Publications

34 publications found, searching for 'Tanweer Akram '

• Working Paper No. 906 May 11, 2018

  The Dynamics of Japanese Government Bonds’ Nominal Yields

  Tanweer Akram, and Huiqing Li
  Abstract

  This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC) models to estimate long-term government bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan’s (BoJ) accommodative monetary policy, […]

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• Working Paper No. 894 August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram, and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and estimating a wide range of Keynesian models of long-term interest rates. While previous studies have […]

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• Working Paper No. 889 May 08, 2017

  The Dynamics of Government Bond Yields in the Eurozone

  Tanweer Akram, and Anupam Das
  Abstract

  This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets to examine the major drivers of nominal yields of long-term government bonds in a set of 11 eurozone countries. Furthermore, autoregressive distributive lag (ARDL) methods […]

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• Working Paper No. 881 January 11, 2017

  The Long-run Determinants of Indian Government Bond Yields

  Tanweer Akram, and Anupam Das
  Abstract

  This paper investigates the long-term determinants of Indian government bonds’ (IGB) nominal yields. It examines whether John Maynard Keynes’s supposition that short-term interest rates are the key driver of long-term government bond yields holds over the long-run horizon, after controlling for various key economic factors such as inflationary pressure and measures of economic activity. It […]

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• Working Paper No. 863 March 31, 2016

  The Empirics of Long-Term US Interest Rates

  Tanweer Akram, and Huiqing Li
  Abstract

  US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates stayed low despite the elevated government indebtedness? What are the drivers of long-term interest rates in the United States? John Maynard Keynes holds that the […]

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• Working Paper No. 862 March 17, 2016

  Japan’s Liquidity Trap

  Tanweer Akram
  Abstract

  Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and performance of the country’s economy since the onset of stagnation. It also analyzes the country’s liquidity trap in terms of the different strands in the […]

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• Working Paper No. 852 October 30, 2015

  The Malady of Low Global Interest Rates

  Tanweer Akram
  Abstract

  Long-term interest rates in advanced economies have been low since the global financial crisis. However, in the United States the Federal Reserve could begin to hike its policy rate, the federal funds target rate, before the end of the year. In the United Kingdom, the Bank of England could follow suit. What is the outlook […]

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• Working Paper No. 834 March 03, 2015

  Does Keynesian Theory Explain Indian Government Bond Yields?

  Tanweer Akram, and Anupam Das
  Abstract

  John Maynard Keynes held that the central bank’s actions determine long-term interest rates through short-term interest rates and various monetary policy measures. His conjectures about the determinants of long-term interest rates were made in the context of advanced capitalist economies, and were based on his views on ontological uncertainty and the formation of investors’ expectations. […]

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• Working Paper No. 818 October 09, 2014

  Οι προσδιοριστικοί παράγοντες των χαμηλών ονομαστικών αποδόσεων στα μακροπρόθεσμα κρατικά ομόλογα της Ιαπωνίας

  Tanweer Akram, and Anupam Das
  Abstract

  Κατά τη διάρκεια των τελευταίων δύο δεκαετιών οικονομικής στασιμότητας και επίμονου αποπληθωρισμού στην Ιαπωνία, τα χρόνια δημοσιονομικά ελλείμματα έχουν οδηγήσει σε υψηλά και συνεχώς αυξανόμενα επίπεδα την αναλογία του δημόσιου χρέους προς το ονομαστικό ΑΕΠ. Παρ\’ όλα αυτά, οι ονομαστικές αποδόσεις των μακροπρόθεσμων κρατικών ομολόγων της Ιαπωνίας μειώθηκαν αρχικά και έκτοτε έχουν μείνει σε εξαιρετικά […]

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 818 PDF (3.76 MB)
• Working Paper No. 818 October 09, 2014

  The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram, and Anupam Das
  Abstract

  During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless, long-term Japanese government bonds’ (JGBs) nominal yields initially declined and have stayed remarkably low and stable since then. This is contrary to the received wisdom […]

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