ABSTRACT

In this paper, I study the public debt-aggregate investment nexus in a panel of EU countries. The empirical approach is based on the common factor framework, which allows accounting for cross-country heterogeneity and cross-sectional dependence. The empirical results indicate that public debt has, on average, an adverse effect that is more pronounced in the public investment case. Moreover, there are evidence indicating the presence of a nonlinear relationship between debt and investment.

中文翻译：

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欧盟的公共债务和总投资

摘要

在本文中，我研究了一组欧盟国家的公共债务总投资关系。实证方法基于共同因素框架，允许考虑跨国异质性和横截面依赖性。实证结果表明，平均而言，公共债务的不利影响在公共投资案例中更为明显。此外，有证据表明债务和投资之间存在非线性关系。