Hi,

Kindly follow past studies and see what they have been using. Based on that you can make a decision. All the best.

On CEIC, you can get data on External Debt as a % of GDP:

https://www.ceicdata.com/en/indicator/germany/external-debt--of-nominal-gdp

The OECD offers data for Stock of total external debt (percentage of GDP):

https://stats.oecd.org/Index.aspx?DataSetCode=AEO11_COUNTRYNOTES_FIG2_EN#

In the WDI, you can also find data on External Debt:

https://data.worldbank.org/topic/external-debt

Hi,

Better if you take decision consulting with literature. But none of them fits well with external debt.

Thanks.