Public Debt Management and Macroeconomics Policies Coordination: Evidence from Jordan
DOI :
https://doi.org/10.34069/AI/2020.36.12.5Mots-clés :
Jordan; Public Debt; Monetary policy; Fiscal policy; Policies coordination; VECM.Résumé
This study aimed to analyze the effects of fiscal and monetary policies interactions on public debt in Jordan during (1970 – 2019). Using Vector Error Correction Model (VECM) derived from VAR (Vector Auto regression), and examine dynamic interactions between economic variables over time, by Appling Impulse Response Function, and Variance Decomposition. The results indicated that the fiscal policy instruments affect public debt in two different directions, the expansion of government expenditure positively affect public debt, while tax revenues reduce indebtedness. The monetary policy instruments affect public debt in the same directions, as the results indicated that the central bank in controlling money supply and managing interest rate helps the fiscal authority in reducing the public debt in Jordan. The results confirm the strongest impact of government expenditure on public debt in Jordan. The study recommends the necessity of rationalizing government expenditures and combating tax evasion. In addition, more coordination between fiscal and monetary policies.
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Références
Adam, K. (2011). Government debt and optimal monetary and fiscal policy. European Economic Review, 55(1), 57-74.
Afonso, A., Alves, J, & Balhote, R. (2019). Interactions between monetary and fiscal policies. Journal of Applied Economics, vol 22 (1), 132–151 https://doi.org/10.1080/15140326.2019.1583309
Alalaya, M., Alfarajat J., Almuhtaseb A., & Alsheqerat F. (2017) Interaction between Monetary Policy and Fiscal Policy: An Empirical Analysis Evidence from Jordan. International Review of Management and Business Research, Vol 6 (2). 495 – 518
Alawneh, A., (2017). The impact of public expenditure and public debt on taxes: A case study of Jordan. Accounting and Finance Research, 6(3), 10-23. https://doi.org/10.5430/afr.v6n3p10
Al-Zoubi, O., Saqfalhait N., & Al-Majali, A. (2013) Interaction between Monetary and Fiscal Policy in Jordan. Journal of Economics and Economic Education Research, Vol 13 (1). 19 – 39
Bader, M., & Magableh, I. K. (2009). An enquiry into the main determinants of public debt in Jordan: An econometric study. Dirasat, Administrative Sciences, 36(1), 181-190.
Basyal, T. (2007). Debt Management and Monetary Policy: Interrelationships. Socio-Economic Development Panorama, 1(1), 67-75. https://www.nepjol.info/index.php/sedp/article/view/1183
Belguith, S.O., & Omrane, H. (2017). Macroeconomic determinants of public debt growth: A case study for Tunisia. Theoretical and Applied Economics, 14 (4), 161-168
Blommestein, H. J. & Turner, P. (2012), “Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability”, OECD Working Papers on Sovereign Borrowing and Public Debt Management. OECD Publishing, (3), pp 28. http://dx.doi.org/10.1787/5k9fdwrnd1g3-en
Cavalcanti, M., Vereda, L., de Doctors, R., Lima, F., & Maynard, L. (2018). The macroeconomic effects of monetary policy shocks under fiscal rules constrained by public debt sustainability. Economic Modelling, 71, pp 184–201.
Central bank of Jordan. (2019). Annual Report, Research Department. https://www.cbj.gov.jo
Claeys, P. (2006) Policy mix and debt sustainability: evidence from fiscal Policy rules. Empirica, Nº 33. 89–112 DOI 10.1007/s10663-006-9009-9
Collignon, S. (2012). Fiscal policy rules and the sustainability of public debt in Europe. International economic review, 53(2), 539-567.
Demind, E. (2018). Fiscal and Monetary Policy: Coordination or Conflict? International Economic Journal, 32 ( 4) 547–571 https://doi.org/10.1080/10168737.2018.1534133
Dickey, D., & Fuller, W. (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root,” Econometrica, 49. 1057-1072.
Doi, T., Hoshi, T., & Okimoto, T. (2011). Japanese government debt and sustainability of fiscal policy. Journal of the Japanese and international economies, 25(4), 414-433.
Dungey, M., & Fry, R. (2007). The Identification Fiscal and Monetary Policy in a Small Open Economy VAR. Centre for Applied Macroeconomic Analysis (CAMA) Working Paper 29. http://cama.anu.edu.au
Engle, R.F., Granger, C. W. J. (1987) Co-Integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55 (2), 251-276.
