摘要: Abstract This paper presents an empirical investigation of the relation between government financing decisions and asset returns. In particular, focus is on whether a substitution debt for tax given level expenditures associated with increase in interest rates. The brings different perspective to investigations fiscal policies by examining response prices efficient capital market such rather than focusing aggregate consumption behavior. results are consistent idea that unrelated how finances its expenditures. results, however, also indicate not indifferent respect as higher rates increases purchases.
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