出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The scope of this paper is to evaluate the effects of budget deficits on the current account of the EMU countries employing modern panel data methods.In particular,the paper focuses on testing the validity of the TDH(twin deficits hypothesis)and the REH(Ricardian equivalence hypothesis)over 1970-2008 and during the pre-Maastricht and the postMaastricht periods 1970-1991 and 1992-2008.FGLS(feasible generalized least squares)and TSGLS(two stage generalized least squares)estimates provide powerful evidence consistent with the TDH.A noteworthy result is that the effects of fiscal deficits on the current accounts of the EMU countries are stronger in the post-Maastricht period 1992-2008 than the pre?Maastricht period 1970-1991.Thus,as the EMU member states become more and more integrated and obtain similar institutional features,the general government deficit constitutes the key determinant of the current account balance. Consequently,policy measures trying to reduce budget deficits should be a panacea to cure current account problems.
