In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

This study empirically analyzes the effect of debt origin on investment efficiency. According to previous studies that … report that the quality of financial reporting may vary depending on the origin of the debt, the empirical analysis predicted … that the effects of the origin of the debt on investment efficiency would be differential. Debt origin was divided into …

The public debt overhang spread across advanced countries, and the reform of the Stability and Growth Pact in the Euro … Zone, have revived the polarization between those who think that debt is always good and those who think that debt is … always bad. This paper presents a normative model of endogenous growth with debt-financed public capital. It is shown that no …

This paper examines the ownership structure of eurozone public debt and the distributional consequences thereof …, it asks who holds government debt in Spain, France, Germany, and Italy. I focus in on Italy to provide, to the author …’s knowledge, the first highly disaggregated view of the holding structure of public debt. Secondly, for Italy I study …

This paper re-examines the stock-flow discrepancies of government debt and deficits and correlation with fiscal …

simulations to determine the path of public debt given the current expected consolidation. Our simulations suggest that despite … strong austerity measures, not all countries would be able to reach the 60% debt-to-GDP. If fiscal multipliers vary along the … not only that delaying austerity would improve growth perspectives and would not be incompatible with public debt …