Does sovereign debt weaken economic growth? A panel VAR analysis |
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| Authors: | Matthijs Lof Tuomas Malinen |
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| Institution: | University of Helsinki, Helsinki Center of Economic Research, Arkadiankatu 7, FI-00014 Helsinki, Finland |
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| Abstract: | We estimate panel vector autoregressions to analyze the highly disputed relationship between sovereign debt and economic growth. Using data on 20 developed countries, we find no evidence for a robust effect of debt on growth, even for higher levels of debt. We do find a significant negative reverse effect of growth on debt, which explains the negative correlation. |
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| Keywords: | H63 O43 C33 |
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