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You searched for subject:(twin deficit hypothesis). Showing records 1 – 3 of 3 total matches.

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Texas A&M University

1. Kim, Wongi. Essays on Macroeconomic Aspects of Fiscal Policy.

Degree: PhD, Economics, 2015, Texas A&M University

Recently, various fiscal policies are adopted to overcome severe recessions caused by the Financial Crisis and the Great Recession in many advanced countries. In this dissertation, I focus on the effects of those various fiscal policies on the aggregate economy. In the first study, I examine the state-dependent effects of government debt on government spending multipliers. First, I estimate the spending multipliers conditional on the level of government debt using US historical data and the two-state direct projection method. The empirical results show that the estimated short-run multipliers in a high debt state are larger than those in a low debt state, which contraries to the conventional prediction. Second, I find evidence to support that the government spending significantly differ by the level of government debt. To understand large short-run multipliers in a high debt state, I construct a New Keynesian model to explain the large short-run multipliers in a high debt state. The model suggests that the interaction between the state-dependent government spending rule and monetary policy could be a potential channel to understand the large short-run multipliers in a high debt state. In the second study, I investigate the time-varying relation between government budget balances and external balances to test the twin deficit hypothesis. Through a time-varying structural VAR model and the post World War II data for the US economy, I find new time-varying patterns. To provide some insights about the empirical facts, I construct a small open economy New Keynesian model incorporated rule-of-thumb consumers suggested by Gali et al. [2007b]. A shift in exchange rate regimes and slow-adjusting taxes seem to be be useful to understand the empirical results. Advisors/Committee Members: Jinnai, Ryo (advisor), Zubairy, Sarah (committee member), Zhang, Yuzhe (committee member), Kim, Hagen (committee member).

Subjects/Keywords: fiscal policy; government spending multipliers; twin deficit hypothesis

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Kim, W. (2015). Essays on Macroeconomic Aspects of Fiscal Policy. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/187007

Chicago Manual of Style (16th Edition):

Kim, Wongi. “Essays on Macroeconomic Aspects of Fiscal Policy.” 2015. Doctoral Dissertation, Texas A&M University. Accessed August 15, 2020. http://hdl.handle.net/1969.1/187007.

MLA Handbook (7th Edition):

Kim, Wongi. “Essays on Macroeconomic Aspects of Fiscal Policy.” 2015. Web. 15 Aug 2020.

Vancouver:

Kim W. Essays on Macroeconomic Aspects of Fiscal Policy. [Internet] [Doctoral dissertation]. Texas A&M University; 2015. [cited 2020 Aug 15]. Available from: http://hdl.handle.net/1969.1/187007.

Council of Science Editors:

Kim W. Essays on Macroeconomic Aspects of Fiscal Policy. [Doctoral Dissertation]. Texas A&M University; 2015. Available from: http://hdl.handle.net/1969.1/187007


University of Lethbridge

2. University of Lethbridge. Faculty of Arts and Science. Twin deficit and capital mobility under different monetary policy regimes .

Degree: 2017, University of Lethbridge

The relationship between the government budget and the current account deficits has been explained to depend on the degree of capital mobility, exchange rate regimes and other important factors. One factor that has not received much attention is how different monetary policy regimes may affect the relationship through their effects on the transmission mechanism between the two deficits. We consider the theoretical bases for analyzing the twin deficit hypothesis within an IS-MP model as an alternative to the conventional IS-LM-BP model and the predictions of the models are tested using empirical data. Using, Canada, the U.K. and the U.S., we found that rules-based monetary policy, particularly inflation targeting, improves capital mobility and changes the relationship between the government budget deficit and the current account deficit. The changes however, we identify to be dependent on how well the policy rule is able to control the effects of inflation expectations.

Subjects/Keywords: budget deficit; capital mobility; current account balance; inflation targeting; monetary policy; twin deficit hypothesis

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Science, U. o. L. F. o. A. a. (2017). Twin deficit and capital mobility under different monetary policy regimes . (Thesis). University of Lethbridge. Retrieved from http://hdl.handle.net/10133/4883

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Science, University of Lethbridge. Faculty of Arts and. “Twin deficit and capital mobility under different monetary policy regimes .” 2017. Thesis, University of Lethbridge. Accessed August 15, 2020. http://hdl.handle.net/10133/4883.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Science, University of Lethbridge. Faculty of Arts and. “Twin deficit and capital mobility under different monetary policy regimes .” 2017. Web. 15 Aug 2020.

