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The dynamics of sovereign debt in the Eurozone: a panel VAR analysis
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Orientador(es)
Resumo(s)
In this paper, the relationship between economic growth and public debt is revisited using a
panel VAR. The focus is on the Eurozone and the time horizon starts when the Euro was
introduced. The three main results of the study are: (i) public debt harms economic growth and
growth leads to decrease in debt, (ii) spillover effects of public debt and economic growth
between core and periphery countries in the Eurozone are found and (iii) the periphery
countries respond more to internal and external shocks than the core countries.
Descrição
Palavras-chave
Sovereign debt Growth Spillover Panel VAR