Brazil's twin deficits: An empirical examination
This paper examines empirically the causal relationship between budget deficits and trade deficits for Brazil from 1973:1Q through 1991:4Q. This relationship is investigated in the context of Granger's test of causality. The final prediction error criterion, as outlined by Hsiao , is applied in determining the appropriate lag length of the two variables. Empirical results suggested the presence of bilateral causality between trade deficits and budget deficits. Copyright International Atlantic Economic Society 1998
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Volume (Year): 26 (1998)
Issue (Month): 2 (June)
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References listed on IDEAS
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- Plosser, Charles I., 1982. "Government financing decisions and asset returns," Journal of Monetary Economics, Elsevier, vol. 9(3), pages 325-352.
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- Cardoso, Eliana A., 1991. "Deficit finance and monetary dynamics in Brazil and Mexico," Journal of Development Economics, Elsevier, vol. 37(1-2), pages 173-197, November.
- Akaike, Hirotugu, 1981. "Likelihood of a model and information criteria," Journal of Econometrics, Elsevier, vol. 16(1), pages 3-14, May.
- Bahmani-Oskooee, Mohsen & Payesteh, Sayeed, 1993. "Budget deficits and the value of the dollar: An application of cointegration and error-correction modeling," Journal of Macroeconomics, Elsevier, vol. 15(4), pages 661-677.
- Evans, Paul, 1986. "Is the dollar high because of large budget deficits?," Journal of Monetary Economics, Elsevier, vol. 18(3), pages 227-249, November.
- Bharat R. Koluri & Demetrios S. Giannaros, 1987. "Deficit and External Debt Effects on Money and Inflation in Brazil and Mexico: Some Evidence," Eastern Economic Journal, Eastern Economic Association, vol. 13(3), pages 243-248, Jul-Sep.
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