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Revisiting Reinhart & Rogoff after the Crisis: A Time Series Perspective

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  • Jurgen Amann
  • Paul Middleditch

Abstract

This paper offers a straightforward and descriptive contribution to the recent and busy debate on fiscal discipline made popular by a seminal paper by Reinhart and Rogoff (2010) after policymakers have sought foundation and justification of a policy known as austerity measures following the recent sovereign debt crisis. We revisit the debate on whether or not higher debt levels impede growth rates and contribute by offering a time series perspective of a corrected data set and also a more recent and higher frequency source. We find that with further hindsight and from a time series perspective there is no support for the view that higher levels of debt cause reductions in economic activity.

Suggested Citation

  • Jurgen Amann & Paul Middleditch, 2015. "Revisiting Reinhart & Rogoff after the Crisis: A Time Series Perspective," Centre for Growth and Business Cycle Research Discussion Paper Series 198, Economics, The University of Manchester.
    • Handle: RePEc:man:cgbcrp:198
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    File URL: http://hummedia.manchester.ac.uk/schools/soss/cgbcr/discussionpapers/dpcgbcr198.pdf
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    Cited by:

    1. Elvis Dze Achuo & Tii N. Nchofoung & Simplice A. Asongu & Gildas Dohba Dinga, 2021. "Unravelling the Mysteries of Underdevelopment in Africa," Working Papers of the African Governance and Development Institute. 21/073, African Governance and Development Institute..
    2. Maixé-Altés, J. Carles & Iglesias, Emma M., 2015. "Banking, Currency, Stock Market and Debt Crises: Revisiting Reinhart & Rogoff Debt Analysis in Spain, 1850-1995," MPRA Paper 68199, University Library of Munich, Germany.
    3. Nikolaos Filippakis & Theodoros V. Stamatopoulos, 2021. "Public Debt and Economic Growth: A Review of Contemporary Literature," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 19(1), pages 33-50.
    4. Juergen Amann & Paul Middleditch, 2017. "Growth in a time of austerity: evidence from the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(4), pages 349-375, September.

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