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Sources of Borrowing and Fiscal Multipliers

Author: Romanos Priftis; Srecko Zimic
Publisher: Ottawa, ON, CA : Bank of Canada, 2018.
Series: Staff Working Paper/Document de travail du personnel, 2018-32.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
'This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents). A  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Romanos Priftis; Srecko Zimic
OCLC Number: 1046601239
Language Note: Includes abstracts in English and French.
Description: 1 online resource (36 pages).
Series Title: Staff Working Paper/Document de travail du personnel, 2018-32.
Responsibility: Romanos Priftis.
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Abstract:

'This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents). A theoretical model (with flexible or sticky prices) shows that the location of the government creditor produces these differential responses to the extent that private investment is crowded out in each case. Increasing international capital mobility of the resident private sector decreases the difference between the two types of financing, both in the model and in the data'--Abstract, p. ii.

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