GOVERNMENT DEBT IN GREECE:AN EMPIRICAL ANALYSIS

Journal of Governance and Regulation

关键词: Sovereign Debt;    Greece;    Debt crisis;    Vector Error Correction Model;    Variance Decomposition;    Generalized Impulse Response Function;   

DOI  :  10.22495/jgr_v3_i2_c1_p1

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

Greek government debt has been increasing above the percentage stated in the growth and stability path from 112.9% in 2008 to 175.6% in 2013. This paper investigates the determinants of the general government debt in Greek by means of Vector Error Correction Model framework, Variance Decomposition and Generalized Impulse Response Function Analysis. The analysis showed a significant negative relationship between general government debt and government deficit, general government debt and inflation. Shocks to general government and inflation will cause general government debt to increase. Government deficit should be increased since there is gross capital formation included in its calculation which could be invested in income generating projects. The current account balance should be reduced by improving the net trade balance.

【 授权许可】

CC BY-NC