UNI-MB - logo
UMNIK - logo
 
Fakulteta za upravo, Ljubljana (VUSLJ)
  • Twin deficits and the Feldstein-Horioka puzzle : a comparison of the EU member states and candidate countries
    Aristovnik, Aleksander
    The article's main objective is to investigate the empirical link between the fiscal balance and the current account (i.e. the twin deficits phenomenon) in order to confirm one of the above theories. ... The article focuses on the EU member states and candidate countries which according to their different historical, political, economical and geographical characteristics are divided into 2 major groups, i.e. old EU member states (EU15) and new EU member states and candidate countries (EU12+3) in the 1995-2008 period. Additionally, the importance of the so called Feldstein Horioka puzzle in the considered countries is examined in order to draw some conclusions about the regions' integration with international capital markets. The empirical results suggest that budget deficits in the EU member states and candidate countries have generally signalled relatively high level of substitutability between private and public savings, implying a relatively low correlation between fiscal and external imbalances. Thus, the empirical results in general reject the validity of the twin deficit hypothesis.
    Vir: Actual problems of economics = Aktualʹni problemi ekonomìki. - ISSN 1993-6788 (No. 5 (143), 2013, str. 205-214)
    Vrsta gradiva - članek, sestavni del ; neleposlovje za odrasle
    Leto - 2013
    Jezik - angleški
    COBISS.SI-ID - 4159150

Vnos na polico