淡江大學機構典藏:Item 987654321/119515
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    題名: Whether the Multiple Bubbles Exist in the Bond Markets of Developed Countries?
    作者: Chiu, Chien-Liang;Yeh, Chun-Chieh
    關鍵詞: Multiple bubbles;GSADF test;developed countries;government bond markets
    日期: 2019-09-30
    上傳時間: 2020-11-11 12:10:32 (UTC+8)
    出版者: Tamkang University
    摘要: The study uses SADF and GSADF tests to examine whether the multiple bubbles exist in
    the bond markets of developed countries. The results demonstrate that there is an evidence
    of multiple bubbles in the government bond markets of United States, Germany, and Japan.
    The main causes of the bubbles are huge fiscal deficit caused by the massive government debt-
    raising in order to adopt expansionary fiscal policies, over-tightening of monetary policy and
    significant volatility in the global markets resulted from two oil shocks. In recent years,
    major developed countries have adopted expansionary fiscal policies like tax-cutting and
    infrastructure expenditures to improve economic fundamentals by huge debt-raising. This
    study reminds government officials need to guard against the impacts of excessive uses of
    expansionary fiscal policies on the bond markets and international investors must pay greater
    attention to the impacts of fiscal deficits for the management of investment portfolios.
    關聯: International Journal of Information and Management Sciences2019 30(3), p.271-282
    顯示於類別:[財務金融學系暨研究所] 期刊論文

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