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'Global' Saving and Interest Rate Behaviour: Why Don't International Capital Markets Clear?

Abstract:

This paper examines the empirical evidence on saving trends in the global economy and the emergence of a single real long-term interest rate, from a Keynesian point of view. The essentially Ricardian position of bodies such as the IMF implies a 'savings shortage' which is theoretically implausible, and non-clearing market may be better explained by Keynesian concepts of liquidity applied to asset preference. The empirical evidence seems to indicate that global capital markets do not act so as...

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E FitzGerald More by this author
Journal:
Ekonomska Misao i Praksa
Volume:
5
Publication date:
1996
URN:
uuid:99fc742a-f85f-4353-ac8c-e57c7230b292
Local pid:
oai:economics.ouls.ox.ac.uk:10649
Language:
English

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