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What is Twin Deficit

Chapter 15
Handbook of Research on Financial and Banking Crisis Prediction through Early Warning Systems
When there is deficit in the government budget, and deficit in the current account.
Published in Chapter:
The Twin Deficit as an Early Warning Sign in Avoiding Crises: The Case of Greece
Stephanos Papadamou (University of Thessaly, Greece) and Eleftherios Spyromitros (Democritus University of Thrace, Greece)
Copyright: © 2016 |Pages: 22
DOI: 10.4018/978-1-4666-9484-2.ch015
Abstract
By analyzing the causes and consequences of Greek debt crisis, we identify early warning fiscal and financial signals. The existence of twin deficits for a number of years can be characterized as the key fiscal indicator concerning the debt problems faces Greece. Moreover, indicators from the banking sector also reveal significant information for the Greek crisis. The interdependence of banking and government sectors and opportunistic political behavior can affect dramatically a small economy. Common currency reveals structural weaknesses of the Greek economy.
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