Using data on Sub-Saharan African countries and over the period from 1980 to 2017, this study empirically investigates the effects of economic globalization on public debt. By disentangling between the de jure and de facto aspects, the study uses second-generation panel data tests to diagnose the cross-sectional dependence, unit root and cointegration. The cross-sectional error correction model with the estimation by dynamic common correlated effect technique, is used. We find that economic globalization as a whole increases the public debt in the short run while decreases it in the long run. For its dimensions, we show that financial globalization increases the public debt in the short and long run, while trade globalization increases the public debt in the short run but decreases it in the long run. Consideration of the de jure and de facto aspects of economic globalization shows that the de jure economic globalization does not influence government debt while its trade dimension reduces the short-run public debt and its financial dimension increases the long-run public debt. The de facto economic globalization and its dimensions increase public debt in the short run, while in the long run only the de facto trade globalization belittles the public debt.

中文翻译：

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撒哈拉以南非洲的经济全球化和公共债务

本研究使用撒哈拉以南非洲国家 1980 年至 2017 年期间的数据，实证调查了经济全球化对公共债务的影响。通过在法律上解开事实方面，本研究采用第二代面板数据检验对横截面相关性、单位根和协整进行诊断。使用动态共同相关效应技术估计的截面误差校正模型。我们发现，经济全球化作为一个整体在短期内增加了公共债务，而在长期内则减少了公共债务。就其维度而言，我们表明金融全球化在短期和长期增加了公共债务，而贸易全球化在短期增加了公共债务但在长期减少了公共债务。对经济全球化的法律和事实方面的考虑表明，法律上的经济全球化不影响政府债务，而其贸易层面减少了短期公共债务，其金融层面增加了长期公共债务。事实上的经济全球化及其规模在短期内增加了公共债务，而从长期来看只有事实的贸易全球化会降低公共债务。