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Global shocks and the debt‐growth nexus

Fabrizio Casalin, Giorgio Fazio, Jacoub Sleibi Orcid Logo

Economic Inquiry, Pages: 1 - 20

Swansea University Author: Jacoub Sleibi Orcid Logo

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DOI (Published version): 10.1111/ecin.70045

Abstract

This paper re-examines the relationship between debt and growth with and without the influence of global shocks for a panel of 22 economies. The analysis introduces an approach that accounts for the complexity of global factors and estimates the debt-to-growth and growth-to-debt nexus for household,...

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Published in: Economic Inquiry
ISSN: 0095-2583 1465-7295
Published: Wiley 2026
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URI: https://cronfa.swan.ac.uk/Record/cronfa71373
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spelling 2026-03-12T13:22:02.8202705 v2 71373 2026-02-02 Global shocks and the debt‐growth nexus 59755f493d2aca906d69e0011e426b2a 0000-0002-5109-8752 Jacoub Sleibi Jacoub Sleibi true false 2026-02-02 CBAE This paper re-examines the relationship between debt and growth with and without the influence of global shocks for a panel of 22 economies. The analysis introduces an approach that accounts for the complexity of global factors and estimates the debt-to-growth and growth-to-debt nexus for household, corporate, and public debt from a purely idiosyncratic perspective. The results reveal a multifactor structure: global shocks drive variation in household and public debt, whereas corporate debt exhibits predominantly idiosyncratic dynamics. These global shocks alter the magnitude and statistical significance of the idiosyncratic debt-growth nexus, demonstrating their critical role in identifying the underlying relationship. Journal Article Economic Inquiry 0 1 20 Wiley 0095-2583 1465-7295 debt, growth, Cross‐Sectional Dependence, common factors 2 2 2026 2026-02-02 10.1111/ecin.70045 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University SU Library paid the OA fee (TA Institutional Deal) 2026-03-12T13:22:02.8202705 2026-02-02T21:25:24.5782974 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Fabrizio Casalin 1 Giorgio Fazio 2 Jacoub Sleibi 0000-0002-5109-8752 3 71373__36396__332f53bdb23248bebdfec3f441594caf.pdf 71373.VoR.pdf 2026-03-12T13:16:32.5934549 Output 690374 application/pdf Version of Record true © 2026 The Author(s). This is an open access article under the terms of the Creative Commons Attribution License. true eng http://creativecommons.org/licenses/by/4.0/
title Global shocks and the debt‐growth nexus
spellingShingle Global shocks and the debt‐growth nexus
Jacoub Sleibi
title_short Global shocks and the debt‐growth nexus
title_full Global shocks and the debt‐growth nexus
title_fullStr Global shocks and the debt‐growth nexus
title_full_unstemmed Global shocks and the debt‐growth nexus
title_sort Global shocks and the debt‐growth nexus
author_id_str_mv 59755f493d2aca906d69e0011e426b2a
author_id_fullname_str_mv 59755f493d2aca906d69e0011e426b2a_***_Jacoub Sleibi
author Jacoub Sleibi
author2 Fabrizio Casalin
Giorgio Fazio
Jacoub Sleibi
format Journal article
container_title Economic Inquiry
container_volume 0
container_start_page 1
publishDate 2026
institution Swansea University
issn 0095-2583
1465-7295
doi_str_mv 10.1111/ecin.70045
publisher Wiley
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
document_store_str 1
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description This paper re-examines the relationship between debt and growth with and without the influence of global shocks for a panel of 22 economies. The analysis introduces an approach that accounts for the complexity of global factors and estimates the debt-to-growth and growth-to-debt nexus for household, corporate, and public debt from a purely idiosyncratic perspective. The results reveal a multifactor structure: global shocks drive variation in household and public debt, whereas corporate debt exhibits predominantly idiosyncratic dynamics. These global shocks alter the magnitude and statistical significance of the idiosyncratic debt-growth nexus, demonstrating their critical role in identifying the underlying relationship.
published_date 2026-02-02T05:38:29Z
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