Net treasury borrowing and interest-rate changes |
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Authors: | William Gissy |
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Institution: | (1) Shirley & Philip Solomons Eminent Scholar, Armstrong Atlantic State University, Savannah, GA 31419, USA |
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Abstract: | As noted by Arora and Dua (1993, 1995), studies investigating the relationship between budget deficits and short-term interest rates have generated inconsistent results. This study performs Granger causality tests on four short-term interest rates using changes instead of level measures. In lieu of deficit, the level of net treasury borrowing will serve as thex variable. |
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