Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies

Bökemeier B, Clemens C (2016) Working Papers in Economics and Management; 10-2016.
Bielefeld: Bielefeld University, Department of Business Administration and Economics.

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Abstract
This paper empirically studies whether it pays off (in terms of economic growth) to fulfill the convergence criteria on the public budget and participation in the Euro– zone. The analysis is based on data of European economies with a special focus on twelve Euro–zone members and a control group of six non–Euro countries for the years from 1970 to 2014. The results show that growth is higher if the debt to GDP ratio is below 60 % compared to values above it. Moreover, a comparison with European economies outside the Euro–zone shows higher growth values for Euro–members than for the control group. Regression estimations reveal a negative relationship between the two variables for the Euro–group. For the control group the relationship is not statistically significant.
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Bökemeier B, Clemens C. Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies. Working Papers in Economics and Management. Vol 10-2016. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2016.
Bökemeier, B., & Clemens, C. (2016). Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies (Working Papers in Economics and Management, 10-2016). Bielefeld: Bielefeld University, Department of Business Administration and Economics. doi:10.4119/unibi/2915608
Bökemeier, B., and Clemens, C. (2016). Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies. Working Papers in Economics and Management, 10-2016, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
Bökemeier, B., & Clemens, C., 2016. Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies, Working Papers in Economics and Management, no.10-2016, Bielefeld: Bielefeld University, Department of Business Administration and Economics.
B. Bökemeier and C. Clemens, Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies, Working Papers in Economics and Management, vol. 10-2016, Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2016.
Bökemeier, B., Clemens, C.: Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies. Working Papers in Economics and Management, 10-2016. Bielefeld University, Department of Business Administration and Economics, Bielefeld (2016).
Bökemeier, Bettina, and Clemens, Christiane. Does it Pay to Fulfill the Maastricht Convergence Criteria? — Reflections on the Public Debt and Growth Nexus for selected European Economies. Bielefeld: Bielefeld University, Department of Business Administration and Economics, 2016. Working Papers in Economics and Management. 10-2016.
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