Fiscal Policy and Interest Rates in the European Union

Fiscal Policy and Interest Rates in the European Union

Hardback

By (author) Klaas H.W. Knot

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  • Publisher: Edward Elgar Publishing Ltd
  • Format: Hardback | 224 pages
  • Dimensions: 156mm x 234mm x 25mm | 387g
  • Publication date: 1 January 1997
  • Publication City/Country: Cheltenham
  • ISBN 10: 1858984297
  • ISBN 13: 9781858984292
  • Illustrations note: tables, bibliography, author index, subject index

Product description

This volume aims to provide a comprehensive study concerned with the potential effects of fiscal policy on financial markets in the European Union. It takes into account the gradual liberalization of capital movements throughout Western Europe and the institutional framework of the European Monetary System. The author looks at the impact of budget deficits on interest rates, especially in relation to international financial integration and concludes that the increases in European budget deficits since the 1970s have raised interest rates in the long term throughout the Union. He argues that balanced budget deficits are necessary to maintain low interest rates.

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Table of contents

Part I: Introduction and outline. Part II Fiscal policy: theory, determinants and measurement. Part III European capital markets: deficit and interest rates. Part IV: deficit announcements and interest rates in Germany. Part V: Interest rate differentials and exchange rate policies in the European Monetary System. Part VI: Fundamental derterminants of interest rate differentials in the EMS. Part VII: Summary and conclusion.