This paper conducts an empirical analysis of the nonlinearity in the effects of external and internal government debt on economic growth. While much existing research treats government debt as a single indicator, this paper examines the composition of government debt, distinguishing between external and internal government debt to assess their effects on economic growth. To account for potential nonlinearity in the relationship between government debt and economic growth, the analysis employs nonlinear models using the government debt-to-GDP ratio and the country risk index as threshold variables. […]