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Impact of External Debt on Economic Growth in Western Balkan Countries
Academic Journal of Interdisciplinary Studies
This paper investigates the average impact of government debt on long-term GDP growth in four Western Balkan countries of Albania, Serbia, Macedonia, and Bosnia & Herzegovina over a 23-year period from 1997-2019. It examines the use of financing through debt on short- and long-term economic growth for these economies using a dynamic common correlated effects model with heterogeneous coefficients. The model's methodology estimation mimics Chudik and Pesaran and the pooled mean group estimator isdoi:10.36941/ajis-2022-0045 fatcat:ygkqfoepnbhcjj2lv6fuy37lde