On the heterogeneous link between public debt and economic growth
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Show full item recordcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/7037
comunitat-uji-handle3:10234/8635
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Title
On the heterogeneous link between public debt and economic growthDate
2022-02-12Publisher
ElsevierISSN
1042-4431Bibliographic citation
Gómez-Puig, M., Sosvilla-Rivero, S., & Martínez-Zarzoso, I. (2022). On the heterogeneous link between public debt and economic growth. Journal of International Financial Markets, Institutions and Money, 77, 101528.Type
info:eu-repo/semantics/articleVersion
info:eu-repo/semantics/publishedVersionSubject
Abstract
We use panel data for 115 countries over the period 1995–2016 to model the heterogeneity of the debt-growth nexus along with the underlying factors that might explain it. The grouped fixed effect (GFE) estimator is ... [+]
We use panel data for 115 countries over the period 1995–2016 to model the heterogeneity of the debt-growth nexus along with the underlying factors that might explain it. The grouped fixed effect (GFE) estimator is used to endogenously classify countries into groups and a multinomial logit model is employed to explore the drivers of the detected heterogeneity. The GFE estimator classifies countries into five groups for which debt has different impacts on growth. According to our results, the likelihood of a strong impact is moderated by the quality of the institutions and the proportion of productive expenditure but intensified by the level of indebtedness and the maturity of the debt. [-]
Is part of
Journal of International Financial Markets, Institutions & Money 77 (2022) 101528Funder Name
Instituto de Estudios Fiscales | Ministerio de Economía, Industria y Competitividad | Generalitat Valenciana | Universitat Jaume I
Project code
IEF 014/2021 | PID2019-105986-GB-C21 | PID2020-114646RB-C42 | Prometeo 2018- 108 | UJI-B2020-57
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info:eu-repo/semantics/openAccess
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- MAT_Articles [765]