SOURCES OF BORROWING AND FISCAL MULTIPLIERS
成果类型：
Article
署名作者：
Priftis, Romanos; Zimic, Srecko
署名单位：
Bank of Canada; European Central Bank
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaa051
发表日期：
2021
页码：
498-519
关键词：
摘要：
This paper finds that debt-financed fiscal multipliers vary depending on the location of the debt buyer. In a sample of 33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared to when they arc financed by issuing debt to home investors (residents). In a theoretical model, the location of the government creditor produces these differential responses through the extent that private investment is crowded out. 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.