This study empirically analyzes the effect of debt origin on investment efficiency. According to previous studies that … report that the quality of financial reporting may vary depending on the origin of the debt, the empirical analysis predicted … that the effects of the origin of the debt on investment efficiency would be differential. Debt origin was divided into …

In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

This paper examines how Japan’s long-term interest rates and Japanese banks’ interest rate risk exposures may evolve … investor base of government securities. A further deterioration of fiscal conditions would push up long-term rates by about 2 …