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Debt, Economic Growth and Data Adequacy

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  • Vighneswara Swamy

Abstract

The effects of government debt on economic growth has become of immense importance in the backdrop of the Eurozone sovereign debt crisis and Reinhart & Rogoff’s related research. This study is based on a sizeable dataset which extends the horizon of analysis to country groupings and makes it inclusive of economic, political, and regional diversities. The study overcomes issues related to data adequacy, coverage of countries, heterogeneity, endogeneity, and non-linear relationships by conducting a battery of robustness tests. An increase in the debt-to-GDP ratio is found to be associated with a reduction in average growth, but the relationship is nonlinear.

Suggested Citation

  • Vighneswara Swamy, 2018. "Debt, Economic Growth and Data Adequacy," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 19(2), pages 41-84, April.
    • Handle: RePEc:wej:wldecn:706
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