Vancouver:

Science UoLFoAa. Twin deficit and capital mobility under different monetary policy regimes . [Internet] [Thesis]. University of Lethbridge; 2017. [cited 2020 Aug 15]. Available from: http://hdl.handle.net/10133/4883.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Science UoLFoAa. Twin deficit and capital mobility under different monetary policy regimes . [Thesis]. University of Lethbridge; 2017. Available from: http://hdl.handle.net/10133/4883

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation


Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ)

3. Trachanas, Emmanouil. Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής.

Degree: 2013, Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ)

This dissertation is composed of three essays, each examining topics relating to fiscal policy. This first essay examines the relationship between the fiscal and current account deficit, aiming at validating the “twin deficits” hypothesis for five European economies; Portugal, Ireland, Italy, Greece and Spain. The empirical analysis uses annual data over the period 1971-2009 and applies several alternative linear and asymmetric time series techniques, designed to account for possible structural breaks and asymmetric causal effects between the explored deficit series. The findings reveal that the “twin deficits” hypothesis holds for Portugal, Ireland, Greece and Spain. In addition, regarding the effect of the fiscal deficit on the current account deficit, the overall evidence supports the existence of asymmetric long-run effects, indicating that negative fiscal shocks dominate the positive ones; that is, a decrease in the fiscal deficit has a greater impact on the current account deficit, rather than the opposite. This finding validates the view that only through a restrictive fiscal policy governments could maintain their external position and enhance the growth performance of the economy. The second essay examines empirically the issue of fiscal sustainability, as well as the government revenue-expenditure nexus for three South-European economies under financial market pressure and insolvency; Italy, Greece and Spain. The empirical analysis uses annual data from 1970 to 2010 and deploys alternative cointegration techniques to account for possible linear and nonlinear effects in fiscal policy actions. The evidence suggests that, allowing for a structural break, the sustainability of the fiscal deficits in all three countries holds only in the weak sense. In addition, the evidence indicates that expenditures is the driving force, giving support to the spend-and-tax hypothesis while the budgetary adjustment process is asymmetric in Italy and Spain. In both countries, the response of government revenues, when the budget is improving, is larger (in absolute terms) than when the budget is deteriorating. The third essay re-examines empirically the sustainability of the Greek budget deficit, an issue which has attracted worldwide attention and interest over the recent past. The empirical analysis uses annual data from 1960 to 2011 and employs traditional and more recent unit root and cointegration techniques to investigate linear and nonlinear effects in fiscal policy actions, accounting for the possible presence of structural breaks. Unlike previous studies, the evidence suggests that, allowing for structural breaks, the Greek budget deficit was weakly sustainable until 1995, and thereafter turned to unsustainability. This fact raised severe problems in the solvency of the Greek economy, as well as in the quest for further borrowing to serve the public debt. In particular, the parameter after the second detected break reflects the structural deficiencies of the Greek economy.

Η παρούσα διατριβή βασίζεται σε τρεις…

Subjects/Keywords: Δίδυμα ελλείμματα; Βιωσιμότητα του δημοσιονομικού ελλείμματος; Σχέση εσόδων και δαπανών του κρατικού προϋπολογισμού; Δημοσιονομικό έλλειμμα; Δημοσιονομική πολιτική; Έλλειμμα ισοζυγίου τρεχουσών συναλλαγών; Συνολοκλήρωση; Διαρθρωτικές αλλαγές; Ασυμμετρική Συνολοκλήρωση; Μη γραμμική συνολοκλήρωση κατωφλίου; Twin deficit hypothesis; Budget deficit sustainability; Revenue-expenditure nexus; Budget deficit; Current account deficit; Cointegration; Structural breaks; Asymmetric cointegration; Threshold Cointegration

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Trachanas, E. (2013). Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής. (Thesis). Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ). Retrieved from http://hdl.handle.net/10442/hedi/30037

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Trachanas, Emmanouil. “Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής.” 2013. Thesis, Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ). Accessed August 15, 2020. http://hdl.handle.net/10442/hedi/30037.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Trachanas, Emmanouil. “Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής.” 2013. Web. 15 Aug 2020.

Vancouver:

Trachanas E. Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής. [Internet] [Thesis]. Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ); 2013. [cited 2020 Aug 15]. Available from: http://hdl.handle.net/10442/hedi/30037.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Trachanas E. Δοκίμια μακροοικονομικής πολιτικής: τρεις οικονομετρικές μελέτες σε θέματα δημοσιονομικής πολιτικής. [Thesis]. Aristotle University Of Thessaloniki (AUTH); Αριστοτέλειο Πανεπιστήμιο Θεσσαλονίκης (ΑΠΘ); 2013. Available from: http://hdl.handle.net/10442/hedi/30037

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.