World public debt and real interest rates
研究了工业化国家实际利率上升的原因，发现自1970年代末以来经合组织整体政府债务的增加是主要因素，对关注债务与利率关系的学者有参考价值。
Real interest rates appear to have risen in virtually allindustrialized countries relative to levels that prevailed in the 1960s and 1970s.There is increasing concern that this may reflect higher public debt, which is crowding out private sector activity.Over the last two decades, there has also been increasing international capital market integration.This suggests that interest rates in any country may be sensitive to global fiscal developments.This paper estimates, .theeffects of aggregate fiscal developments in the industrialized world on real interest rates in nine industrial countries.The results imply that the increase in OECD-wide government debt since the late 1970s was a major factor explaining the rise in real interest rates.