138
Views
2
CrossRef citations to date
0
Altmetric
Articles

The nexus between internal and external macroeconomic imbalances: evidence from Egypt

&
Pages 198-232 | Received 18 May 2016, Accepted 15 Feb 2017, Published online: 30 Aug 2017

References

  • Abbas, S., Ali, M., Bouhga-Hagbe, J., Fatas, A. J., Mauro, P., & Velloso, R. (2010). Fiscal policy and the current account (IMF working paper no. 10/121). Washington, DC: International Monetary Fund.
  • Ahmad, A. H., Aworinde, O. B., & Martin, C. (2015). Threshold cointegration and the short-run dynamics of twin deficit hypothesis in African countries. The Journal of Economic Asymmetries, 12(2), 80–91. doi: 10.1016/j.jeca.2015.03.001
  • Akbostanci, E., & Tunc, G. (2002). Turkish twin deficits: An error correction model of trade balance (Economic Research Center (ERC) working papers in economics 01/06).
  • Alkswani, M. (2000). The twin deficits phenomenon in petroleum economy: Evidence from Saudi Arabia. Paper presented at the seventh annual conference of the Economic Research Forum (ERF).
  • Aristovnik, A., & Djuric, S. (2010, July). Twin deficits and the Feldstein-Horioka puzzle: A comparison of the EU member states and candidate countries (Munich Personal RePEc Archive-MPRA paper no. 24149). University of Ljubljana, Faculty of Administration, Slovenia. Retrieved from http://mpra.ub.uni-muenchen.de/24149
  • Bachman, D. D. (1992). Why is the US current account deficit so large? Evidence from vector auto-regressions. Southern Economic Journal, 59(2), 232–240. doi: 10.2307/1060527
  • Bagheri, F., Keshtkaran, S., & Hazrati, F. D. (2012). Twin deficits and Feldstein-Horioka puzzle in the case of Iran. Journal of Social and Development Sciences, 3 (5), 167–171.
  • Baharumshah, A. Z., Ismail, H., & Lau, E. (2005). Twin deficit hypothesis and capital mobility: The ASEAN-5 perspective. Journal Pengurusan, 29, 15–32.
  • Baharumshah, A. Z., Lau, E., & Khalid, A. M. (2006). Testing twin deficits hypothesis using VARs and variance decomposition. Journal of the Asia Pacific Economy, 11(3), 331–354. doi: 10.1080/13547860600764245
  • Barro, R. J. (1974). Are government bonds net wealth? Journal of Political Economy, 82(6), 1095–1117. doi: 10.1086/260266
  • Barro, R. J. (1989). The Ricardian approach to budget deficits. Journal of Economic Perspectives, 3(2), 37–54. doi: 10.1257/jep.3.2.37
  • Beetsma, R., Giuliodori, M., & Klaassen, F. (2007). The effects of public spending shocks on trade balances and budget deficits in the European Union. Journal of the European Economic Association, 6(2–3), 414–423. doi: 10.1162/JEEA.2008.6.2-3.414
  • Chinn, M. D., & Ito, H. (2006). What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics, 81(1), 163–192. doi: 10.1016/j.jdeveco.2005.05.010
  • Corsetti, G., & Muller, G. (2006). Twin deficits: Squaring theory, evidence and common sense. Economic Policy, 48, 597–638.
  • Darvas, Z. (2014, March 15). Real effective exchange rates for 178 countries: A new database. (Working Paper 2012/06), Bruegel.
  • El-Baz, O. (2014, February 5). Empirical investigation of the twin deficits hypothesis: The Egyptian case (1990–2012) (MPRA paper no. 53428, Munich Personal RePEc Archive).
  • Enders, W., & Lee, B. (1990). Current account and budget deficits: Twins or distant cousins? Review of Economics and Statistics, 72(3), 373–381. doi: 10.2307/2109344
  • Feldstein, M., & Horioka, C. (1980). Domestic saving and international flows. Economic Journal, 90(358), 314–329. doi: 10.2307/2231790
  • Fidrmuc, J. (2003). The Feldstein-Horioka puzzle and twin deficits in selected economies. Economics of Planning, 36(2), 135–152. doi: 10.1023/B:ECOP.0000012256.88112.c2
  • Georgopoulos, G., & Hejazi, W. (2009). The Feldstein-Horioka puzzle revisited: Is the home-bias much less? International Review of Economics and Finance, 18, 341–350. doi: 10.1016/j.iref.2007.08.004
  • Hakro, A. N. (2009). Twin deficits causality link-evidence from Pakistan. International Research Journal of Finance and Economics, 24, 54–70.
  • Hashemzadeh, N., & Wilson, L. (2006). The dynamics of current account and budget deficits in selected countries in the Middle East and North Africa. International Research Journal of Finance and Economics, 5, 113–129.
