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

  • 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)

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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Article provided by Eastern Macedonia and Thrace Institute of Technology (EMATTECH), 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
Contact details of provider: Web page: http://ijbesar.teiemt.gr/

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  1. Michel Normandin, 1996. "Budget Deficit Persistence and the Twin Deficits Hypothesis," Macroeconomics 9607001, EconWPA.
  2. Haug, Alfred A, 1991. "Cointegration and Government Borrowing Constraints: Evidence for the United States," Journal of Business & Economic Statistics, American Statistical Association, vol. 9(1), pages 97-101, January.
  3. 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.
  4. 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.
  5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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