Fiscal Policy and Interest Rates in the European Union is 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. Klaas Knot takes a fresh approach to 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 early 1970s have
raised interest rates in the long term throughout the Union. In
conclusion he argues that balanced budget deficits are necessary to
maintain low interest rates. This important new book will be of
interest to students, academics and policymakers concerned with
monetary and public economics.
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