Have a personal or library account? Click to login
Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries Cover

Does Debt Have Threshold Effects on Medium-Term Growth? Evidence from European Union Countries

By: Nejc Fir  
Open Access
|Jul 2022

References

  1. Acosta-Ormaechea, S. (2020). Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations. IMF Working Paper WP/20/261. Washington D. C.: IMF. DOI: https://doi.org/10.5089/9781513561585.001
  2. Aghion, P., & Kharroubi, E. (2013). Cyclical Macro Policy and Industry Growth: The Effect of Countercyclical Fiscal Policy. BIS Working paper No. 434. Basel: Bank for International Settlements.
  3. Alfonso, A., & Alves, J. (2014). The Role of Government Debt in Economic Growth. WP16/2014/DE/UECE. Lisbon: Lisboa School of Economics & Management, Department of Economics.
  4. Ali Abass, S. M., Belhocine, N., El-Ganainy, A., & Horton, M. (2011). Historical Patterns and Dynamics of Public Debt - Evidence from a New Database. IMF Economic Review, 59 (4), 717–742. DOI: https://doi.org/10.1057/imfer.2011.24
  5. Barro, R. J., & Sala-i-Martin, X. (2004). Economic Growth (Issue 2). Cambridge: The MIT Press.
  6. Blanchard, O. (2022). Deciding When Debt Becomes Unsafe. Finance & Development (March 2022, p. 8-9). Washington D. C.: IMF.
  7. Blanchard, O. J. (2021). Macroeconomics (Issue 8). Boston: Pearson Education.
  8. Boskin, M. J. (2020). Are Lare Deficits and Debt Dangerous? NBER Working Paper No. 26727. Cambridge: NBER. DOI: https://doi.org/10.3386/w26727
  9. Brue, S. L., & Grant, R. R. (2013). The Evolution of Economic Thought (Issue 8). Mason: South-Western.
  10. Caner, M., Grennes T., & Koehler-Geib, F. (2010). Finding the Tipping Point – When Sovereign Debt Turns Bad. The World Bank Policy Research Working Paper 5391. Washington D. C.: The World Bank. DOI: https://doi.org/10.2139/ssrn.1612407
  11. Cecchetti, S. G., Mohanty, M. S. & Zampolli F. (2011). The Real Effects of Debt. BIS Working Papers No. 352. Basel: BIS.
  12. Checherita-Westphal, C., & Rother, P. (2012). The Impact of High Government Debt on Economic Growth and Its Channels: An Empirical Investigation for the Euro Area. European Economic Review, 56 (7), p. 1392-1405. DOI: https://doi.org/10.1016/j.euroecorev.2012.06.007
  13. Chudik, A., Mohaddes, K., Hashem Pesaran, M., & Raissi, M. (2015). Is There a Debt-Threshold Effect on Output Growth? IMF Working Paper WP/15/197. Washington D. C.: IMF. DOI: https://doi.org/10.5089/9781513513355.001
  14. De Rugy, V., & Salmon J. (2020). Debt and Growth: A Decade of Studies. Retrieved from: https://www.mercatus.org/system/files/de_rugy_and_salmon_-_policy_brief_-_debt_and_growth_a_decade_of_studies_-_v1.pdf.
  15. Eberhardt, M., & Presbitero, A. F. (2015). Public Debt and Growth: Heterogeneity and Non-linearity. Journal of International Economics, 97(1), p. 45-58. DOI: https://doi.org/10.1016/j.jinteco.2015.04.005
  16. Eurostat (2021a). Main GDP Aggregates per Capita. Retrieved from https://ec.europa.eu/eurostat/databrowser/view/NAMA_10_PC/default/table.
  17. Eurostat (2021b). Population Change - Demographic Balance and Crude Rates at National Level. Retrieved from https://ec.europa.eu/eurostat/databrowser/view/DEMO_GIND/default/table.
  18. Eurostat (2021c). Private Sector Debt, Consolidated - % of GDP. Retrieved from https://ec.europa.eu/eurostat/web/products-datasets/-/tipspd20.
  19. Eurostat (2021d). Government Deficit/Surplus, Debt and Associated Data. Retrieved from https://ec.europa.eu/eurostat/databrowser/view/GOV_10DD_EDPT1/default/table?lang=en.
  20. Eviews (2021). Eviews Help. Retrieved from http://www.eviews.com/help/helpintro.html#page/content%2Fpool-Pooled_Estimation.html%23ww187927.
