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Debt And Deficit Dynamics In New Zealand: Did Financial Liberalization Matter?

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Author Info
PAUL D. MCNELIS
ANJUM SIDDIQUI

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Abstract

This study attempts to determine empirically the effects of financial liberalization on the relationship between the much publicized Twin Deficits, in the fiscal and the current accounts. We could not find any cointegrating relationship between the twin deficits, but a cointegrating association was observed between total external debt and the total government debt with the fiscal deficits in New Zealand. Our results also establish that a tighter linkage between the fiscal deficit and debt variables began to emerge prior but close to the period of financial liberalization. This linkage may have become more pronounced in New Zealand in anticipation of the opening of the capital markets. [E65]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 8 (1994)
Issue (Month): 3 (October)
Pages: 71-87
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Handle: RePEc:taf:intecj:v:8:y:1994:i:3:p:71-87

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  1. Hendry, David F, 1986. "Econometric Modelling with Cointegrated Variables: An Overview," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(3), pages 201-12, August.
  2. Enders, Walter & Lee, Bong-Soo, 1990. "Current Account and Budget Deficits: Twins or Distant Cousins?," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 373-81, August. [Downloadable!] (restricted)
  3. Kunst, Robert & Neusser, Klaus, 1990. "Cointegration in a Macroeconomic System," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(4), pages 351-65, Oct.-Dec.. [Downloadable!] (restricted)
  4. David A. Dickey & Dennis W. Jansen & Daniel L. Thornton, 1991. "A primer on cointegration with an application to money and income," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 58-78. [Downloadable!]
  5. Aschauer, David Alan, 1989. "Does public capital crowd out private capital?," Journal of Monetary Economics, Elsevier, vol. 24(2), pages 171-188, September. [Downloadable!] (restricted)
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  6. Perron, Pierre, 1988. "Trends and random walks in macroeconomic time series : Further evidence from a new approach," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 297-332. [Downloadable!] (restricted)
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  7. Beard, Thomas R. & McMillin, W. Douglas, 1991. "The impact of budget deficits in the interwar period," Journal of Macroeconomics, Elsevier, vol. 13(2), pages 239-266. [Downloadable!] (restricted)
  8. Miller, Stephen M, 1991. "Monetary Dynamics: An Application of Cointegration and Error-Correction Modeling," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(2), pages 139-54, May. [Downloadable!] (restricted)
  9. B. Douglas Bernheim, 1988. "Budget Deficits and the Balance of Trade," NBER Chapters, in: Tax Policy and the Economy: Volume 2, pages 1-32 National Bureau of Economic Research, Inc. [Downloadable!]
  10. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June. [Downloadable!] (restricted)
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  1. Abdulnasser Hatemi-J & Ghazi Shukur, 2002. "Multivariate-based causality tests of twin deficits in the US," Journal of Applied Statistics, Taylor and Francis Journals, vol. 29(6), pages 817-824, August. [Downloadable!] (restricted)
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