2026-06-29T08:21:08Zhttps://docta.ucm.es/rest/oai/request

oai:docta.ucm.es:20.500.14352/174922025-02-13T18:43:41Zcom_20.500.14352_14col_20.500.14352_17

Re-examining the debt-growth nexus: A grouped fixed-effect approach Gómez-Puig, Marta Sosvilla Rivero, Simón Javier Martínez-Zarzoso, Inmaculada C23 F33 H63 O47 O52 Public debt Economic growth heterogeneity Grouped fixed-effects Debt-growth link Panel data Multinomial logit regression. Econometría (Economía) Economía pública 5302 Econometría This paper uses panel data for 116 countries over the period 1995-2016 to investigate the heterogeneity of the debt-growth nexus across countries and the factors underlying it. In the first step, the grouped fixed effects (GFE) estimator proposed by Bonhomme and Manresa (2015) is used to classify countries into groups, with group membership being endogenously determined. In the second step, a multinomial logit model is used to explore the drivers of the heterogeneity detected, among them the quality of institutions, the composition of debt-funded public expenditure, the relative public and private indebtedness, and the maturity of debt. Finally, the underlying factors explaining the time-varying impact of public debt on growth in the country groups identified is also investigated. Ministerio de Economía y Competitividad (MINECO)/FEDER Fac. de Ciencias Económicas y Empresariales Instituto Complutense de Análisis Económico (ICAE) TRUE pub 2023-06-17T17:54:26Z 2023-06-17T17:54:26Z 2019 technical report https://hdl.handle.net/20.500.14352/17492 2341-2356 eng Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE) (ECO2016-76203-C2-2-P and ECO2017-83255-C3-3-P) Atribución-NoComercial 3.0 España https://creativecommons.org/licenses/by-nc/3.0/es/ open access application/pdf Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)