PT  - JOURNAL ARTICLE
AU  - Blížkovský, Petr
AU  - Střelec, Luboš
AU  - Blížkovská, Kateřina
TI  - The "Three-D-Relationship": Do Democracy and Development Lead to Increased Debt?
DP  - 2020 Aug 31
TA  - European Journal of Business Science and Technology
PG  - 21--36
VI  - 6
IP  - 1
AID - 10.11118/ejobsat.2020.003
IS  - 23366494
AB  - The paper aims to test the research hypothesis of whether more democratic and economically developed countries tend to have higher public debts (the "Three-D-Relationship") or not. The hypothesis was tested on a panel of 91 countries over the period from 2012 to 2016 using a two way analysis of variance where debt was the dependent variable and regime type and income levels were factors. The results only partially confirmed the hypothesis. Higher democratic standards did correlate with higher debt levels. Similarly, higher income levels also correlated with bigger debt burden. Both "democracy" and "development" combined was not linked to higher debt levels.