Is There a Debt-threshold Effect on Output Growth?:
This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the conte...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2015
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| Series: | IMF Working Papers: Working Paper No. 15 / 197
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| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors and illustrate, by means of Monte Carlo experiments, that they perform well in small samples. On the empirical side, using data on a sample of 40 countries (grouped into advanced and developing) over the 1965- 2010 period, we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account for the impact of global factors and their spillover effects. Regardless of the threshold, however, we find significant negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a country with a high level of debt can grow just as fast as its peers in the long run |
| Physical Description: | 1 Online-Ressource (59 p) |
| ISBN: | 1513513354 9781513513355 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
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| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 197 |
| spelling | Chudik, Alexander Verfasser aut Is There a Debt-threshold Effect on Output Growth? Chudik, Alexander Washington, D.C International Monetary Fund 2015 1 Online-Ressource (59 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 197 This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors and illustrate, by means of Monte Carlo experiments, that they perform well in small samples. On the empirical side, using data on a sample of 40 countries (grouped into advanced and developing) over the 1965- 2010 period, we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account for the impact of global factors and their spillover effects. Regardless of the threshold, however, we find significant negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a country with a high level of debt can grow just as fast as its peers in the long run Online-Ausg Mohaddes, Kamiar Sonstige oth Pesaran, M. Hashem Sonstige oth Raissi, Mehdi Sonstige oth http://www.elibrary.imf.org/view/IMF001/22813-9781513513355/22813-9781513513355/22813-9781513513355.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Chudik, Alexander Is There a Debt-threshold Effect on Output Growth? |
| title | Is There a Debt-threshold Effect on Output Growth? |
| title_auth | Is There a Debt-threshold Effect on Output Growth? |
| title_exact_search | Is There a Debt-threshold Effect on Output Growth? |
| title_exact_search_txtP | Is There a Debt-threshold Effect on Output Growth? |
| title_full | Is There a Debt-threshold Effect on Output Growth? Chudik, Alexander |
| title_fullStr | Is There a Debt-threshold Effect on Output Growth? Chudik, Alexander |
| title_full_unstemmed | Is There a Debt-threshold Effect on Output Growth? Chudik, Alexander |
| title_short | Is There a Debt-threshold Effect on Output Growth? |
| title_sort | is there a debt threshold effect on output growth |
| url | http://www.elibrary.imf.org/view/IMF001/22813-9781513513355/22813-9781513513355/22813-9781513513355.xml |
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