Paper Title
The crowding-out effect of public debt on private investment in Morocco
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Registration ID: IJNRD_301146
Published ID: IJNRD2501023
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Keywords
The crowding-out effect
Abstract
This study delves into the effects of public debt and public debt service on private investment in Morocco, with a special focus on the crowding-out phenomenon in both the short and long term. Morocco, like many emerging economies, has faced increasing public debt over the past decade as the government has sought to finance critical infrastructure projects, social programs, and respond to economic shocks, such as the COVID-19 pandemic. Public debt in Morocco has risen as a tool to fuel development and stimulate economic activity, yet the long-term effects of this debt on the private sector remain a key concern for policymakers. Using an AutoRegressive Distributed Lag (ARDL) model, the analysis examines the relationship between public debt, public debt service, inflation, and the savings rate on private sector investment in the Moroccan context. Morocco, like many developing countries, has seen its public debt increase in recent years due to efforts to finance key infrastructure projects and manage economic challenges. The findings reveal a positive long-term relationship between public debt and private investment, indicating that public borrowing, when managed effectively, can stimulate private sector growth. However, the study also identifies a significant negative impact of public debt service on private investment, highlighting the crowding-out effect, where rising debt repayment costs limit credit availability for the private sector. Inflation and the savings rate are found to positively influence private investment, further emphasizing the importance of macroeconomic stability. Stability tests confirm the robustness of the model, indicating reliable results over time. The study concludes that while public debt can contribute to Morocco’s economic growth, the burden of debt service presents risks to private sector development, underscoring the need for prudent debt management to avoid long-term crowding-out effects.
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How To Cite (APA)
AZIZ OUIA & TAOUIL FATIMA-ZAHRA (January-2025). The crowding-out effect of public debt on private investment in Morocco. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 10(1), a181-a191. https://ijnrd.org/papers/IJNRD2501023.pdf
Issue
Volume 10 Issue 1, January-2025
Pages : a181-a191
Other Publication Details
Paper Reg. ID: IJNRD_301146
Published Paper Id: IJNRD2501023
Research Area: Others area
Author Type: Foreign Author
Country: benslimane, benslimane, Morocco
Published Paper PDF: https://ijnrd.org/papers/IJNRD2501023.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2501023
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