scholarly journals Determinants of the Public Debt in the Eurozone and Its Sustainability Amid the Covid-19 Pandemic

2020 ◽  
Vol 12 (16) ◽  
pp. 6456 ◽  
Author(s):  
Hernán Ricardo Briceño ◽  
Javier Perote
Keyword(s):  
Economic Growth ◽  
Life Expectancy ◽  
Public Debt ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Debt Sustainability ◽  
The Public ◽  
Institutional Conditions ◽  
Life Expectancy At Birth ◽  
Sustainable Economic Growth

Different economic studies have been concentrated on specific and/or isolated factors to explain public debt evolution. In this article we have developed an integrated viewpoint based on financial, social and governance or institutional factors. Under our dynamic econometric assessment for the last two decades (i.e., since the Euro currency inception), economic growth, interest rate, life expectancy at birth, unemployment, government effectiveness and the last sovereign debt crisis have resulted as being the major determinants of its evolution. Public debt sustainability must be assessed continuously with the aim to discuss technical recommendations to maintain it at an even rate, to allow sustainable economic growth and better life standards, in the context of life expectancy increasing and stable governance and institutional conditions. Undoubtedly, the Covid-19 pandemic leads more damaged Eurozone countries with negative real economic growth and high unemployment rates to increase dramatically their current public debts, to such an extent that they could fall into unsustainable paths. Therefore, substantial reforms in European pension and unemployment insurance systems are necessary conditions to ensure public debt sustainability amid Covid-19 pandemic.

scholarly journals State’s debt sustainability management: case of Ukraine

2019 ◽  
Vol 7 (4) ◽  
pp. 1-7 ◽  
Author(s):  
Fedir Zhuravka ◽  
Hanna Filatova ◽  
Oleksandr Podmarov ◽  
Khaled Aldiwani ◽  
Fathi Shukairi
Keyword(s):  
Public Debt ◽  
Debt Crisis ◽  
Decomposition Analysis ◽  
Normative Values ◽  
Negative Consequences ◽  
Sustainability Management ◽  
Debt Sustainability ◽  
The Public ◽  
Effective System ◽  
Key Indicators

Nowadays one of the relevant problems of economic development of Ukraine is the excessive increasing of the public debt that has a number of negative consequences for the financial system of the country. The article is devoted to the research of state’s debt sustainability concept. Special attention is paid to the development of an effective system of debt sustainability management. The aim of the article is to study the theoretical bases of the state’s debt sustainability, investigate scientific and methodological approaches to its management, analyze the public debt and debt sustainability of Ukraine. In order to achieve that goal, the following scientific methods were used: analysis and generalization, decomposition analysis, comparison and compilation. The authors analyzed the structure of the debt sustainability management system: objects, subjects, key principles, objectives, methods, instruments, etc. The list of key indicators of debt sustainability was substantiated and the authors compared their normative values in Ukraine and in world practice. Besides, the state and structure of public debt and the ratio of government debt to GDP were scrutinized. The obtained results proved the debt crisis deepening in Ukraine.

scholarly journals Public debt changes in Serbia from 2008 to 2018

2020 ◽  
Vol 10 (1) ◽  
pp. 180-193
Author(s):  
Sanja Bakić
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Budget Deficits ◽  
Debt Structure ◽  
Continuous Increase ◽  
The Public ◽  
Long Run ◽  
The Government ◽  
Sustainable Economic Growth ◽  
The Impact

Public debt are all direct and indirect financial obligations assumed by the government. The continuous increase in public debt and budget deficits is a characteristic of modern market economy of many countries. The paper offers an analysis of Serbia's public debt fluctuations from 2008 to 2018. Besides the public debt levels, we have analyzed public debt structure and the impact of its segments on public debt fluctuations. The main conclusion is that the level of public debt is an extremely important factor which affects Serbian economy and industry. If the public debt is continually kept within reasonable limits in the long run, it can enable sustainable economic growth.

