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Int. J. Financial Stud. 2015, 3(3), 342-350; doi:10.3390/ijfs3030342

Determinants of the Government Bond Yield in Spain: A Loanable Funds Model

College of Business, Southeastern Louisiana University, Hammond, LA 70402, USA
Academic Editors: Marida Bertocchi and Rita L. D’Ecclesia
Received: 13 April 2015 / Revised: 14 July 2015 / Accepted: 22 July 2015 / Published: 30 July 2015
View Full-Text   |   Download PDF [184 KB, uploaded 31 July 2015]

Abstract

This paper applies demand and supply analysis to examine the government bond yield in Spain. The sample ranges from 1999.Q1 to 2014.Q2. The EGARCH model is employed in empirical work. The Spanish government bond yield is positively associated with the government debt/GDP ratio, the short-term Treasury bill rate, the expected inflation rate, the U.S. 10 year government bond yield and a dummy variable representing the debt crisis and negatively affected by the GDP growth rate and the expected nominal effective exchange rate. View Full-Text
Keywords: government debt; long-term interest rate; expected inflation; world interest rate; exchange rate; loanable funds model government debt; long-term interest rate; expected inflation; world interest rate; exchange rate; loanable funds model
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Hsing, Y. Determinants of the Government Bond Yield in Spain: A Loanable Funds Model. Int. J. Financial Stud. 2015, 3, 342-350.

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Int. J. Financial Stud. EISSN 2227-7072 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
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