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The Effects of Government Debt on Private Investment in Bulgaria

Author

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  • Velichka Nikolova

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The main objective of this study is to establish whether there is a relationship between government debt and private investment in Bulgaria, as well as to identify the impact of debt on investment in the long and short-run period. The cointegration analysis and a model with vector error correction are applied in the research. Empirical findings of the study show that the crowding-out hypothesis in Bulgaria cannot be confirmed.

Suggested Citation

  • Velichka Nikolova, 2020. "The Effects of Government Debt on Private Investment in Bulgaria," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 5, pages 171-189, December.
    • Handle: RePEc:nwe:natrud:y:2020:i:5:p:171-189
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    File URL: http://unwe-research-papers.org/bg/journalissues/article/10326
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    More about this item

    Keywords

    government debt; private investment; crowding out effect;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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