This study empirically investigates the causal relationship between economic growth and several factors (investment, human capital, trade openness and public debt) in the Eurozone countries, where imbalances persist several years after the financial crisis. The results reveal a long-run relationship between variables and public debt, as investment, human capital and trade openness positively affect growth. On the other hand, there is a negative long-run effect of public debt on growth. Furthermore, the results indicate that there is long-run unidirectional causality running from investment, trade openness and human capital to growth and bidirectional causality between public debt and growth. The overall results reveal that Eurozone countries should base their growth strategies on fiscal consolidation, increasing exports, correcting the use of public investment and improving the quality of human capital, especially in higher education.

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关于经济增长的决定因素：来自欧元区国家的经验证据

本研究实证调查了欧元区国家经济增长与若干因素（投资、人力资本、贸易开放和公共债务）之间的因果关系，这些国家的失衡在金融危机发生数年后仍持续存在。结果揭示了变量与公共债务之间的长期关系，因为投资、人力资本和贸易开放对增长产生积极影响。另一方面，公共债务对增长有负面的长期影响。此外，结果表明，从投资、贸易开放和人力资本到增长之间存在长期单向因果关系，公共债务与增长之间存在双向因果关系。总体结果表明，欧元区国家的增长战略应基于财政整顿、增加出口、