The Influence of the Public Debt on the Economic Growth of Greece
Journal Title: Бізнес Інформ - Year 2014, Vol 10, Issue 0
Abstract
The article is aimed at analysis of the causal relation between the debt burden and the economic growth in Greece. For this purpose, a panel vector autoregressive model was applied. The analysis, based on the data covering 20 developed countries, including Greece, showed that, while some studies on this topic have stated that large public debt impeded economic growth of this country, the panel vector autoregression was indicative of a lack of the significant influence of the public debt on the economic growth of Greece. Though we succeeded in finding a significant negative reverse effect of the growth economic on the public debt, which explains the negative correlation, indicating that, in assessing the long-term influence of public debt on the country \'s economic growth, it is important to control the reverse effect on the economic growth on the public debt.
Authors and Affiliations
Kostiantyn Kydryavtsev
Keywords
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