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On the Dynamics of the Greek Twin Deficits: Empirical evidence over the period 1960 – 2007

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Author Info

  • Panagiotis Pantelidis

    ()
    (Technological Education Institute of Serres, Department of Business Administration, Serres, Greece)

  • Emmanouil Trachanas

    ()
    (Aristotle University of Thessaloniki, Department of Economics, Greece)

  • Athanasios L. Athanasenas

    ()
    (Technological Education Institute of Serres, Department of Business Administration, Serres, Greece)

  • Constantinos Katrakilidis

    ()
    (Aristotle University of Thessaloniki, Department of Economics, Greece)

Abstract

One of the most important open macroeconomic issues, during the current global economic recession, concerns the sustainability of persistent budget and trade deficits as well as possible interactions between them. These deficits are most crucial due to severe debt servicing costs, faced by today's economies despite their development level. This paper presents time series evidence over the period 1960 up to 2007, using data of the Greek Economy. Our results confirm 'weak' sustainability of both deficits and evidence in favor of the Keynesian rationale regarding the 'twin deficits hypothesis'

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Bibliographic Info

Article provided by Technological Educational Institute (TEI) of Kavala, Greece in its journal International Journal of Economic Sciences and Applied Research (IJESAR).

Volume (Year): 2 (2009)
Issue (Month): 2 (December)
Pages: 9-32

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Handle: RePEc:tei:journl:v:2:y:2009:i:2:p:9-32

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Web page: http://www.ijesar.org/
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Related research

Keywords: Budget and Trade Deficits; Sustainability; Twin Deficits Hypothesis; Cointegration; Greek Economy (1960-2007);

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  1. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  2. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  3. Michel Normandin, 1994. "Budget Deficit Persistence and the Twin Deficits Hypothesis," Cahiers de recherche CREFE / CREFE Working Papers 31, CREFE, Université du Québec à Montréal.
  4. Tanner, Evan & Liu, Peter, 1994. "Is the Budget Deficit "Too Large"?: Some Further Evidence," Economic Inquiry, Western Economic Association International, vol. 32(3), pages 511-18, July.
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Cited by:
  1. Katrakilidis Constantinos & Trachanas Emmanouil, 2011. "Has the Accession of Greece in the EU Influenced the Dynamics of the Country’s “Twin Deficits”? An Empirical Investigation," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 45-54.
  2. Algieri, Bernardina, 2013. "An empirical analysis of the nexus between external balance and government budget balance: The case of the GIIPS countries," Economic Systems, Elsevier, vol. 37(2), pages 233-253.

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