International comovements of public debt

IF 1.7 4区经济学 Q2 ECONOMICS

Economic Inquiry Pub Date : 2024-01-30 DOI:10.1111/ecin.13204

Hasan Isomitdinov, Vladimir Arčabić, Junsoo Lee, Youngjin Yun, James E. Payne

引用次数: 0

Abstract

This study presents evidence of global and regional comovements in public debt and examines their trends and features. We employ a Bayesian dynamic factor model with time-varying parameters based on the debt-to-GDP ratio of 115 countries. We find the global factor accounts for 38 percent of the total variation in the debt ratio worldwide, but its share decreases over time. Countries with more financial openness and a greater share of external public debt are more exposed to global/regional comovements. The assertion that international financial integration encourages higher government borrowing applies primarily to high-income countries and it does not hold globally.

查看原文本刊更多论文

公共债务的国际关联性

本研究提供了全球和地区公共债务相关性的证据，并探讨了其趋势和特征。我们根据 115 个国家的债务与国内生产总值（GDP）之比，采用了一个具有时变参数的贝叶斯动态因素模型。我们发现，全球因素占全球债务比率总变化的 38%，但其份额随时间推移而减少。金融开放程度越高、外部公共债务占比越大的国家越容易受到全球/地区波动的影响。国际金融一体化鼓励政府增加借贷的说法主要适用于高收入国家，在全球范围内并不成立。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Economic Inquiry ECONOMICS-

CiteScore

3.80

自引率

5.60%

发文量

期刊介绍： Published since 1962, (formerly Western Economic Journal), EI is widely regarded as one of the top scholarly journals in its field. Besides containing research on all economics topic areas, a principal objective is to make each article understandable to economists who are not necessarily specialists in the article topic area. Nine Nobel laureates are among EI long list of prestigious authors.