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Literatura1. Diamond P.: National debt in a neoclassical growth model, “American Economic Review”1965, No 55.2. Elbadaw I., Ndulu B., Ndung'u N.: Debt overhang and economic growth in Sub-SaharanAfrica, in: Iqbal Z., Kanbur R. (eds.), External finance for low-income countries, InternationalMonetary Fund, Washington 1997.3. Feldstein M.: Budget deficits and national debt, “K. Jha Memorial Lecture at the ReserveBank of India in Mumbai” 2004, No 12.4. Ferreira C.: Public debt and economic growth: a granger causality panel data approach,“Technical University of Lisbon Working Papers” 2009, No 24.5. Keho Y.: Budget deficits and economic growth: causality evidence and policy implications forWAEMU countries, “European Journal of Economics, Finance and Administrative Sciences”2010, Issue 18.6. Kumar M. S., Woo J.: Public debt and growth, “IMF Working Paper” 2010, No 174.7. Modigliani F.: Long-run implications of alternative fiscal policies and the burden of thenational debt, “Economic Journal” 1961, No 71.8. Moore W., Chrystol T.: A meta-analysis of the relationship between debt and growth, “MunichPersonal RePEc Archive Paper” 2008, No. 21474.9. Patillo C., Romer D., Weil D. N.: What are the channels through which external debt affectsgrowth?, “IMF Working Paper” 2004, No. 15.10. Pattillo C., Poirson, H., Ricci L.: External debt and growth, “IMF Working Paper” 2002, No02/69.11. Public debt in 2020,” Deutsche Bank Research” 2010, March 24.12. Reinhart C. M., Rogoff K. S.: Growth in a time of debt, “NBER Working Paper” 2010, No15639.13. Saint-Paul G.: Fiscal policy in an endogenous growth model, “Quarterly Journal ofEconomics” 1992, No. 107.14. Saleh A. S.: The budget deficit and economic performance: a survey, “University ofWollongong, Faculty of Commerce Economics Working Papers” 2003, No 78.15. Schclarek A.: Debt and economic growth in developing and industrial countries, “LundUniversity Working Papers” 2005, No 34.16. Smyth D. J. Hsing Y.: In search of an optimal debt ratio for economic growth, “ContemporaryEconomic Policy” 1995, Vol. 13, Issue 4.SummaryThe main aim of the article is to present the relationships between public debt and economicgrowth in the European Union in the period 2000-2010. The article consists of two parts. The firstpart deals with theoretical analysis of the relationships between public debt and economic growth,including reasons and factors determining these relationships. In the next part of article, there areexamined the relationships between public debt and gross domestic product in the EU by using theVector Autoregression Model (VAR). There are estimated elasticity coefficients of public debt toGDP and elasticity coefficients of GDP to public debt on the base of impulse response function.Then, there is made variance decomposition of the public debt and GDP in order to assess the impactof these factors on the variability of GDP and public debt respectively.Informacja o autorzeDr Piotr MisztalPolitechnika Radomska, Wydział EkonomicznyKatedra Międzynarodowych StosunkówGospodarczych i Integracji Regionalnejul. Chrobrego 31, 26-600 Radom; e-mail: p.misztal@pr.radom.pl114