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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 the economic growth; financial crisis is 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 and João Tovar Jalles. "Growth and productivity: The role of government debt".(2013). International Review of Economics & Finance Vol. 25: pp. 384-407.
Editora
Elsevier