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Government debt in the euro area—Evidence from dynamic factor analysis

  • Pan, Huiran
  • Wang, Chun

This paper shows that an unobserved common factor drives the co-movement of government debt in the euro area. The old-age dependency ratio explains the factor after controlling for the Maastricht Treaty, the adoption of the euro, and the ongoing crisis.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176511006070
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 115 (2012)
Issue (Month): 2 ()
Pages: 272-275

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Handle: RePEc:eee:ecolet:v:115:y:2012:i:2:p:272-275
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Mario J. Crucini & M. Ayhan Kose & Christopher Otrok, 2008. "What Are the Driving Forces of International Business Cycles?," Vanderbilt University Department of Economics Working Papers 0815, Vanderbilt University Department of Economics.
  2. Checherita-Westphal, Cristina & Rother, Philipp, 2010. "The impact of high and growing government debt on economic growth: an empirical investigation for the euro area," Working Paper Series 1237, European Central Bank.
  3. Albanese, Giuseppe & Modica, Salvatore, 2010. "Co-movement of public spending in the G7," Economics Letters, Elsevier, vol. 109(2), pages 121-123, November.
  4. Crucini, Mario J, 1997. "Country Size and Economic Fluctuations," Review of International Economics, Wiley Blackwell, vol. 5(2), pages 204-20, May.
  5. Norrbin, Stefan C. & Schlagenhauf, Don E., 1996. "The role of international factors in the business cycle: A multi-country study," Journal of International Economics, Elsevier, vol. 40(1-2), pages 85-104, February.
  6. Watson, Mark W. & Engle, Robert F., 1983. "Alternative algorithms for the estimation of dynamic factor, mimic and varying coefficient regression models," Journal of Econometrics, Elsevier, vol. 23(3), pages 385-400, December.
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