Dívida pública e crescimento econômico: testes da hipótese de Reinhart e Rogoff
DOI:
https://doi.org/10.11606/1413-8050/ea114137Keywords:
public debt, economic growth, crisisAbstract
This paper aims to test the hypothesis raised by Reinhart and Rogoff that the growth rate of income is negatively affected by the increase in public debt. We estimated a dynamic panel based on the theoretical neoclassical growth model, complemented with the debt/GDP ratio and other relevant variables. The sample covers a period long enough to capture the phenomenon of interest (1983 to 2013) and includes all the countries for which the required data are available (83 countries). We found evidence to support the main hypothesis, but were unable to confirm the existence of a critical debt level (threshold).