555
Views
27
CrossRef citations to date
0
Altmetric

REFERENCES

  • Abell, J.D. “Twin Deficits During the 1980s: An Empirical Investigation.” Journal of Macroeconomics, 1990, 12 (1), 81–96.
  • Ahearne, A.; Schmitz, B.; and von Hagen, J. “Current Account Imbalances and Financial Integration in the Euro Area.” CEPR Discussion Papers 7262, 2009.
  • Arghyrou, M.G., and Chortareas, G. “Current Account Imbalances and Real Exchange Rates in the Euro Area.” Review of International Economics, 2008, 16 (4), 747–764.
  • Baharumshah, A.Z.; Lau, E.; and Khalid, A.M. “Testing the Twin Deficits Hypothesis Using VARs and Variance Decomposition.” Journal of the Asia Pacific Economy, 2006, 11, 331–354.
  • Barro, R.J. “Are Government Bonds Net Wealth?” Journal of Political Economy, 1974, 82 (6), 1095–1117.
  • Barro, R.J., and Gordon, D.B. “Rules, Discretion and Reputation in a Model of Monetary Policy.” Journal of Monetary Economics, 1983, 12 (1), 101–121.
  • Belke, A., and Dreger, C. “Current Account Imbalances in the Euro Area: Catching up or Competitiveness?” Ruhr Economic Papers 0241, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen, 2011.
  • Blanchard, O., and Giavazzi, F. “Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?” Brookings Papers on Economic Activity, 2002, 33 (2), 147–210.
  • Bosworth, B., and Kollintzas, T. (2001). “Economic Growth in Greece: Past Performance and Future Prospects.” In Greece’s Economic Performance and Prospects. Athens and Washington, DC: Bank of Greece and the Brookings Institution, 2001.
  • Bresser-Pereira, L.C. “The Tendency of the Exchange Rate Toward Overvaluation.” In L.C. Bresser-Pereira (ed.), Globalization and Competition (pp. 125–147). Cambridge: Cambridge University Press, 2009.
  • Bryant, R.C.; Garganas, N.C.; and Tavlas, G.S. (eds.) Greece’s Economic Performance and Future Prospects. Athens and Washington, DC: Bank of Greece and the Brookings Institution, 2001.
  • CESifo. “Net Interest Payments, General Government, as a Percentage of Nominal GDP, 1960–2012.” 2011.
  • Darrat, A.F. “Have Large Budget Deficits Caused Rising Trade Deficits?” Southern Economic Journal, 1988, 54 (4), 879–887.
  • Davidson, P. The Keynes Solution: The Path to Global Economic Prosperity. London: Palgrave Macmillan, 2009.
  • ———. “The Keynes Solution for Preventing Global Imbalances.” Mimeo, 2011. Paper presented at conference “From Crisis to Growth? The challenge of imbalances, debt and limited resources” Berlin, Germany, October 28, 2011, Research Network Macroeconomics and Macroeconomic Policies [FMM].
  • Decressin, J., and Stavrev, E. “Current Accounts in a Currency Union.” IMF Working Paper no. 09/127, 2009.
  • Directorate General for Economic and Financial Affairs (DG ECFIN). European Commission. Annual Macro-economic Database (AMECO), 2011.
  • Domar, E. “The ‘Burden of Debt’ and the National Income.” American Economic Review, 1944, 34 (4), 798–827.
  • Eichengreen, B. “Imbalances in the Euro Area.” Manuscript, University of California, Berkeley, 2010.
  • Erceg, C.J., Guerrieri, L., and Gust, C. “Expansionary Fiscal Shocks and the US Trade Deficit.” International Finance, 2005, 8 (3), 363–397.
  • Federal Reserve. Board of Governors of the Federal Reserve System. “Selected Interest Rates.” 2013. http://www.federalreserve.gov/releases/h15/data.htm
  • Flassbeck, H., and Lapavitsas, C. “The Systemic Crisis of the Euro: True Causes and Effective Therapies.” Manuscript, Rosa Luxemburg Stiftung, 2013.
  • Garganas, N.C., and Tavlas, G.S. “Monetary Regimes and Inflation Performance: The Case of Greece.” In Greece’s Economic Performance and Prospects. Athens and Washington, DC: Bank of Greece and the Brookings Institution, 2001.
  • Gibson, H.D.; Hall, S.G.; and Tavlas, G.S. “The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads.” Journal of International Money and Finance, 2012, 31 (3), 498–516.
  • Godley, W., and Cripps, F. Macroeconomics. New York: Oxford University Press, 1983.
  • Granger, C.W.J. “Investigating Causal Relations by Econometric Models and Cross-spectral Methods.” Econometrica, 1969, 37 (3), 424–438.
  • Hodrick, R.J., and Prescott, E.C. “Postwar U.S. Business Cycles: An Empirical Investigation.” Journal of Money, Credit and Banking, 1997, 29 (1), 1–16.