scholarly journals Irlanda : reforma constitucional versus convención constitucional : análisis del déjà vu de Irlanda desde la perspectiva de la reforma constituciónal española

2012 ◽  
pp. 411
Author(s):  
Esther Villadangos Seijas
Keyword(s):  
Sovereign Debt ◽  
Political System ◽  
Debt Crisis ◽  
Constitutional Amendment ◽  
Constitutional Change ◽  
Constitutional Convention ◽  
The Public ◽  
Doing Business ◽  
Regulatory Systems ◽  
Full Force

El presente artículo se centra en el estudio de la gestación de la crisis económica en Irlanda y en el análisis de las respuestas constitucionales a la misma. En primer lugar se analiza el papel de la reforma constitucional, estudiando el mecanismo diseñado en los arts. 46 y 47 de la Constitución. El carácter preceptivo del referéndum ha reforzado la implicación social en un total de 23 reformas aprobadas hasta la fecha. De especial trascendencia, como reacciones constitucionales ante el contexto de crisis, podemos destacar la reforma de 2011 relativa a la reducción del salario de los jueces y la afrontada en 2012, como consecuencia de la ratificación del Tratado de Estabilidad. Un segundo contenido de este trabajo expone una «relativa» novedad en el panorama constitucional, la de la Convención Constitucional. Concebida como un órgano deliberativo y participativo, estamos ante un mecanismo que trata de paliar una común demanda de las democracias actuales de fomentar la participación social como complemento a las limitaciones de los cauces parlamentarios tradicionales, subyugados a demasiadas lealtades, partidistas, endogámicas que impiden el ejercicio de sus funcione de canalización de la voluntad popular en el seguimiento de los asuntos públicos.This article focusses on Irish answers to the economic crisis. The full force of the sovereign debt crisis has been affected Ireland from 2008. The failures in the policy-making and regulatory systems have caused a critical eye on traditional ways of doing business in the political system and the public service. The paths that Ireland has followed are two. First, the constitutional amendment mechanism. It pays attention to constitutional precepts that ruler this constitutional reform, mainly articles 46 and 47. The referendum has developed a key element in this system. Ireland has developed 23 constitutional reforms nowadays. The second important element is a Constitutional Convention. This body will allow a group of randomly selected citizens to deliberate and make recommendations upon a number of areas of political reform. Many of the changes envisaged offers an space for reflection about the viability of a macro political and constitutional change strategy that the bailout require.

scholarly journals Role of Governance in Debt-Growth Relationship: Evidence from Panel Data Estimations

2021 ◽  
Vol 13 (11) ◽  
pp. 5954
Author(s):  
Qamar Abbas ◽  
Li Junqing ◽  
Muhammad Ramzan ◽  
Sumbal Fatima
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Negative Impact ◽  
Positive Impact ◽  
Linear Pattern ◽  
The Public ◽  
Mediating Role ◽  
National Output ◽  
State Governance

This paper provides an empirical analysis of the relationship between debt and national output mediated by a measure of the quality of state governance. Using WGIs dataset of 106 countries for the period 1996–2015, the paper analyzes the mediated effect of governance on debt-growth relationship. For this purpose, we use the fixed effect (LSDV) and system GMM estimation technique in order to overcome the possible problem of endogeneity. Results show the non-linear pattern between public debt and economic growth via governance. Although, public debt has negative impact on economic growth, but the results are statistically positive and significant when public debt is interacted with governance, which confirms that governance is a channel by which public debt influences economic growth. Moreover, we calculate the threshold of governance which shows that the public debt has positive impact on economic growth when the governance level is higher than the threshold and adversely affects the economic growth in the case of low level of governance than threshold. Evidence from this study reveals the fact that governance plays a mediating role in debt-growth relationship as there is a pattern of complementarity between public debt and governance: the higher the level of governance, the lesser the adverse effect of public debt on economic growth.

