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Naše gospodarstvo/Our economy

Journal of contemporary issues in economics and business

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Economic Growth and Public Indebtedness in the Last Four Decades: Is Portugal different from the other PIIGS’ economies?

Gospodarska rast in javna zadolženost v zadnjih štirih desetletjih: je Portugalska drugačna od drugih PIIGS-gospodarstev?

Ricardo Ferraz / António Portugal Duarte
Published Online: 2015-12-30 | DOI: https://doi.org/10.1515/ngoe-2015-0021


Portugal is a member of the group known by investors as ‘PIIGS’, countries characterised by having high public debt and weak economic growth. Using an extended time horizon, 1974–2014, this study seeks to empirically explore the relationship between economic growth and public debt in the PIIGS economies, particularly in the case of Portugal. Based on the estimation of linear regression models, it was concluded that in the last four decades there has been a negative relationship between economic growth and public debt in both cases, which is consistent with the literature. The negative relationship was even more pronounced in the case of the PIIGS than it was in the case of Portugal.


Portugalska je članica skupine držav, investitorjem poznane kot PIIGS, ki jo označujeta visok javni dolg in šibka gospodarska rast. V tej raziskavi smo v razširjenem obdobju 1974–2014 empirično preverili povezavo med ekonomsko rastjo in javnim dolgom v gospodarstvih PIIGS in na Portugalskem. Na osnovi ocene linearnih regresijskih modelov ugotavljamo, da je v zadnjih štirih desetletjih v obeh primerih povezava med ekonomsko rastjo in javnim dolgom negativna, kar je skladno z literaturo. Negativna povezava je bila celo bolj izrazita v gospodarstvih PIIGS kot na Portugalskem.

Keywords: Economic Growth; Portugal; ‘PIIGS’; Public Debt

Ključne besede:: ekonomska rast; Portugalska; PIIGS; javni dolg

JEL:: E62; E65; H6


About the article

Received: 2015-05-01

Revised: 2015-11-01

Accepted: 2015-11-01

Published Online: 2015-12-30

Published in Print: 2015-12-01

Citation Information: Naše gospodarstvo/Our economy, Volume 61, Issue 6, Pages 3–11, ISSN (Online) 2385-8052, DOI: https://doi.org/10.1515/ngoe-2015-0021.

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© 2015 Ricardo Ferraz et al., published by De Gruyter Open. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License. BY-NC-ND 3.0

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