政府债务妨碍长期经济增长:国际证据

Based on a new panel data, we find a very significant and robust empirical relation:government debt is harmful to long run economic growth.After controlling a few veriables emphasized by economic growth literature, the higher government debt GDP ratio is, the lower long run economic growth rate is.This kind of negative effect of government debt is more obvious in developing countries,and may come from the fluctuation of government debt GDP ratio.We also find a few familiar results on economic growth empirical research:there is conditional convergence to some extent, total investment GDP ratio and life expectancy is positive to economic growth,etc.