In the case of industrial countries, we did not find any robust linear and nonlinear
relationship between gross government debt and economic growth (nor
the growth determinants, with the exception of the private savings rate). This
is a very interesting result because it would be suggesting that for industrial
countries higher public debt levels are not necessarily associated with lower
GDP growth rates. Clearly, this is in stark contrast to the results for developing
countries, where the relationship is negative and significant. The question
that remains to be answered is what is the reason for the difference between
developing and industrial countries