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Growth and productivity : the role of government debt
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Autores
Orientador(es)
Resumo(s)
We use a panel of 155 countries to assess the links between growth, productivity and
government debt. Via growth equations we assess simultaneity, endogeneity, cross-section dependence, nonlinearities, and threshold effects. We find a negative effect of the debt ratio.
For the OECD, the higher the debt maturity the higher economic growth; financial crisis are detrimental for growth; fiscal consolidation promotes growth; and higher debt ratios are beneficial to TFP growth. The growth impact of a 10% increase in the debt ratio is -0.2% (0.1%) respectively for countries with debt ratios above (below) 90% (30%), and an endogenous debt ratio threshold of 59% can be derived.
Descrição
Palavras-chave
Government Debt Crises Panel Analysis
Contexto Educativo
Citação
Afonso, António, João Tovar Jalles. 2011. "Growth and productivity : the role of government debt". Instituto Superior de Economia e Gestão - DE Working papers nº 13-2011/DE/UECE.
Editora
ISEG - Departamento de Economia