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Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/66900
On the bi-directional causal relationship between public debt and economic growth in EMU countries [WP]
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New evidence is presented on the possible existence of bi-directional causal relationships between public debt and economic growth in both central and peripheral countries of the European Economic and Monetary Union. We test for heterogeneity in the bi-directional Granger-causality across both time and space during the period between 1980 and 2013. The results suggest evidence of a “diabolic loop” between low economic growth and high public debt levels in Spain after 2009. For Belgium, Greece, Italy and the Netherlands debt has a negative effect over growth from an endogenously determined breakpoint and above a debt threshold ranging from 56% to 103% depending on the country.
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GÓMEZ-PUIG, Marta and SOSVILLA RIVERO, Simón. On the bi-directional causal relationship between public debt and economic growth in EMU countries [WP]. IREA – Working Papers. 2015. Vol. IR15/12. ISSN 2014-1254. [consulted: 6 of August of 2026]. Available at: https://hdl.handle.net/2445/66900