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We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigatethe issue of nonlinearities (debt thresholds) in both the cross-country and within-country dimensions, employing novel methods and diagnostics from the time-series literature adapted for use in the panel. We find some support for a nonlinear relationship between debt andlong-run growth across countries, but no evidence for comm

Cover -- Contents -- 1 Introduction -- 2 Data and Descriptive Analysis -- 2.1 Sample -- 2.2 Variable Construction and Sources -- 2.3 Variable Transformation -- 2.4 Event Analysis -- 3 Empirical Model and Implementation -- 4 Results and Discussion -- 4.1 Main results -- 4.2 Goodness of Fit -- 4.3 Robustness of the Baseline -- 4.4 The Role of Leverage -- 4.5 Capital Inflows Bonanza -- 4.6 Cross-Sectional Heterogeneity -- 5 Concluding Remarks -- A: Data Sources and Sample Makeup -- B: Additional Figures -- C: Additional Regression Results.

How substantial are the economic benefits from democratic regime change? We argue that democratisation is often not a discrete event but a two-stage process: autocracies enter into 'episodes' of political liberalisation which eventually culminate in regime change or not. To account for this chronology and the implicit counterfactual groups, we introduce a repeated-treatment difference-in-difference implementation capturing non-parallel trends and selection into treatment. We find that modelling regime change in two stages rather than a single event yields stronger long-run growth effects. Among democratizers, experiencing repeated episodes without regime change reduces growth in democracy whereas length of episode does not.