  • International Monetary Fund (IMF). Balance of Payments Manual. Statistics Department, 1999.
  • ———. World Economic Outlook (WEO), 1997.
  • ———. World Economic Outlook (WEO). “Growth Resuming, Dangers Remain,” 2012.
  • Jaumotte, F., and Sodsriwiboon, P. “Current Account Imbalances in the Southern Euro Area.” IMF Working Paper no. 10/139, 2010.
  • Johansen, S. “Statistical Analysis of Cointegration Vectors.” Journal of Economic Dynamics and Control, 1988, 12 (2–3), 231–254.
  • Johansen, S., and Juselius, K. “Maximum Likelihood Estimation and Inference on Cointegration: With Applications to the Demand for Money.” Oxford Bulletin of Economics and Statistics, 1990, 52 (2), 169–210.
  • Juselius, K. The Cointegrated VAR Model: Methodology and Applications. Oxford: Oxford University Press, 2006.
  • Keynes, J.M. “The German Transfer Problem.” Economic Journal, 1929, 39 (155), 388–408.
  • ———. (1941), “Post-War Currency Policy.” Reprinted in D. Moggridge (ed.), The Collected Writings of John Maynard Keynes, vol. 25 [1941] London: Macmillan, 1980, pp. 21–33.
  • Kindleberger, C., and Aliber, R. Manias, Panics and Crashes: A History of Financial Crises. 6th ed. London: Palgrave Macmillan, 2011.
  • Kollintzas, T.; Papageorgiou, D.; and Vassilatos, V. “An Explanation of the Greek Crisis: “The Insiders-Outsiders Society.” London: Centre for Economic Policy Research, discussion paper, 2012.
  • Kydland, F.E., and Prescott, E.C. “Rules Rather than Discretion: The Inconsistency of Optimal Plans.” Journal of Political Economy, 1977, 85 (3), 473–492.
  • Organization for Economic Cooperation and Development (OECD). Economic Outlook Database, 2011a. http://www.oecd-ilibrary.org/
  • ———. OECD.Stat Extracts, 2011b. http://stats.oecd.org/
  • Papadimitriou, D.B.; Nikiforos, M.; and Zezza, G. “The Greek Economic Crisis and the Experience of Austerity.” Levy Economics Institute of Bard College, Strategic Analysis, July 2013.
  • Papadimitriou, D.B.; Nikiforos, M.; and Zezza, G. “Prospects and Policies for the Greek Economy.” Levy Economics Institute of Bard College, Strategic Analysis, February 2014.
  • Schneider, F. “The Shadow Economy and Shadow Economy Labor Force: What Do We (Not) Know.” Discussion Paper no. 576, Institute for the Study of Labor, 2011.
  • Schoder, C.; Proaño, C.R.; and Semmler, W. “Are the Current Account Imbalances Between EMU Countries Sustainable? Evidence from Parametric and Non-parametric Tests.” Journal of Applied Econometrics, 2013, 28 (7), 1179–1204.
  • Steindl, J. “Saving and Debt.” In Economic Papers 1941–88. London: Macmillan, 1990, pp. 208–215.
  • Stiglitz, J. Freefall: America, Free Markets, and the Sinking of the World Economy. New York: Norton, 2010.
  • Stockhammer, E., and Sotiropoulos, D.P. “Rebalancing the Euro Area: The Costs of Internal Devaluation.” 2012. Post Keynesian Economics Study Group Working Paper 1206,.
  • Summers, L.H. “Tax Policy and International Competitiveness.” In J. Frenkel (ed.), International Aspects of Fiscal Policies, pages 349–375. Chicago: University of Chicago Press, 1988, pp. 349–375.
  • Taylor, L. “Gap Models.” Journal of Development Economics, 1994, 45, 17–34.
  • Taylor, L., and Lysy, F.J. “Vanishing Income Redistributions: Keynesian Clues About Model Surprises in the Short Run.” Journal of Development Economics, 1979, 6 (1), 11–29.
  • Thirlwall, A.P., and Hussain, M.N. “The Balance of Payments Constraint, Capital Flows and Growth Rate Differences Between Developing Countries.” Oxford Economic Papers, 1982, 34 (3), 498–510.
  • Toda, H.Y., and Yamamoto, T. “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” Journal of Econometrics, 1995, 66 (1–2), 225–250.
  • Vamvoukas, G.A. “The Twin Deficits Phenomenon: Evidence from Greece.” Applied Economics, 1999, 31, 1093–1100.
  • Volcker, P.A. 1984. “Facing Up to the Twin Deficits.” Challenge, 1984 (March–April), 4–9.
  • World Bank Group. World Development Indicators online. 2011. Retrieved from http://data.worldbank.org/data-catalog/world-development-indicators
  • Zivot, E., and Andrews, D.W.K. “Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis.” Journal of Business and Economic Statistics, 1992, 10 (3), 251–270.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.