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Finally, using a similar estimation strategy as Cechetti, Mohanty, and Zampolli (forthcoming) and Kumar and Woo (2010), Panizza and Prebistero (2012) use the share (in total debt) of foreign currency debt as their key instrument to deal with the potential endogeneity of debt. They conclude that there is little evidence that high public debt levels hurt future growth in advanced economies, but suggest that things are different in developing countries, where a significant fraction of debt is external and the debt overhang argument has more bite. Of course, as the authors discuss, their critical instrument has an important drawback-it has nearly zero mean and variance in France, Germany, japan, the Netherlands, and the united states, as these five countries do not have public debt denominated in foreign currency.