Financial integration, euro and the twin deficits of southern Eurozone countries

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2013
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Abstract
The purpose of this study is the examination of the relationship between fiscal and Current Account balances for the countries of southern eurozone. The twin deficit hypothesis is tested within the context of a portfolio model involving variables from the financial sector. Empirical analysis is conducted with panel data, for the period 1991-2011. Evidence is provided to support the twin deficit hypothesis. Additionally, it is found that it is not only the fiscal policy of the southern eurozone countries that affects their Current Account balances, but also the fiscal policy of the eurozone surplus countries of the north. Interdependence of euro-zone countries suggests that fiscal policy can be used for the elimination of external disequilibrium. Therefore, fiscal policy should be coordinated but not uniformly applied.
Reference Key
e2013financialpanoeconomicus Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors E., Kosteletou Nikolina;
Journal panoeconomicus
Year 2013
DOI
DOI not found
URL
http://www.doiserbia.nb.rs/img/doi/1452-595X/2013/1452-595X1302161K.pdf
Keywords
business economics as a science social sciences economic theory. demography management. industrial management

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