  • Herrera, S., Selim, H., Youssef, H., & Zaki, C. (2010, October). Egypt beyond the crisis – Medium term challenges for sustained growth (World Bank policy research working paper 5451). Washington, DC: World Bank.
  • IMF (International Monetary Fund). (2010, April). Arab republic of Egypt: 2010 article IV consultation – Staff report. Washington, DC: Author.
  • IMF (International Monetary Fund). (2015, February). Arab republic of Egypt: 2014 article IV consultation – Staff report. Washington, DC: Author.
  • Islam, M. (1998). Brazil’s twin deficits: An empirical examination. Atlantic Economic Journal, 26(2), 121–128. doi: 10.1007/BF02299354
  • Khalid, A. M., & Guan, W. T. (1999). Causality tests of budget and current account deficits: Cross-country comparisons. Empirical Economics, 24, 389–402. doi: 10.1007/s001810050062
  • Kim, S., & N. Roubini. 2008. Twin deficit or twin divergence? Fiscal policy, current account, and real exchange rate in the U.S. Journal of International Economics, 74, 362–383. doi: 10.1016/j.jinteco.2007.05.012
  • Lau, E., & Baharumshah, A. Z. (2004). On the twin deficits hypothesis: Is Malaysia different? Pertanika Journal of Social Sciences and Humanities, 12(2), 87–100.
  • Lau, E., & Tang, T. C. (2009). Twin deficits in Cambodia: Are there reasons for concern? An empirical study. (Discussion paper 11/09). Monash University, Department of Economics.
  • Marinheiro, C. F. (2006, May). Ricardian equivalence, twin deficits and the Feldstein-Horioka puzzle in Egypt. (ESTUDOS DO GEMF no. 7). Faculdade de Economia da Universidade de Coimbra, Portugal.
  • Marinheiro, C. F. (2008). Ricardian equivalence, twin deficits and the Feldstein-Horioka puzzle in Egypt. Journal of Policy Modeling, 30, 1041–1056. doi: 10.1016/j.jpolmod.2007.12.001
  • Mehrara, M., & Zamanzadeh, A. (2011). Testing twin deficits hypothesis in Iran. Interdisciplinary Journal of Research in Business, 1 (9), 7–11.
  • Monacelli, T., & Perotti, R. (2007). Fiscal policy, the trade balance and the real exchange rate: Implications for international risk sharing. Milan: Universita Bocconi.
  • Mukhtar, T., Zakaria, M., & Ahmed, M. (2007). An empirical investigation for the twin deficits hypothesis in Pakistan. Journal of Economic Cooperation, 28(4), 63–80.
  • Muller, G. J. (2004). Understanding the dynamic effects of government spending on foreign trade (Working paper 2004/27). European University Institute.
  • Nazier, H., & Essam, M. (2012). Empirical investigation of twin deficits hypothesis in Egypt (1992–2010). Middle Eastern Finance and Economics, 17, 45–58.
  • Neaime, S. (2008). Twin deficits in Lebanon: A time series analysis (Lecture and working paper series, no. 2). Institute of Financial Economics, American University of Beirut.
  • Normandin, M. (1999). Budget deficit persistence and the twin deficits hypothesis. Journal of International Economics, 49, 171–193. doi: 10.1016/S0022-1996(98)00058-0
  • Obstfeld, M., & Rogoff, K. (1996). Foundations of international macroeconomics. Cambridge, MA: MIT Press. 832p. ISBN-13: 978-0262150477.
  • Ratha, A. (2011). Twin deficits or distant cousins? Evidence from India (Economics faculty working papers). St. Cloud State University. Retrieved from http://repository.stcloudstate.edu/egi/viewcontent.cgi?article=1004&context=econ_wps
  • Siddiqui, M. (2010). Twin deficits: An empirical analysis in the case Pakistan. World Applied Sciences Journal, 8(11), 1398–1400.
  • Summers, L. (1988). Tax policy and international competitiveness. In J. A. Frenkel (Ed.), International aspects of fiscal policies, NBER conference report (pp. 349–375). Chicago, IL: University of Chicago Press.
  • Vamvoukas, G. A. (1997). A note on budget deficits and interest rates: Evidence from a small open economy. Southern Economic Journal, 63, 803–811. doi: 10.2307/1061112
  • Vamvoukas, G. A. (1999). The twin deficits phenomenon: Evidence from Greece. Applied Economics, 31(9), 1093–1100. doi: 10.1080/000368499323571

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.