Sources of Borrowing and Fiscal Multipliers
研究发现，债务融资的财政乘数取决于债务购买者的位置。在33个国家的样本中，政府向外国投资者发行债务融资时，财政乘数大于向国内投资者融资的情况。理论模型表明，私人投资被挤出的程度是造成这种差异的原因。
Abstract 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 are 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.