scholarly journals The Impact Of Macroeconomic Factors In Economic Growth

2016 ◽  
Vol 12 (7) ◽  
pp. 331 ◽  
Author(s):  
Alush Kryeziu
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Public Debt ◽  
Budget Deficit ◽  
Econometric Model ◽  
Macroeconomic Factors ◽  
The Public ◽  
Time Period ◽  
Macroeconomic Indicators ◽  
The Impact

In this paper will be discussed the main concepts and trends of the macro-fiscal indicators in economic growth, as well as their importance in the economic development of different countries, with special emphasis in Kosovo. One of the aims of this paper is to define and explain the connection between macroeconomic indicators with specific emphasis: the public debt, budget deficit and inflation on economic growth. In order to analyze this impact of variables in economic growth, the targeted time period of research is the period from 2004 to 2014. While the data taken regarding Kosovo were obtained from the year 2005, due to the fact that earlier the data have been limited because of the developments in which Kosovo went through. The model that best represents the link between macro-fiscal indicators on economic growth is the linear regression as an econometric model. We will have the opportunity to see and interpret these data. The overall results have emerged in accordance with theoretical discussions presented, but this relationship has not turned out to be very strong because the coefficients acquired did not have great explanatory skills for economic phenomena.

scholarly journals Social development and public debt sustainability

2021 ◽  
Vol 14 (2) ◽  
pp. 79
Author(s):  
Chara Vavoura ◽  
Ioannis Vavouras
Keyword(s):  
Fiscal Policy ◽  
Social Development ◽  
Public Debt ◽  
Debt Crisis ◽  
Necessary Condition ◽  
Debt Sustainability ◽  
Long Run ◽  
Policy Measures ◽  
Of Greece

The issue of public debt sustainability is of exceptional importance in the case of Greece. As a rule, the relevant analysis is limited to the examination of the fiscal policy measures reported to contribute to reducing public debt leaving out the investigation of the factors that caused the country’s debt crisis. The objective of the present paper is to explore the determinants of Greece’s debt crisis and the strategy required to address it. Our work highlights the issue of social development, which is found to be a necessary condition for ensuring the long run sustainability of the country’s public debt.

Is There a Threshold Effect of Public Debt on Economic Growth?

2019 ◽  
pp. 49-64
Author(s):  
Seher Gulsah Topuz ◽  
Taner Sekmen
Keyword(s):  
Economic Growth ◽  
Linear Relationship ◽  
Public Debt ◽  
Threshold Effect ◽  
Oecd Countries ◽  
Fiscal Policies ◽  
The Public ◽  
Regression Methods ◽  
The Relationship ◽  
Panel Threshold Regression

In this chapter, the relationship between public debt and economic growth is examined for OECD countries. In order to determine this relationship, the data between 2002 and 2016 is analyzed using panel threshold regression methods. The findings of the study suggest that the relationship between public debt and economic growth is linear. The public debt threshold is estimated at 99.75% for OECD countries but it is statistically insignificant. While the public debt to GDP ratio is both below and above this threshold, the effect of public debt on economic growth is negative and statistically significant. There is no evidence of the existence of a non-linear relationship between public debt and economic growth. These findings are expected to guide policymakers in the implementation of fiscal policies.

scholarly journals Trend and Impact of Public Debt in Nepalese Economy

2015 ◽  
Vol 4 ◽  
pp. 85-89
Author(s):  
Yadab Raj Sharma
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
The Public ◽  
The Government

The public debt or public borrowing in Nepal is considered to be an important source of income of the government. Public debt helps to achieve targeted economic growth and to narrow down the gap between expenditure and revenue. However, the country is falling into debt trap in the form of interest and principal payment. In this article an attempt has been made to find out the situation, trend and impact of public debt on Nepalese economy.DOI: http://dx.doi.org/10.3126/av.v4i0.12363Academic Voices Vol.4 2014: 85-89

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