Debt And Growth Nexus For European Economies
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Debt And Growth Nexus For European Economies
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Author : Juergen Attard
language : en
Publisher:
Release Date : 2019-09-16
Debt And Growth Nexus For European Economies written by Juergen Attard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-16 with categories.
Master's Thesis from the year 2019 in the subject Economics - Economic Cycle and Growth, The University of York, course: MSc Economics, language: English, abstract: Despite the European sovereign debt crisis, few empirical studies have examined the debt and growth nexus for European economies, particularly on a holistic European level. This study sets out to address this gap by using data for 25 European Union member states to carry out a comprehensive analysis of the impact of debt on economic growth. A panel autoregressive distributed lag model (ARDL) is used to analyse the impact of debt on growth. This framework helps in determining both the long and short-run impact of debt on growth. This mitigates some limitations of previous empirical literature that explains either the short- or long-run effect. The full panel ARDL estimation illustrates a negative relationship between debt and growth both over the long and short-term. The debt and growth nexus, although of different magnitudes, is also negative across high and low levels of debt and across different time periods. Finally, a Dumitrescu Hurlin panel causality test is carried out to establish the causal direction between debt and growth. Evidence of bidirectional causality is detected for the full panel of countries. However, the direction of causality varies between countries with high and low average debt-to-GDP ratio. In the aftermath of the 2007 global financial and economic crisis, the level of global public debt has increased significantly. This upsurge in global public debt has led to the revival of the academic debate on public debt and economic growth nexus. With global debt levels well above those registered in 2008, it is vital to analyse the repercussions that government debt has on growth. Empirical research in this area is key to identify the policy recommendations needed to avoid another economic crisis.
Does It Pay To Fulfill The Maastricht Convergence Criteria Reflections On The Public Debt And Growth Nexus For Selected European Economies
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Author : Bettina Bökemeier
language : en
Publisher:
Release Date : 2016
Does It Pay To Fulfill The Maastricht Convergence Criteria Reflections On The Public Debt And Growth Nexus For Selected European Economies written by Bettina Bökemeier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Indebtedness In The Eu
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Author :
language : en
Publisher:
Release Date : 2017
Indebtedness In The Eu written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We study the relationship between debt and growth in EU countries in the years 1995-2015. We investigate the debt-growth nexus in two alternative empirical set-ups: the traditional cross-county panel regressions and mean group estimations. We find evidence of a positive long-run relationship between private sector indebtedness and economic growth, and a negative relationship between public debt and long-run growth across EU countries. However, the more immediate impact of private sector debt on growth is found to be negative, and positive for the public sector debt. We find no conclusive evidence for a common debt threshold within EU countries, neither for the private nor for the public sector, but some indication of a non-linear effect of household debt.
Financing Investment In Times Of High Public Debt
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Author : Floriana Cerniglia
language : en
Publisher: Open Book Publishers
Release Date : 2023-12-12
Financing Investment In Times Of High Public Debt written by Floriana Cerniglia and has been published by Open Book Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-12 with Business & Economics categories.
The fourth book in the ‘European Public Investment Outlook’ series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions. Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity. This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions.
Re Examining The Debt Growth Nexus
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Author : Marta Gómez Puig
language : en
Publisher:
Release Date : 2019
Re Examining The Debt Growth Nexus written by Marta Gómez Puig and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
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.
Public Investment Growth And Fiscal Constraints
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Author : Massimo Florio
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Public Investment Growth And Fiscal Constraints written by Massimo Florio and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt. The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.
The European Debt Crisis And Its Effects On Germany S Economic Competitiveness
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Author : Christian Tschäbunin
language : en
Publisher: GRIN Verlag
Release Date : 2017-08-01
The European Debt Crisis And Its Effects On Germany S Economic Competitiveness written by Christian Tschäbunin and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-01 with Business & Economics categories.