Favero, C., & Giavazzi, F. (2007). Debt and the effects of fiscal policy (No. w12822). National Bureau of Economic Research. http://www.nber.org/papers/w12822
Gaber, S., Gruevski, I., & Gaber, V. (2013) public debt management. Perspectives of Innovations, Economics & Business, (13)(2). P19 – 31 http://dx.doi.org/10.15208/pieb.2013.07
Golomejic, Z. R. (2007). Coordination of public debt management and running monetary policy in Croatia. Financial theory and practice, 31(2), 153-83.
Golomejic, Z. R. (2012). Coordination between the monetary and public debt management policies in Croatia. Financial Theory and Practice. 36 (2), 109-138.
Guler, A. (2019). Interaction of Monetary and Fiscal Policies in Turkey: A Dynamic Time Series Data Analysis1. Business and Economics Research Journal, 10 (5). 1039-1049 doi: 10.20409/berj.2019.220
Hakhu, A. B. (2015) Productive Public Expenditure and Debt Dynamics: An Error Correction Representation using Indian Data. Working Paper No. 2015-149, National Institute of Public Finance and Policy New Delhi http://www.nipfp.org.in
Hamilton, J. D. (1994): Time series analysis. Princeton: Princeton University Press.
Hasan, M. H, Husseinb, A.T., & Farhan, M. N. (2020) Analysis of Government Public Debt and Its Effects on Some Economic Variables in Iraq for the Period (1991-2016) International Journal of Innovation, Creativity and Change, 13 (7), 770 – 782
Hein, E. (2018). Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model. Journal of Post Keynesian Economics, 41(2), 316-338.
Hodula. M., & Melecky, A. (2020) Debt management when monetary and fiscal policies clash: some empirical evidence, Journal of Applied Economics, 23 ( 1), 253–280
Iiyambo, H., & Kaulihowa, T. (2020). An assessment of the relationship between public debt, government expenditure and revenue in Namibia. Public sector economics, 44(3), 331-353. https://doi.org/10.3326/pse.44.3.3
International Monetary Fund (2019). Second Review under The Extended Arrangement under The Extended Fund Facility, Requests for A Waiver of Nonobservance of Performance Criterion, An Extension of The Arrangement, and Rephrasing of Access Press Release; Staff Report; and Statement by The Executive Director for Jordan. IMF Country Report No. 19/127 https://www.imf.org/en/Publications/CR/Issues/2019/05/08/Jordan
Jang. K., & Ogaki, M. (2004). The Effects of Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach. Ohio State University. J. Japanese Int. Economies 18. 99–114 doi:10.1016/S0889-1583(03)00042-X
Johansen, S. &. Juselius, K. (1990). “Maximum Likelihood Estimation and Inference on Cointegration with Applications to Demand for Money” Oxford Bulletin of Economics and Statistics 52, 169-210.
Kilian, L. (2001). Impulse Response Analysis in Vector Autoregressions with Unknown Lag Order. Journal of Forecasting`, 20. 161 – 179
Kirsanova, T., Srehn S., & Vinus D., (2005). The Interactions between fiscal Policy and monetary Policy, Oxford Review of Economic Policy, 21 (4). DOI: 10.1093/oxrep/gri027
Laurens, B., & De la Piedra, E. G., (1998). Coordination of Monetary and Fiscal Policies, IMF working paper WP /98/25. https://www.imf.org/external/pubs/ft/wp/wp9825.pdf
Le Van, C., Nguyen?Van, P., Barbier?Gauchard, A., & Le, D. A. (2019). Government expenditure, external and domestic public debt, and economic growth. Journal of Public Economic Theory, 21(1), 116-134. https://doi.org/10.1111/jpet.12324
Lockwood, B., Philippopoulos, A., & Snell, A. (1996). Fiscal policy, public debt stabilization and politics: Theory and UK evidence. The Economic Journal, 106(437), 894-911.
Ludvigson, S. (1996). The macroeconomic effects of government debt in a stochastic growth model. Journal of Monetary Economics, 38(1), 25-45.
