关键词: 政府债务 , 经济增长 , 产业结构 , 金融稳定

Abstract: Based on sample data of 41 countries over the period from 2001 to 2011, this paper shed light on the effects of economic growth, upgrading of industrial structure and financial volatility on the reduction of government debt by using systemGMM estimationThe empirical results showed that while both economic growth and the upgrading of industrial structure had a positive effect on government debt reduction, higher financial volatility was found to be negatively associated with government debt reduction and weakens the positive effects of economic growth and industrial upgrading on government debt reduction as wellThese conclusions suggested that, to reduce government debt in practice, both economic growth and structure adjustment (especially the latter) should be pursued under the precondition of financial stability to realize economic growth in the context of financial stability and economic structure optimization.

Key words: government debt , economic growth , industrial structure , financial stability