For Germany, as a strongly export-oriented economy, competitiveness on the international markets is of critical importance for its wealth and economic growth. A loss of competitive advantages could therefore severely affect the German economy. The aim of this book is to answer the question if and in what way this threat affected Germany’s economic competitiveness during the European debt crisis. The results will then be used to further define the publicly dominant disadvantages as well as possible advantages for Germany as a consequence of the crisis. In the end, the book also has the objective to give policy recommendations for the euro crisis from a German perspective. The results can subsequently contribute to the discussion whether Germany’s current policy is really „without any alternative“. In order to achieve the overall research goal, a combination of literature review and comprehensive data analysis is used. First of all, to provide a first „pillar“ of contextual background for the following analysis, an overview of the development and causes of the European debt crisis is given by referring to existing literature. Also, this section presents the financial and economic consequences of the described events in a graphical manner. Secondly, to construct the second pillar of conceptual framework, the term „economic competitiveness” is defined by a comprehensive literature review. Emphasis is put upon the concept of „ability to sell” and the measurement method of the country rankings while a short overview of other concepts is also provided. Finally, in combining theory and practice, an in-depth data-based analysis of the development of Germany’s economic competitiveness is given. With the help of various publicly available data sources, Germany’s ability to sell and other competitiveness metrics are tracked and elaborated on over the last centuries, with a special emphasis on the timeframe of the European debt crisis. Furthermore, comparisons to other countries are made to emphasize characteristics unique to Germany. Ultimately, the results of the analyses are evaluated and concluded in a short discussion about Germany’s current policy in the euro crisis. In this book: - the European debt crisis; - the role of Germany; - competitiveness; - prosperity; - ability to sell
Deficit And Debt In Transition
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Author : István Benczes
language : en
Publisher: Central European University Press
Release Date : 2014-07-01
Deficit And Debt In Transition written by István Benczes and has been published by Central European University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-01 with Political Science categories.
The adjustment problems of public finance in countries of Central and Eastern Europe (CEE) are often misunderstood and misinterpreted by western scholars. This book contributes to the bridging of the gap between what is being thought by external observers and what the actual public finance reality is, as described by competent local scholars. Popular political economy research has remained biased towards advanced countries and has neglected developing and transition economies. Publications on CEE countries' public finances seem to be reluctant to apply the conceptual framework of standard political economy to these countries because of the assumption that CEE economies are different from their Western peers. But is this really the case? Are CEE economies so much different that none of the well-known "Western" political economy concepts or models can be applied to the analysis of fiscal performance in the region? Benczes demonstrates that they can be safely applied in the context of CEE economies as well. He sees no need to develop a separate or unique theory designed for the study and understanding of (one-time) transition economies.
Public Debt Global Governance And Economic Dynamism
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Author : Luigi Paganetto
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-07-08
Public Debt Global Governance And Economic Dynamism written by Luigi Paganetto and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
This volume presents a selection of contributions to the XXIV Villa Mondragone International Economic Seminar on “Public debt, global governance and economic dynamism”. For the past 23 years, the Seminar has provided an ideal opportunity to meet and discuss the most topical issues in economic research. The quality of the scientific contributions and ensuing debates has consistently been outstanding owing to the participation of leading experts, and the most recent Seminar was no exception. The Seminar was held against the backdrop of high levels of public debt, especially in Europe, combined with very low growth in productivity. Furthermore, markets have been dominated by financial instability, raising the question of whether this is the result of the high debt levels or insufficient economic dynamism. Among the topics covered in this book are the economic challenges and growth policies in the United States; issues relating to the G20, global governance and regional integration; EU governance, growth and the Eurozone crisis; and EMU policy and public debt. Individual contributions also address the impact of labor market reforms, the need for sectoral rebalancing in the Euro area, fiscal multipliers and public debt dynamics, and the effects of fiscal shocks in Italy. The book concludes with a contribution on policy recommendations.
Reflections On The Greek Sovereign Debt Crisis
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Author : Aristidis Bitzenis
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2014-09-26
Reflections On The Greek Sovereign Debt Crisis written by Aristidis Bitzenis and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-26 with Political Science categories.
The euro was generally considered a success in its first decade. Nevertheless, the “unanticipated” financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union’s core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.