Mah, G., Mongale, I. P., Mukuddem-Petersen, J., & Petersen, M. A. (2014). Government debt in Greece: An empirical analysis. Journal of Governance and Regulation, 3(2-1), 7-17. http://doi.org/10.22495/jgr_v3_i2_c1_p1
Mah, G., Mukkudem-Petersen, J., Miruka, C., & Petersen, M. A. (2013). The impact of government expenditure on the Greek government debt: An econometric analysis. Mediterranean Journal of Social Sciences, 4(3), 323 – 330 Doi:10.5901/mjss.2013.v4n3p323
Mason, J.W, Jayadev A. (2018). A comparison of monetary and fiscal policy interaction under ‘sound’ and ‘functional’ finance regimes. Metroeconomica, 69 (2) 488 – 508 https://doi.org/10.1111/meca.12197
Meliz, J., (1997), Some Cross-Country Evidence about debt, deficits, and the behavior of monetary and Fiscal authorities, CEPR Dissection Papers. 1653
Menguy, S. (2020). Tax Competition, Fiscal Policy, and Public Debt Levels in A monetary Union. Journal of Economic Integration, 35(3), pp. 353-395 https://doi.org/10.11130/jei.2020.35.3.353
Ministry of finance Jordan (2019). Public Debt quarterly Report, 4th quarter. Public debt department. https://mof.gov.jo
Moore, W., & Skeete, K. (2010). The implications of monetary policy shocks for government debt management in Barbados. CBB Working Paper 2010
Nasir, M., Ahmad, A., Ali, A. & Rehman, F. (2010) Fiscal and Monetary Policy Coordination: Evidence from Pakistan. International Research Journal of Finance and Economics, (35), 202 – 2013
Niemann, S. & Hagen, J. (2008) Coordination of monetary and fiscal policies: A freshlook at the issue. Swedish Economic Policy Review, 15, 89-124
Oladokun, O.O. (2015) Causal Relationship between Public Debts and Public Expenditure in Nigeria. International Journal of Management and Applied Science, 1(8), 68 - 79
Oxley, L., & Greasley, D., (1998). Vector Autoregression, Cointegration and Causality: Testing for Causes of the British Industrial Revolution, Applied Economics, 30, pp1387-1397.
Pascal, M. (2011). Public Debt Management Fundamental Component of Public Policy, CES Working Papers, Centre for European Studies, 3(4), 571-578
Pirtea, M. G., Nicolescu, A.C. & Mota, P.R., (2013). An empirical study on public debt's determinants: evidence from Romania. Transylvanian review of administrative sciences, 9(38), 144-157.
Reinhart, C. M., & Rogoff, K. S. (2010 b) From Financial Crash to Debt Crisis. NBER Working Paper 15795 http://www.nber.org/papers/w15795
Reinhart, C. M., & Rogoff, K. S.,(2010 a) Growth in a Time of Debt. NBER Working Paper No. 15639 http://www.nber.org/papers/w15639
Rezabek, P., & Doucek, P. (2018). Monetary and Fiscal Policy Interactions in the Czech Republic. Systems, 6 (2). doi: 10.3390/systems6020025
Ribeiro, R. S., & Lima, G. T. (2019). Government expenditure ceiling and public debt dynamics in a demand-led macromodel. Journal of Post Keynesian Economics, 42(3), 363-389. https://doi.org/10.1080/01603477.2018.1521289
Romer, C. D., & Romer, D. H. (2010). The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks. American Economic Review, 100(3), 763-801.
Siddiqui, K. (2019) Government Debts and Fiscal Deficits in the United Kingdom: A critical review. World Review of Political Economy, 10 (1).
Silva, C., Pires, M. &, Terra, F. (2014) The effects of public debt management on macroeconomic equilibrium: An analysis of the Brazilian economy. Economia, 15, 174–188
Slav’yuk, R., & Slaviuk, N. (2018). Government debt management: challenges and perspectives. Investment Management and Financial Innovations, 15(3), 143-156. doi:10.21511/imfi.15 (3).2018.12
Stock, J., & Watson, M. (2001). Vector Autoregressions, Journal of Economic Perspectives, 15(4). 101- 116
Teles, V. K., & Mussolini, C. C. (2014). Public debt and the limits of fiscal policy to increase economic growth. European Economic Review, 66, 1-15.
Thomas, R. L. (1997), Modern Econometrics: An Introduction. Addison Wesley Longman.
