Global shocks and the debt‐growth nexus
重新审视了22个经济体的债务与增长关系，发现全球冲击主要影响家庭和公共债务的变动，而企业债务则更多由自身因素驱动，且全球冲击会改变债务与增长之间关联的强度和显著性。
Abstract This paper re‐examines the relationship between debt and growth with and without the influence of global shocks for a panel of 22 economies. The analysis introduces an approach that accounts for the complexity of global factors and estimates the debt‐to‐growth and growth‐to‐debt nexus for household, corporate, and public debt from a purely idiosyncratic perspective. The results reveal a multifactor structure: global shocks drive variation in household and public debt, whereas corporate debt exhibits predominantly idiosyncratic dynamics. These global shocks alter the magnitude and statistical significance of the idiosyncratic debt‐growth nexus, demonstrating their critical role in identifying the underlying relationship.