Summary of empirical reviews
| Country | Authors | Period | Variables | Methodology | Conclusion |
|---|---|---|---|---|---|
| Ghana | Owusu-Nantwi and Erickson (2016) | 1970–2012 |
|
| Public debt → (+) GDP growth |
| Ghana | Frimpong and Oteng-Abayie (2007) | 1970–1999 |
|
| External debt → (+) GDP growth |
| Ghana | Asafo and Matuka (2019) | 1970–2017 |
|
| External debt → (+)GDP (−) for both short and long runs |
| Lebanon | Saad (2012) | 1970–2010 |
|
| External debt → (+) GDP growth |
| 20 developed economies | Reinhart and Rogoff (2010) | 1949–2009 |
|
| Public debt → (+/−)GDP |
| 55 developing economies | Nguyen et al. (2003) | 1970–2009 |
|
| External debt → (−)GDP |
| 24 industrialized economies | Curutchet (2005) | 1970–2002 |
|
| No relationship between PD and GDP was found |
| Nigeria | Ogunmuyiwa (2011) | 1970–2007 |
|
| No relationship was found |
| 93 developing countries | Pattillo et al. (2011) | 1969–1998 |
|
| External debt negatively affects growth after 35–45% of GDP threshold |
| 39 SSA countries | Senadza et al. (2018) | 1990–2013 |
|
| External debt → (−) GDP growth |
| Country | Authors | Period | Variables | Methodology | Conclusion |
|---|---|---|---|---|---|
| Ghana | 1970–2012 | Public debt Real GDP | VECM Johansen cointegration | Public debt → (+) GDP growth | |
| Ghana | 1970–1999 | External debt Debt servicing FDI GDP growth | VECM | External debt → (+) GDP growth | |
| Ghana | 1970–2017 | External debt GDP growth | VECM | External debt → (+)GDP (−) for both short and long runs | |
| Lebanon | 1970–2010 | Export Debt servicing Real GDP | Johansen cointegration | External debt → (+) GDP growth | |
| 20 developed economies | 1949–2009 | Public debt GDP growth | Panel analysis | Public debt → (+/−)GDP | |
| 55 developing economies | 1970–2009 | External debt GDP growth | Panel analysis | External debt → (−)GDP | |
| 24 industrialized | 1970–2002 | Public debt GDP growth | Panel analysis | No relationship between PD and GDP was found | |
| Nigeria | 1970–2007 | External debt GDP growth | VECM | No relationship was found | |
| 93 developing countries | 1969–1998 | External debt GDP growth | Threshold analysis | External debt negatively affects growth after 35–45% of GDP threshold | |
| 39 SSA countries | 1990–2013 | External debt GDP growth | System GMM | External debt → (−) GDP growth |
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