أثر خدمات الدين على النمو الاقتصادي في المملكة الأردنية الهاشمية

الملخص EN

The main objective of this paper is to investigate the longrun and short-run effects of debt services on economic growth in the kingdom of Jordan.

this study adapts multivariate cointegration techniques and the vector error correction model.

using annual time series data for the period (1975-2002), the empirical results of cointegration techniques indicate the existence of a long-run equilibrium between the variables of the study.

the results show negative effect of debt services on economic growth in the long-run which support the debt overhang theory.

the vector error correction results do not indicate any effects of debt services on economic growth in the short-run.

the difference between short-run and long-run effects could be explained by the nature of the government expenditure which in most cases are used for longrun return projects.

another explanation is that most of jordan debt is long-run debt.