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The Impact of Domestic and Foreign Public Debt on Economic Growth: Empirical Evidence from Zimbabwe

Author

Listed:
  • Saungweme, Talknice

    (Department of Economics, University of South Africa, Pretoria, South Africa)

  • Odhiambo, Nicholas M.

    (Department of Economics, University of South Africa, Pretoria, South Africa)

Abstract
This paper applies the autoregressive distributed lag (ARDL) approach to examine the impact of public debt (domestic and foreign) on economic growth in Zimbabwe for the period from 1970 to 2017. The study adds to the ongoing debt-growth debate by testing the impact of the aggregated and disaggregated public debt on economic growth. The empirical results reveal that the impact of public debt on economic growth in Zimbabwe is negative, irrespective of whether public debt is aggregated or disaggregated, and irrespective of the type of debt – domestic or foreign. The study results further reveal that domestic public debt is more disastrous to the Zimbabwean economy than its foreign counterpart. These results are found to apply regardless of whether the regression analysis is performed in the short run or in the long run. La relazione tra debito pubblico interno ed estero e crescita economica: evidenze empiriche dallo Zimbabwe Questo studio utilizza il metodo autoregressivo ad intervalli distributivi (ARDL) per esaminare l’azione esercitata dal debito pubblico (interno ed estero) sulla crescita economica in Zimbabwe nel periodo 2010-2017. La novità di questo articolo rispetto al dibattito in corso è la valutazione dell’impatto del debito pubblico, sia aggregato che disaggregato, sulla crescita economica. I risultati empirici dimostrano che l’impatto del debito pubblico sulla crescita è negativo in Zimbabwe, sia che si tratti di debito aggregato che disaggregato, o di debito interno o estero. I risultati evidenziano altresì che il debito pubblico interno è più dannoso per l’economia dello Zimbabwe della controparte straniera. Questi risultati sono validi anche nel caso di analisi regressiva sia sul breve che sul lungo periodo.

Suggested Citation

  • Saungweme, Talknice & Odhiambo, Nicholas M., 2020. "The Impact of Domestic and Foreign Public Debt on Economic Growth: Empirical Evidence from Zimbabwe," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(1), pages 77-106.
    • Handle: RePEc:ris:ecoint:0864
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    Cited by:

    1. Saungweme Talknice & Odhiambo Nicholas M., 2021. "Public debt and inflation dynamics: Empirical evidence from Zimbabwe," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 7(2), pages 14-30, December.
    2. Saungweme Talknice & Odhiambo Nicholas M., 2021. "Public debt and inflation dynamics: Empirical evidence from Zimbabwe," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 7(2), pages 14-30, December.
    3. Callistus Tabansi Okeke & Chinwe Ann Anisiobi & Chinwe Monica Madueke, 2023. "Public Debt and Economic Growth: Empirical Evidence from Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(3), pages 705-718, March.
    4. T. Saungweme & N.M. Odhiambo, 2021. "Public Debt and Inflation Dynamics: Empirical Evidence from Zimbabwe," Working Papers AESRI-2021-07, African Economic and Social Research Institute (AESRI), revised Oct 2021.
    5. Sheilla Nyasha & Nicholas M. Odhiambo & Mercy T. Musakwa, 2022. "Bank Development and Unemployment in Kenya: An Empirical Investigation," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 20(2 (Summer), pages 85-107.
    6. Sheilla Nyasha & Nicholas M. Odhiambo & Mercy T. Musakwa, 2022. "Bank Development and Unemployment in Kenya: An Empirical Investigation," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 20(2 (Summer), pages 85-107.
    7. Seghezza, Elena, 2022. "The Cagan's Model, its Developments, and the Patinkin Effect," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 75(4), pages 601-622.
    8. Saungweme Talknice & Odhiambo Nicholas M., 2021. "Public debt and inflation dynamics: Empirical evidence from Zimbabwe," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 7(2), pages 14-30, December.
    9. S. Nyasha & M.T. Musakwa & N.M. Odhiambo, 2022. "Bank Development and Unemployment in Kenya: An Empirical Investigation," Working Papers AESRI-2022-18, African Economic and Social Research Institute (AESRI), revised Jun 2022.
    10. Talknice Saungweme & Nicholas M. Odhiambo, "undated". "Public Debt And Inflation Dynamics: Empirical Evidence From Zimbabwe," Working Papers AESRI05, African Economic and Social Research Institute (AESRI).

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    More about this item

    Keywords

    Public Debt; Domestic Public Debt; Foreign Public Debt; Economic Growth; Zimbabwe; ARDL;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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