2026-05-31T22:11:33Zhttps://riuma.uma.es/rest/oai/requestoai:riuma.uma.es:10630/172632026-02-03T12:14:53Zcom_10630_2254col_10630_37959
RIUMA. Repositorio Institucional de la Universidad de Málaga
author
Bongers-Chicano, Aneli María
author
Torres-Chacón, José Luis
2019-02-06T10:31:36Z
2019-02-06T10:31:36Z
2019-02-06
https://hdl.handle.net/10630/17263
The relationship between the fiscal policy and the current account balance is an open question for open economies analysis. Traditional view leads to the so-called "twin de cits hypothesis", which establishes a direct relationship between the government budget de cit and the current account de cit. However, intertemporal approach of the current account doubts on the existence of such a relationship. In this paper, we study this twin deficits hypothesis using a dynamic general equilibrium model in a monetary union context, in which it is considered the role of international investors in financing government de cit. We nd that the proportion of government debt purchased by foreign investment is a key factor in explaining the relationship between fiscal policy and the current account. In general, we obtain that the e¤ects of di¤erent shocks on the current account dynamics are magnified as the proportion of government debt held by foreign investors increases.
eng
Política fiscal
Fiscal Policy, the Current Account, and the Twin Deficits Hypothesis
conference output
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URL
https://riuma.uma.es/bitstreams/e879a6ac-833e-48b2-82d6-a83946bdf180/download
File
MD5
dddbd772e9ec8c1f3902ff53221b10ac
195657
application/pdf
TWIN-1.pdf