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Dafermos, Yannis (2015) 'The ‘other half’ of the public debt–economic growth relationship: a note on Reinhart and Rogoff.' European Journal of Economics and Economic Policies: Intervention, 12 (1). pp. 20-28.

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Abstract

Reinhart/Rogoff (2010) and Reinhart et al. (2012) document a negative relationship between public debt and economic growth. However, by classifying the observations of their data set into public debt categories and identifying public debt overhang episodes, they focus only on ‘one half’ of the public debt–economic growth relationship: the growth-reducing effects of high public debt. This note classifies the observations of their data set into economic growth categories and identifies low-growth episodes. In so doing, it presents the ‘other half’ of the public debt–economic growth relationship: the debt-increasing effects of low growth. It is argued that the presentation of ‘both halves’ is essential for a more fruitful research agenda and policy debate.

Item Type: Journal Article
Keywords: public debt, economics growth
SOAS Departments & Centres: Departments and Subunits > Department of Economics
ISSN: 20527764
Copyright Statement: © 2015 The Author. This is the accepted manuscript of an article published by Edward Elgar in European Journal of Economics and Economic Policies: Intervention on Apr 2015, available online: https://doi.org/10.4337/ejeep.2015.01.03
DOI (Digital Object Identifier): https://doi.org/10.4337/ejeep.2015.01.03
Date Deposited: 02 Sep 2019 09:00
URI: https://eprints.soas.ac.uk/id/eprint/31495
Related URLs: https://www.elg ... .2015.01.03.xml (Publisher URL)

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