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This Time They Are Different.

Author: Markus Eberhardt; Andrea Presbitero
Publisher: Washington : International Monetary Fund, 2013.
Series: IMF Working Papers.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigatethe issue of nonlinearities (debt thresholds) in both the cross-country and within-country dimensions, employing novel methods and diagnostics from  Read more...
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Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Eberhardt, Markus.
This Time They Are Different: Heterogeneity and Nonlinearity in the Relationship Between Debt and Growth.
Washington : International Monetary Fund, ©2013
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Markus Eberhardt; Andrea Presbitero
ISBN: 9781484309711 1484309715
OCLC Number: 869095056
Description: 1 online resource (56 pages).
Contents: Cover; Contents; 1. Introduction; 2. Linking Theory and Empirics; 2.1 Commonality and Heterogeneity; 2.2 Heterogeneity and Nonlinearity; 3 Data and Empirical Strategy; 3.1 Data; 3.2 Empirical Specification: Linear Dynamic Model; 3.3 Empirical Specification: Weak Exogeneity Testing; 3.4 Empirical Specification: Asymmetric Dynamic Model; 3.5 Empirical Specification: Summability, Balancedness and Co-summability; 3.6 Empirical Specification: Nonlinear Static Model; 4 Empirical Results; 4.1 Initial Analysis; 4.2 Results: Linear Dynamic Model; 4.3 Results: Weak Exogeneity Testing. 4.4 Results: Asymmetric Dynamic Model4.5 Results: Summability, Balancedness and Co-summability; 4.6 Results: Nonlinear Static Model; 5 Concluding Remarks; List of figures; 1. Peak Debt/GDP Ratio Distribution; 2. Peak Debt/GDP Ratio and Relative Growth; 3. Interquantile Ranges --
Growth and Indebtedness; 4. Nonlinearity in the Countrt-Specific Debt-Income Nexus; 5. The Rogoff and Reinhart (2010) Approach in Our Dataset; 6. Patterns for CMG Debt Coefficients; 7. Debt Coefficients Comparison: Three Debt-to-GDP Thresholds; List of tables; 1. Linear Dynamic Models; 2. Weak Exogeneity Testing. 3. Asymmetric Dynamic Models4. Estimated Order of Summability; 5. Estimated Balance; 6. Co-Summability; 7. Static Linear and Nonlinear Models; Appendices:; Data Construction; Technical Appendix.
Series Title: IMF Working Papers.

Abstract:

We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigatethe issue of nonlinearities (debt thresholds) in both the cross-country and within-country dimensions, employing novel methods and diagnostics from the time-series literature adapted for use in the panel. We find some support for a nonlinear relationship between debt andlong-run growth across countries, but no evidence for comm.

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