The DOI matches its Crossref record; 44 of the 44 references it cites were found in a registry or an index.
Public Debt and Growth
Open accessAbstract
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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Cites
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Another look at the instrumental variable estimation of error-components models
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Cited by
Checherita-Westphal, C., & Rother, P. (2012) · European Economic Review · doi:10.1016/j.euroecorev.2012.06.007 · Cited by 732
Public debt and economic growth: Is there a causal effect?
Panizza, U., & Presbitero, A. F. (2014) · Journal of Macroeconomics · doi:10.1016/j.jmacro.2014.03.009 · Cited by 630
Public debt and growth: Heterogeneity and non-linearity
Eberhardt, M., & Presbitero, A. F. (2015) · Journal of International Economics · doi:10.1016/j.jinteco.2015.04.005 · Cited by 622
Capital market and economic growth nexus: Evidence from Turkey
Coşkun, Y., Seven, Ü., Ertuğrul, H. M., & Ulussever, T. (2017) · Central Bank Review · doi:10.1016/j.cbrev.2017.02.003 · Cited by 83
Metadata
- Authors
- Woo, J., Kumar, M. S., JWoo@imf.org, & MKumar@imf.org
- Venue
- IMF Working Papers
- Publisher
- International Monetary Fund (IMF)
- Published
- 2010
- Volume
- 10
- Issue
- 174
- Pages
- 1
- ISSN
- 1018-5941 (ISSN-L)
- OpenAlex
- W2955878450
- Cited by
- 485
- References
- 44
- FWCI
- 115.07
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Woo, J., Kumar, M. S., JWoo@imf.org, & MKumar@imf.org. (2010). Public Debt and Growth. IMF Working Papers. https://doi.org/10.5089/9781455201853.001
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
