In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the period 1970-2014 using a vector autoregression (VAR). We document two puzzling empirical findings that contrast with what is predicted by a standard small open economy model by...

Purpose: Over the past a few decades, there has been an increasing body of research on debt and wellbeing. However, research on the potential effect of various debt portfolios on family financial wellbeing is limited. The purpose of this study is to fill this research gap by examining the...