Government debt in the euro area—Evidence from dynamic factor analysis
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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- 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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- Crucini, Mario J, 1997. "Country Size and Economic Fluctuations," Review of International Economics, Wiley Blackwell, vol. 5(2), pages 204-20, May.
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