文章基本信息

标题：Public debt and economic growth in advanced economies: A survey
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作者：Ugo Panizza ; Andrea F. Presbitero
期刊名称：Swiss Journal of Economics and Statistics
电子版ISSN：2235-6282
出版年度：2013
卷号：149
期号：2
页码：175-204
DOI：10.1007/BF03399388
语种：English
出版社：Springer
摘要：This paper surveys the recent literature on the links between public debt and economic growth in advanced economies. We find that theoretical models yield ambiguous results. Whether high levels of public debt have a negative effect on long-run growth is thus an empirical question. While many papers have found a negative correlation between debt and growth, our reading of the empirical literature is that there is no paper that can make a strong case for a causal relationship going from debt to economic growth. We also find that the presence of thresholds and, more in general, of a non-monotone relationship between debt and growth is not robust to small changes in data coverage and empirical techniques. We conclude with a discussion of the challenges involved in measuring and defining public debt and some suggestions for future research which, in our view, should emphasize cross-country heterogeneity.
关键词：Government Debt;Growth;OECD countries