Public debt and financial development
AbstractWe investigated the relation between public debt and financial development by controlling the macro and institutional factors in which the debt was issued in countries grouped by income levels for the period of 1994 to 2007. Our findings confirms that the development of a domestic debt market and reliance on domestic debt positively correlates with the level of financial development and macroeconomic stability, while it could have a complex interaction with the institutional framework. The results are robust across specifications and estimation strategies. The issue we address has not only a theoretical but also a policy relevance.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2011-13.
Date of creation: 16 May 2011
Date of revision:
Financial Development; Public Debt; Domestic Debt;
Find related papers by JEL classification:
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (DEMM Working Papers).
If references are entirely missing, you can add them using this form.