |
: Andreas Jobst |
Publisher |
: International Monetary Fund |
Total Pages |
: 48 |
Release |
: 2016-08-10 |
ISBN-10 |
: 9781475524475 |
ISBN-13 |
: 1475524471 |
Rating |
: 4/5 (75 Downloads) |
Synopsis Negative Interest Rate Policy (NIRP) by : Andreas Jobst
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Author |
: Jane Dokko |
Publisher |
: |
Total Pages |
: 76 |
Release |
: 2009 |
ISBN-10 |
: UCR:31210024654293 |
ISBN-13 |
: |
Rating |
: 4/5 (93 Downloads) |
Synopsis Monetary Policy and the Housing Bubble by : Jane Dokko
Author |
: Charles Goodhart |
Publisher |
: Springer Nature |
Total Pages |
: 260 |
Release |
: 2020-08-08 |
ISBN-10 |
: 9783030426576 |
ISBN-13 |
: 3030426572 |
Rating |
: 4/5 (76 Downloads) |
Synopsis The Great Demographic Reversal by : Charles Goodhart
This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
Author |
: Ari Aisen |
Publisher |
: International Monetary Fund |
Total Pages |
: 26 |
Release |
: 2008-02 |
ISBN-10 |
: UCSD:31822036082949 |
ISBN-13 |
: |
Rating |
: 4/5 (49 Downloads) |
Synopsis Budget Deficits and Interest Rates by : Ari Aisen
We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain some of the heterogeneity in the literature; and apply system GMM. There is overall a highly significant positive effect of budget deficits on interest rates, but the effect depends on interaction terms and is only significant under one of several conditions: deficits are high, mostly domestically financed, or interact with high domestic debt; financial openness is low; interest rates are liberalized; or financial depth is low.
Author |
: World Bank |
Publisher |
: World Bank Publications |
Total Pages |
: 339 |
Release |
: 2021-08-03 |
ISBN-10 |
: 9781464816666 |
ISBN-13 |
: 1464816662 |
Rating |
: 4/5 (66 Downloads) |
Synopsis Global Economic Prospects, June 2021 by : World Bank
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
Author |
: International Monetary Fund. Research Dept. |
Publisher |
: International Monetary Fund |
Total Pages |
: 208 |
Release |
: 2019-10-15 |
ISBN-10 |
: 9781513516172 |
ISBN-13 |
: 1513516175 |
Rating |
: 4/5 (72 Downloads) |
Synopsis World Economic Outlook, October 2019 by : International Monetary Fund. Research Dept.
Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.