Public Debt and Growth:
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/174 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock |
| Beschreibung: | 1 Online-Ressource (47 p) |
| ISBN: | 1455201855 9781455201853 |
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| 520 | 3 | |a This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:27Z |
| indexdate | 2024-07-10T09:35:36Z |
| institution | BVB |
| isbn | 1455201855 9781455201853 |
| language | English |
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| series2 | IMF Working Papers |
| spelling | Woo, Jaejoon Verfasser aut Public Debt and Growth Woo, Jaejoon Washington, D.C International Monetary Fund 2010 1 Online-Ressource (47 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/174 This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock Online-Ausg Kumar, Manmohan S. Sonstige oth http://elibrary.imf.org/view/IMF001/11168-9781455201853/11168-9781455201853/11168-9781455201853.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Woo, Jaejoon Public Debt and Growth |
| title | Public Debt and Growth |
| title_auth | Public Debt and Growth |
| title_exact_search | Public Debt and Growth |
| title_exact_search_txtP | Public Debt and Growth |
| title_full | Public Debt and Growth Woo, Jaejoon |
| title_fullStr | Public Debt and Growth Woo, Jaejoon |
| title_full_unstemmed | Public Debt and Growth Woo, Jaejoon |
| title_short | Public Debt and Growth |
| title_sort | public debt and growth |
| url | http://elibrary.imf.org/view/IMF001/11168-9781455201853/11168-9781455201853/11168-9781455201853.xml |
| work_keys_str_mv | AT woojaejoon publicdebtandgrowth AT kumarmanmohans publicdebtandgrowth |