Non-linear Growth-Determinants Nexus: the Role of Sovereign Debt

IF 0.7 4区经济学 Q3 ECONOMICS

Hacienda Publica Espanola-Review of Public Economics Pub Date : 2017-09-01 DOI:10.7866/hpe-rpe.17.3.2

Po-Chin Wu, Shiao-Yen Liu, Tsai-Yuan Huang

引用次数: 1

Abstract

We expand the new growth model as a panel smooth transition regression specification to measure the effects of determinants on growth and the role of debt ratio in the growth-determinants nexus. In the model, we consider new determinants (FDI, export and tourism) and use a two-period lagged debt- GDP ratio as the transition variable. The effects of determinants on growth vary across countries and with time, depending on the value of the transition variable. The threshold of the debt-GDP ratio (73.019%) is a referenced index to set the ceiling of debt-GDP ratio for the fiscal stability. For countries with high debt ratios, the policies to accumulate human capital and promote tourism are more effective in boosting growth than to stimulate domestic physical investment and export. For countries with low debt ratios, the conclusion is opposite. Thus, lowering debt ratio is not always favorable for the contri-butions of individual determinants to growth.

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非线性增长决定因素Nexus：主权债务的作用

我们将新的增长模型扩展为面板平稳过渡回归规范，以衡量决定因素对增长的影响以及债务比率在增长决定因素关系中的作用。在该模型中，我们考虑了新的决定因素（外国直接投资、出口和旅游业），并使用两个时期的滞后债务与GDP比率作为过渡变量。决定因素对增长的影响因国家和时间而异，这取决于过渡变量的价值。债务GDP比率阈值（73.019%）是为财政稳定设定债务GDP比率上限的参考指标。对于负债率高的国家来说，积累人力资本和促进旅游业的政策在促进增长方面比刺激国内实物投资和出口更有效。对于债务比率较低的国家来说，结论是相反的。因此，降低债务比率并不总是有利于个人决定因素对增长的贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Hacienda Publica Espanola-Review of Public Economics Economics, Econometrics and Finance-Finance

CiteScore

0.90

自引率

14.30%

发文量

期刊介绍： Hacienda Pública Española/Review of Public Economics welcomes submissions on all areas of public economics. We seek to publish original and innovative research, applied and theoretical, related to the economic analysis of Government intervention. For example, but not exclusively: Taxation, Redistribution, Health, Education, Pensions, Governance, Fiscal Policy and Fiscal Federalism. In addition to regular submissions, the journal welcomes submissions of: -Survey Reviews, containing surveys of the literature regarding issues of interest in the Public Economics field; -Policy oriented reviews, showing the current contributions of Public Economics in relation to relevant contemporary issues affecting public decision-makers in the real world (Policy Watch); -Comments of previously published articles. Contributions to this section should be limited to a maximum of 2 000 words (12 pages). If deemed adequate, the authors of the commented article will be given the opportunity to react in a Reply. Both Comment and Reply will be published together. Articles for the Survey Reviews and Policy Watch section are subject to the same double blind reviwing procedure. The adequacy of Comments submitted for publication will be evaluated by the Executive Editors.