António Afonso|João Tovar Jalles
Growth and productivity: The role of government debt
European Central Bank|Fundação para a Ciência e Tecnologia|University of Lisbon|University of Aberdeen
use panel 155 countries assess links growth productivity government debt via growth equations assess simultaneity endogeneity crosssection dependence nonlinearities threshold effects find negative effect debt ratio oecd higher debt maturity higher economic growth financial crisis detrimental growth fiscal consolidation promotes growth higher debt ratios beneficial tfp growth growth impact 10 increase debt ratio 02 01 respectively countries debt ratios 90 30 endogenous debt ratio threshold 59 derived