On the heterogeneous link between public debt and economic growth

被引：23
|
作者：
Gomez-Puig, Marta [1 ,2 ]
Sosvilla-Rivero, Simon [3 ]
Martinez-Zarzoso, Inmaculada [4 ,5 ]
机构：
[1] Univ Barcelona, Dept Econ, Av Diagonal 696, Barcelona 08034, Spain
[2] Univ Barcelona, Riskctr, Av Diagonal 696, Barcelona 08034, Spain
[3] Univ Complutense Madrid, Complutense Inst Econ Anal ICAE, Madrid 28223, Spain
[4] Univ Gottingen, Fac Econ Sci, Gottingen, Germany
[5] Univ Jaume 1, Dept Econ, Castellon de La Plana, Spain
来源：
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2022年 / 77卷
关键词：
Public debt; Economic growth; Heterogeneity; Grouped fixed effects; Panel data; Multinomial logit regression; EXPENDITURE; INEQUALITY; DEFICITS; POLICY; CREDIT; CRISES; TRADE; BANKS; TIME;
D O I：
10.1016/j.intfin.2022.101528
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
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页数：21
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