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Private Debt and GDP: A Short-Run Perspective

Author

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  • Gianluca Cafiso

Abstract

Mainstream economic research regards private debt as a determinant of GDP growth in the longrun. Levine (2005) surveys in details this branch of literature and explains the channels by which debt fuels growth. In this paper we switch the focus from the long to the short-run and study whether private debt has a significant impact on GDP growth in the short-run too. Our aim is to understand whether policy measures aimed to reduce the cost of private debt may favor a quick increase of the economic activity.

Suggested Citation

  • Gianluca Cafiso, 2016. "Private Debt and GDP: A Short-Run Perspective," CESifo Working Paper Series 6201, CESifo.
    • Handle: RePEc:ces:ceswps:_6201
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp6201.pdf
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    More about this item

    Keywords

    private debt; GDP; short-run; VAR;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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