Bootstrap panel granger-causality between government budget and external deficits for the EU

被引：0
|
作者：
Rault, Christophe [1 ,2 ]
Afonso, Antonio [3 ,4 ]
机构：
[1] Univ Orleans, LEO, Orleans, France
[2] BEM Bordeaux Management Sch, Bordeaux, France
[3] ECB, Frankfurt, Germany
[4] ISEG UTL, Lisbon, Portugal
来源：
ECONOMICS BULLETIN | 2009年 / 29卷 / 02期
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中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data approach based on SUR systems and Wald tests with country specific bootstrap critical values. Our results show a causal relation from budget deficits to current account deficits for several EU countries: Bulgaria, Czech Republic, Estonia, Finland, France, Italy, Hungary, Lithuania, Poland, and Slovakia, along the lines of the so-called twin-deficit relationship. Considering the effective real exchange rate in the SUR system does not substantially alter the results.
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页数：8
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