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首页> 外文期刊>Macroeconomic dynamics >NONLINEARITIES IN THE RELATIONSHIP BETWEEN DEBT AND GROWTH: (NO) EVIDENCE FROM OVER TWO CENTURIES
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NONLINEARITIES IN THE RELATIONSHIP BETWEEN DEBT AND GROWTH: (NO) EVIDENCE FROM OVER TWO CENTURIES

机译：债务与增长之间的关系中的非线性：（NO）来自两个世纪的证据

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摘要

I revisit the popular concern over a nonlinearity or threshold in the relationship between public debt and growth employing long time series data from up to 27 countries. My empirical approach recognizes that standard time series arguments for long-run equilibrium relations between integrated variables (cointegration) break down in nonlinear specifications such as those predominantly applied in the existing debt-growth literature. Adopting the novel cosummability approach, my analysis overcomes these difficulties to find no evidence for a systematic long-run relationship between debt and growth in the bivariate and economic theory-based multivariate specifications popular in this literature.
机译：我使用来自多达27个国家的长期序列数据，重新审视了人们对公共债务与增长之间关系的非线性或阈值的普遍关注。我的经验方法认识到，非线性变量（例如在现有债务增长文献中主要应用的那些非线性变量）分解了积分变量（协整）之间长期平衡关系的标准时间序列论点。通过采用新颖的可求和方法，我的分析克服了这些困难，没有找到证据表明在该文献中流行的双变量和基于经济理论的多元规范中债务与增长之间存在系统的长期关系。

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