  21. Gaspar, V., Medas, P., & Perrelli, R. (2021). Global Debt Reaches a Record $226 Trillion. Retrieved from https://blogs.imf.org/2021/12/15/global-debt-reaches-a-record-226-trillion/.
  22. Gómez-Puig, M., & Sosvilla-Rivero, S. (2018). Nonfinancial Debt and Economic Growth in Euro-area Countries. Journal of International Financial Markets, Institutions and Money, 56 (1), 17-37. DOI: https://doi.org/10.1016/j.intfin.2018.03.005
  23. Gujarati, D. N. (2015). Econometrics by Example (2. iss.). London: Palgrave.10.1007/978-1-137-37502-5_1
  24. Hasanov, F., & Cheriff, R. (2012). Public Debt Dynamics: The Effects of Austerity, Inflation, and Growth Shocks. IMF Working Paper WP12/230. Washington D. C.: IMF. DOI: https://doi.org/10.5089/9781475510553.001
  25. Herndon, T., Ash, M., & Pollin R. (2013). Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38 (2), 257-279. DOI: https://doi.org/10.1093/cje/bet075
  26. IMF (2021a). Consumer Price Index (CPI). Retrieved from https://data.imf.org/?sk=4FFB52B2-3653-409A-B471-D47B46D904B5.
  27. IMF (2021b). Global Debt Database. Retrieved 1. 4. 2022 from IMF Global Debt Database: https://www.imf.org/external/datamapper/datasets/GDD.
  28. Lim, J. J. (2019). Growth in the Shadow of Debt. Journal of Banking and Finance, 103 (1), 98-112. DOI: https://doi.org/10.1016/j.jbankfin.2019.04.002
  29. Mencinger, J., Aristovnik, A., & Verbic, M. (2014). The Impact of Growing Public Debt on Economic Growth in the European Union. Amfiteatru Economic Journal, 16 (35), 403-414.
  30. Mika, A., & Žumer, T. (2017). Indebtedness in the EU: A Drag or a Catalyst for Growth? ECB Working Paper No.2118. Frankfurt: ECB. DOI: https://doi.org/10.2139/ssrn.3092217
  31. Panizza, U., & Presbitero, A. F. (2013). Public Debt and Economic Growth in Advanced Economies: A Survey. Swiss Journal of Economics and Statistics, 149 (2), 175-204. DOI: https://doi.org/10.1007/BF03399388
  32. Perkis, D. F. (2020). Making Sense of Private Debt. Retrieved from https://research.stlouisfed.org/publications/page1-econ/2020/03/02/making-sense-of-private-debt.
  33. Pescatori, A., Sandri, D., & Simon, J. (2014). Debt and Growth: Is There a Magic Threshold? IMF Working Paper WP/14/34. Washington D. C.: IMF. DOI: https://doi.org/10.5089/9781484306444.001
  34. Pfajfar, L. (2018). Osnovna ekonometrija (Issue 2). Ljubljana: School of Economics and Business Ljubljana.
  35. Randveer, M., Uusküla, L., & Kulu, L. (2011). The Impact of Private Debt on Economic Growth. Bank of Estonia Working Paper Series 10/2011. Talinn: Eesti Pank.
  36. Reinhart, C. M., & Rogoff, K. S. (2010). Growth in a Time of Debt. American Economic Review, 100 (2), 573-578. DOI: https://doi.org/10.1257/aer.100.2.573
  37. The World Bank (2021a). Gross Savings (% of GDP). Retrieved from https://data.worldbank.org/indicator/NY.GNS.ICTR.ZS.
  38. The World Bank (2021b). Trade (% of GDP). Retrieved from https://data.worldbank.org/indicator/NE.TRD.GNFS.ZS.
  39. The World Bank (2021c). Age Dependency Ratio (% of Working-age Population). Retrieved from https://data.worldbank.org/indicator/SP.POP.DPND.
  40. The World Bank (2021d). Secondary Education, Duration. Retrieved from https://data.worldbank.org/indicator/SE.SEC.DURS.
  41. United Nations Development Programme (2021). Mean Years of Schooling (years). Retrieved from http://hdr.undp.org/en/indicators/103006#.
DOI: https://doi.org/10.2478/ngoe-2022-0007 | Journal eISSN: 2385-8052 | Journal ISSN: 0547-3101
Language: English
Page range: 1 - 18
Submitted on: May 1, 2022
Accepted on: Jun 1, 2022
Published on: Jul 11, 2022
Published by: University of Maribor
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2022 Nejc Fir, published by University of Maribor
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.