This study empirically analyzes the effect of debt origin on investment efficiency. According to previous studies that … that the effects of the origin of the debt on investment efficiency would be differential. Debt origin was divided into … relationship between the private debt and investment efficiency, while there is a significant positive relationship between public …

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 …