Togo, E. (2007). Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework, World Bank Policy Research Working Paper, wp4369
Uguru, L. C. (2016). The link between public debt and government expenditure pattern: The Nigeria experience. IOSR Journal of business and management, 18(1), 37-41. DOI: 10.9790/487X-18113741
Waheed, A. (2017). Determinants of External Debt: A Panel Data Analysis for Oil and Gas Exporting and Importing Countries. International Journal of Economics and Financial Issues, 7(1), 234-240.
Afonso, A., Alves, J, & Balhote, R. (2019). Interactions between monetary and fiscal policies. Journal of Applied Economics, vol 22 (1), 132–151 https://doi.org/10.1080/15140326.2019.1583309
Alalaya, M., Alfarajat J., Almuhtaseb A., & Alsheqerat F. (2017) Interaction between Monetary Policy and Fiscal Policy: An Empirical Analysis Evidence from Jordan. International Review of Management and Business Research, Vol 6 (2). 495 – 518
Alawneh, A., (2017). The impact of public expenditure and public debt on taxes: A case study of Jordan. Accounting and Finance Research, 6(3), 10-23. https://doi.org/10.5430/afr.v6n3p10
Al-Zoubi, O., Saqfalhait N., & Al-Majali, A. (2013) Interaction between Monetary and Fiscal Policy in Jordan. Journal of Economics and Economic Education Research, Vol 13 (1). 19 – 39
Bader, M., & Magableh, I. K. (2009). An enquiry into the main determinants of public debt in Jordan: An econometric study. Dirasat, Administrative Sciences, 36(1), 181-190.
Basyal, T. (2007). Debt Management and Monetary Policy: Interrelationships. Socio-Economic Development Panorama, 1(1), 67-75. https://www.nepjol.info/index.php/sedp/article/view/1183
Belguith, S.O., & Omrane, H. (2017). Macroeconomic determinants of public debt growth: A case study for Tunisia. Theoretical and Applied Economics, 14 (4), 161-168
Blommestein, H. J. & Turner, P. (2012), “Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability”, OECD Working Papers on Sovereign Borrowing and Public Debt Management. OECD Publishing, (3), pp 28. http://dx.doi.org/10.1787/5k9fdwrnd1g3-en
Cavalcanti, M., Vereda, L., de Doctors, R., Lima, F., & Maynard, L. (2018). The macroeconomic effects of monetary policy shocks under fiscal rules constrained by public debt sustainability. Economic Modelling, 71, pp 184–201.
Central bank of Jordan. (2019). Annual Report, Research Department. https://www.cbj.gov.jo
Claeys, P. (2006) Policy mix and debt sustainability: evidence from fiscal Policy rules. Empirica, Nº 33. 89–112 DOI 10.1007/s10663-006-9009-9
Collignon, S. (2012). Fiscal policy rules and the sustainability of public debt in Europe. International economic review, 53(2), 539-567.
Demind, E. (2018). Fiscal and Monetary Policy: Coordination or Conflict? International Economic Journal, 32 ( 4) 547–571 https://doi.org/10.1080/10168737.2018.1534133
Dickey, D., & Fuller, W. (1981), “Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root,” Econometrica, 49. 1057-1072.
Doi, T., Hoshi, T., & Okimoto, T. (2011). Japanese government debt and sustainability of fiscal policy. Journal of the Japanese and international economies, 25(4), 414-433.
Dungey, M., & Fry, R. (2007). The Identification Fiscal and Monetary Policy in a Small Open Economy VAR. Centre for Applied Macroeconomic Analysis (CAMA) Working Paper 29. http://cama.anu.edu.au
Engle, R.F., Granger, C. W. J. (1987) Co-Integration and Error Correction: Representation, Estimation, and Testing. Econometrica, 55 (2), 251-276.
Favero, C., & Giavazzi, F. (2007). Debt and the effects of fiscal policy (No. w12822). National Bureau of Economic Research. http://www.nber.org/papers/w12822
Gaber, S., Gruevski, I., & Gaber, V. (2013) public debt management. Perspectives of Innovations, Economics & Business, (13)(2). P19 – 31 http://dx.doi.org/10.15208/pieb.2013.07
Golomejic, Z. R. (2007). Coordination of public debt management and running monetary policy in Croatia. Financial theory and practice, 31(2), 153-83.
