术语“公债”的详细信息

英译术语:

public debt

汉语语境:

研究人员使用66个发达工业化国家和发展中国家1990~2012年的数据，采用混合最小二乘法、面板数据固定效应回归法、广义矩估计法来分析公债对经济增长的影响及其影响渠道。实证结果得出，公债对经济增长的影响是负的，发达国家比发展中国家的负效应大。研究人员还对公债影响经济增长的渠道作了实证分析，分析主要是从资本形成、全要素生产率、长期名义利率和实际利率3个渠道进行的。实证结果表明，公债对资本形成的影响是负的，对全要素生产率的影响是正的，公债对实际利率和名义利率的影响都是正的。

英语语境:

Researchers use the data from 1990 to 2012 collected from sixty-six industrialized and developing countries and employ methods such as Pooled OLS, Panel Data Fixed Effect Regression and GMM in analyzing the impact of public debt on economic growth and channels of such impact. Empirical studies conclude that public debt affects economic growth negatively, even more so for developed countries than for developing countries. Researchers also conduct empirical analysis of the channels through which public debt affects economic growth. It focuses on three main channels such as capital formation, total factor productivity, long-term nominal and real interest rates. Empirical results testify the following effect of public debt: negative on capital formation, positive on total factor productivity, and positive on both real and nominal interest rates.