Is There a Debt-Threshold Effect on Output Growth?
研究了公共债务扩张与经济增长的关系，利用40个国家1965-2010年的数据，发现不存在普遍适用的债务阈值效应，但债务积累对增长有显著负面影响。
This paper studies the relationship between public debt expansion and economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. We contribute theoretically by developing tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors. In the empirical application, using data on a sample of forty countries over the 1965–2010 period, we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth. Regardless of the threshold, however, we find significant negative effects of public debt buildup on output growth.