Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79500
Authors: 
Nikiforos, Michalis
Carvalho, Laura
Schoder, Christian
Year of Publication: 
2013
Series/Report no.: 
Working Paper, Levy Economics Institute 771
Abstract: 
This paper analyzes the trajectories of the Greek public deficit and sovereign debt over the last three decades and their connection to the political and economic environment, paying special attention to the causality between the public and the foreign deficit. The authors argue that, from 1980 to 1995, causality ran from the public deficit to the foreign deficit but has since reversed, a result of the European monetary unification process and the adoption of the common currency. This hypothesis is tested and verified econometrically using the Granger causality and cointegration analyses.
Subjects: 
Greece
crisis
public debt
twin deficits
imbalances
JEL: 
E62
F21
F34
F41
Document Type: 
Working Paper

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