Golomejic, Z. R. (2012). Coordination between the monetary and public debt management policies in Croatia. Financial Theory and Practice. 36 (2), 109-138.
Guler, A. (2019). Interaction of Monetary and Fiscal Policies in Turkey: A Dynamic Time Series Data Analysis1. Business and Economics Research Journal, 10 (5). 1039-1049 doi: 10.20409/berj.2019.220
Hakhu, A. B. (2015) Productive Public Expenditure and Debt Dynamics: An Error Correction Representation using Indian Data. Working Paper No. 2015-149, National Institute of Public Finance and Policy New Delhi http://www.nipfp.org.in
Hamilton, J. D. (1994): Time series analysis. Princeton: Princeton University Press.
Hasan, M. H, Husseinb, A.T., & Farhan, M. N. (2020) Analysis of Government Public Debt and Its Effects on Some Economic Variables in Iraq for the Period (1991-2016) International Journal of Innovation, Creativity and Change, 13 (7), 770 – 782
Hein, E. (2018). Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model. Journal of Post Keynesian Economics, 41(2), 316-338.
Hodula. M., & Melecky, A. (2020) Debt management when monetary and fiscal policies clash: some empirical evidence, Journal of Applied Economics, 23 ( 1), 253–280
Iiyambo, H., & Kaulihowa, T. (2020). An assessment of the relationship between public debt, government expenditure and revenue in Namibia. Public sector economics, 44(3), 331-353. https://doi.org/10.3326/pse.44.3.3
International Monetary Fund (2019). Second Review under The Extended Arrangement under The Extended Fund Facility, Requests for A Waiver of Nonobservance of Performance Criterion, An Extension of The Arrangement, and Rephrasing of Access Press Release; Staff Report; and Statement by The Executive Director for Jordan. IMF Country Report No. 19/127 https://www.imf.org/en/Publications/CR/Issues/2019/05/08/Jordan
Jang. K., & Ogaki, M. (2004). The Effects of Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach. Ohio State University. J. Japanese Int. Economies 18. 99–114 doi:10.1016/S0889-1583(03)00042-X
Johansen, S. &. Juselius, K. (1990). “Maximum Likelihood Estimation and Inference on Cointegration with Applications to Demand for Money” Oxford Bulletin of Economics and Statistics 52, 169-210.
Kilian, L. (2001). Impulse Response Analysis in Vector Autoregressions with Unknown Lag Order. Journal of Forecasting`, 20. 161 – 179
Kirsanova, T., Srehn S., & Vinus D., (2005). The Interactions between fiscal Policy and monetary Policy, Oxford Review of Economic Policy, 21 (4). DOI: 10.1093/oxrep/gri027
Laurens, B., & De la Piedra, E. G., (1998). Coordination of Monetary and Fiscal Policies, IMF working paper WP /98/25. https://www.imf.org/external/pubs/ft/wp/wp9825.pdf
Le Van, C., Nguyen?Van, P., Barbier?Gauchard, A., & Le, D. A. (2019). Government expenditure, external and domestic public debt, and economic growth. Journal of Public Economic Theory, 21(1), 116-134. https://doi.org/10.1111/jpet.12324
Lockwood, B., Philippopoulos, A., & Snell, A. (1996). Fiscal policy, public debt stabilization and politics: Theory and UK evidence. The Economic Journal, 106(437), 894-911.
Ludvigson, S. (1996). The macroeconomic effects of government debt in a stochastic growth model. Journal of Monetary Economics, 38(1), 25-45.
