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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2153

Title: Budgetary and external imbalances relationship : a panel data diagnostic
Authors: Afonso, António
Rault, Christophe
Keywords: budget balance
external balance
EU
panel cointegration
Issue Date: Nov-2008
Publisher: European Central Bank
Citation: Afonso, António e Christophe Rault. 2008. "Budgetary and external imbalances relationship : a panel data diagnostic". European Central Bank working paper series nº 961-2008
Series/Report no.: European Central Bank working paper series;nº 961-2008
Abstract: We assess the cointegration relationship between current account and budget balances, and effective real exchange rates, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship between the two imbalances for each country for the period 1970-2007, and for different EU and OECD country groupings. The panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and negative effects of budget balances on current account balances for several countries. The magnitude of the effects varies across countries, and there is no evidence pointing to a direct and close relationship between budgetary and current account balances.
URI: http://hdl.handle.net/10400.5/2153
ISSN: 1725-2806
Publisher version: http://www.ecb.int/pub/pdf/scpwps/ecbwp961.pdf
Appears in Collections:DE - Documentos de trabalho / Working Papers

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