Department Chair

Frederick Floss, Ph.D.

Date of Award


Access Control

Open Access

Degree Name

Applied Economics, M.A.


Economics and Finance Department


Theodore F. Byrley, Ph.D., CFA

Department Home page

First Reader

Theodore F. Byrley, Ph.D., CFA

Second Reader

Frederick Floss, Ph.D.

Third Reader

Eugene Chaas, M.A, CFA


National debt is a popular topic, since people have a lot of different views on national debt. For example, many people think that there is a positive relationship between national debt and GDP per capita. In other words, the national debt has also increased with the growth of GDP per capita. However, some people feel that there is an inverse relationship between them, so much so that the topic has been discussed. Based on my interest in this topic, I decided to discuss this question. This paper will discuss their influence and importance by analyzing national debt, GDP per capita, Initial debt-to-GDP ratio, and Change in debt-to-GDP ratio. I will make predictions on the results. I am going to explore the positive or negative effects between them through data research and analysis. This thesis will also compare the data and results of the three countries in the United States, China, and Germany to find out the correlation between them. This will let us know if debt matters.