New empirical evidence on the impact of public debt on economic growth in EMU countries

• Simon Sosvilla-Rivero ^[1] ; Marta Gómez-Puig ^[2]
  1. [1] Universidad Complutense de Madrid

     Universidad Complutense de Madrid

     Madrid, España

     
  2. [2] Universitat de Barcelona

     Universitat de Barcelona

     Barcelona, España

     
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 51, 2019, págs. 101-120
• Idioma: inglés
• DOI: 10.33776/rem.v0i51.3905
• Títulos paralelos:
  • Nueva evidencia empírica sobre el impacto de la deuda pública sobre el crecimiento económico en los países de la UEM
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• Dialnet Métricas: 1 Cita
• Resumen
  • español

    Se presentan nuevas evidencias empíricas sobre el impacto de la deuda pública en el crecimiento económico. Para ese fin, empleamos el método de prueba de límites de Retrasos Distribuidos Autorregresivamente (ARDL, por sus siglas en inglés) utilizando datos anuales de los países centrales y periféricos de la Unión Económica y Monetaria Europea (UEM) para el período 1961- 2015. En particular, permitimos diferentes regímenes endógenos (basados en datos) en el parámetro que relaciona la variable de deuda pública con la tasa de crecimiento real. Nuestros resultados sugieren que el impacto de la deuda pública en el crecimiento económico no solo cambia entre los países de la UEM, sino también con el tiempo.

  • English

    New empirical evidence is presented on the impact of public debt on economic growth. To that end, we employ the Autoregressive Distributed Lag (ARDL) bounds testing approach using annual data from both central and peripheral countries of the European Economic and Monetary Union (EMU) for the 1961-2015 period. In particular, we allow for different endogenously (data-based) regimes in the parameter relating the public debt variable to the real growth rate. Our results suggest that the impact of public debt on economic growth not only changes across EMU countries, but also over time.

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