Mah, G., Mongale, I. P., Mukuddem-Petersen, J., & Petersen, M. A. (2014). Government debt in Greece: An empirical analysis. Journal of Governance and Regulation, 3(2-1), 7-17. http://doi.org/10.22495/jgr_v3_i2_c1_p1
Mah, G., Mukkudem-Petersen, J., Miruka, C., & Petersen, M. A. (2013). The impact of government expenditure on the Greek government debt: An econometric analysis. Mediterranean Journal of Social Sciences, 4(3), 323 – 330 Doi:10.5901/mjss.2013.v4n3p323
Mason, J.W, Jayadev A. (2018). A comparison of monetary and fiscal policy interaction under ‘sound’ and ‘functional’ finance regimes. Metroeconomica, 69 (2) 488 – 508 https://doi.org/10.1111/meca.12197
Meliz, J., (1997), Some Cross-Country Evidence about debt, deficits, and the behavior of monetary and Fiscal authorities, CEPR Dissection Papers. 1653
Menguy, S. (2020). Tax Competition, Fiscal Policy, and Public Debt Levels in A monetary Union. Journal of Economic Integration, 35(3), pp. 353-395 https://doi.org/10.11130/jei.2020.35.3.353
Ministry of finance Jordan (2019). Public Debt quarterly Report, 4th quarter. Public debt department. https://mof.gov.jo
Moore, W., & Skeete, K. (2010). The implications of monetary policy shocks for government debt management in Barbados. CBB Working Paper 2010
Nasir, M., Ahmad, A., Ali, A. & Rehman, F. (2010) Fiscal and Monetary Policy Coordination: Evidence from Pakistan. International Research Journal of Finance and Economics, (35), 202 – 2013
Niemann, S. & Hagen, J. (2008) Coordination of monetary and fiscal policies: A freshlook at the issue. Swedish Economic Policy Review, 15, 89-124
Oladokun, O.O. (2015) Causal Relationship between Public Debts and Public Expenditure in Nigeria. International Journal of Management and Applied Science, 1(8), 68 - 79
Oxley, L., & Greasley, D., (1998). Vector Autoregression, Cointegration and Causality: Testing for Causes of the British Industrial Revolution, Applied Economics, 30, pp1387-1397.
Pascal, M. (2011). Public Debt Management Fundamental Component of Public Policy, CES Working Papers, Centre for European Studies, 3(4), 571-578
Pirtea, M. G., Nicolescu, A.C. & Mota, P.R., (2013). An empirical study on public debt's determinants: evidence from Romania. Transylvanian review of administrative sciences, 9(38), 144-157.
Reinhart, C. M., & Rogoff, K. S. (2010 b) From Financial Crash to Debt Crisis. NBER Working Paper 15795 http://www.nber.org/papers/w15795
Reinhart, C. M., & Rogoff, K. S.,(2010 a) Growth in a Time of Debt. NBER Working Paper No. 15639 http://www.nber.org/papers/w15639
Rezabek, P., & Doucek, P. (2018). Monetary and Fiscal Policy Interactions in the Czech Republic. Systems, 6 (2). doi: 10.3390/systems6020025
Ribeiro, R. S., & Lima, G. T. (2019). Government expenditure ceiling and public debt dynamics in a demand-led macromodel. Journal of Post Keynesian Economics, 42(3), 363-389. https://doi.org/10.1080/01603477.2018.1521289
Romer, C. D., & Romer, D. H. (2010). The macroeconomic effects of tax changes: estimates based on a new measure of fiscal shocks. American Economic Review, 100(3), 763-801.
Siddiqui, K. (2019) Government Debts and Fiscal Deficits in the United Kingdom: A critical review. World Review of Political Economy, 10 (1).
Silva, C., Pires, M. &, Terra, F. (2014) The effects of public debt management on macroeconomic equilibrium: An analysis of the Brazilian economy. Economia, 15, 174–188
Slav’yuk, R., & Slaviuk, N. (2018). Government debt management: challenges and perspectives. Investment Management and Financial Innovations, 15(3), 143-156. doi:10.21511/imfi.15 (3).2018.12
Stock, J., & Watson, M. (2001). Vector Autoregressions, Journal of Economic Perspectives, 15(4). 101- 116
Teles, V. K., & Mussolini, C. C. (2014). Public debt and the limits of fiscal policy to increase economic growth. European Economic Review, 66, 1-15.
Thomas, R. L. (1997), Modern Econometrics: An Introduction. Addison Wesley Longman.
Togo, E. (2007). Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework, World Bank Policy Research Working Paper, wp4369
Uguru, L. C. (2016). The link between public debt and government expenditure pattern: The Nigeria experience. IOSR Journal of business and management, 18(1), 37-41. DOI: 10.9790/487X-18113741
Waheed, A. (2017). Determinants of External Debt: A Panel Data Analysis for Oil and Gas Exporting and Importing Countries. International Journal of Economics and Financial Issues, 7(1), 234-240.
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2021-01-29
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Alzyadat, J. A. (2021). Public Debt Management and Macroeconomics Policies Coordination: Evidence from Jordan. Amazonia Investiga, 9(36), 59–72. https://doi.org/10.34069/AI/2020.36.12.5
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