Thesis (M.P.A.)--University of Hong Kong, 2004. / Also available in print.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1950. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 333-340).

Thesis (Ed. D.)--West Virginia University, 2000. / Title from document title page. Document formatted into pages; contains vi, 120 p. Vita. Includes abstract. Includes bibliographical references (p. 86-90).

Thesis (master's)--Instituto de Economia da UNICAMP. / Includes bibliographical references (p. 203-214).

Thesis (M.Soc.Sc.)--University of Hong Kong, 1988. / Also available in print.

published_or_final_version / Public Administration / Master / Master of Public Administration

Thesis (Ph. D.)--Dept. of Economics and Social Science Consortium. University of Missouri--Kansas City, 2006. / "A dissertation in economics and social science consortium." Advisor: L. Randall Wray. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed Oct. 31, 2007. Includes bibliographical references (leaves 184-201). Online version of the print edition.

Thesis (PhD)--Stellenbosch University, 2013. / Fiscal deficits, which are the end result of fiscal indiscipline and lack of fiscal space, have been the focus of fiscal and macroeconomic adjustment in developed and developing countries. Developments in the euro zone between 2007 and 2011, have reminded policy makers about the macro-economic dangers posed by government debt. The nasty experiences of Portugal, Italy, Greece and Spain forced policy makers in Europe to introduce painful austerity measures. Up to this day, the eurozone debt crisis threatens the survival of the European Union. Although most African countries were not directly affected by the contagion of the euro zone debt crisis, they too had their own structural problems of unsustainable fiscal deficits and bad governance which caused macroeconomic imbalances. This study examines the macroeconomic effects of fiscal deficits and the contribution of bad governance to macroeconomic instability in Zimbabwe. In chapter one the problem and methodology of the study are introduced. The key questions are basically whether deficits are harmful or neutral? Linked to this is of course, the political economy of these deficits, especially the method of financing them and how this affects the macro-economic equilibrium. In order to investigate these issues, this study uses a qualitative and comparative methodology which juxtaposes Zimbabwe’s experiences with those of other developing countries, namely Ghana, Morocco, Zambia and Botswana. These countries are chosen as they collectively depict both cases of good fiscal management (Botswana and Morocco) on the one hand, and bad fiscal management (Ghana and Zambia), on the other. This methodology adequately captures political economy issues which are not capable of being estimated without running the risk of lack of validity and spurious inferences given the softness of data under hyperinflationary conditions that occurred in Zimbabwe prior to 2009. In chapter two the study examines various theoretical propositions on the relationship between the fiscal deficit and selected macroeconomic variables. The traditional theory postulates that the fiscal deficit has a negative impact on macroeconomic performance whereas the Ricardian Equivalence Theorem posits that the impact of the deficit is neutral. Keynesians argue that deficits arising from public expenditure on investment as opposed to consumption actually crowd-in rather than crowd out private sector investment. In theory, there is a close connection between a monetized deficit and inflation. A positive theoretical relationship is also found between the twin deficits (that is, the trade and fiscal deficits). However, the relationship between the budget deficit, interest rates and exchange rate is ambiguous. In chapter three we find that the majority of empirical studies support the view that budget deficits are generally inflationary when they are financed by printing money. A causal link is also found between the budget deficit and trade deficit. However, empirical evidence on the relationship between the deficit, exchange rate and interest rates is largely ambiguous. The comparative politico-economic and fiscal experiences of Ghana, Zambia, Morocco and Botswana in chapter four are used to provide the trajectory for the Zimbabwean case study in chapter 5. The review of the experiences of Ghana and Zambia showed that fiscal indiscipline resulted in high fiscal deficits which led to the deterioration of macroeconomic performance whereas in Morocco and Botswana, fiscal discipline resulted in low fiscal deficits and improved macro-economic performance. But central to the politico-economic performance of these countries, was the issue of bad governance and how this worsened the impact of fiscal deficits. In chapter five the experiences of Zimbabwe confirm the view that fiscal deficits are harmful to the economy. Many years of fiscal indiscipline and bad governance, led to macro-economic instability that resulted in record hyperinflation levels in 2008. Finally, the study concludes that, cumulative fiscal deficits in Zimbabwe since 1980, precipitated macroeconomic instability and fiscal unsustainability. Prolonged fiscal and quasi-fiscal deficits, which were largely financed by printing money, triggered hyperinflation and macroeconomic disequilibria. The lack of fiscal probity and the profligacy of the state, corruption, macroeconomic mismanagement and dirigistic policies, all rolled into one, caused the unprecedented economic meltdown and eventual economic collapse in Zimbabwe. The study finds that fiscal indiscipline in Zimbabwe, other than causing macroeconomic instability, also contributed to an unprecedented humanitarian crisis, never witnessed in a country not waging a war. Going forward, the study recommends a battery of policy measures in the area of institutional, fiscal and macro-economic adjustment in order to control and manage the deficit in Zimbabwe.

This thesis examines the effects of budget deficits on the current account imbalance and inflation in African countries. The aims of this thesis are; first, to use higher frequency data. Most studies in African countries use annual data; by contrast we use quarterly data. Second, to examine the dynamic interaction between fiscal deficits and current account imbalances using VAR models. Third, to explore the long-run relationship between the twin deficits, using the autoregressive distributed lag (ARDL) of Pesaran, Shin and Smith (2001). Fourth, to assess the long-run relationship between the twin deficits using the threshold autoregressive models of Hansen and Seo (2002). Fifth, to model inflation as being non-linearly related to fiscal deficits using the asymmetric cointegration approach of Enders and Siklos (2001). The second chapter discusses the theoretical framework and review of the empirical literature on twin deficits and fiscal deficits and inflation. We find much evidence in support of the twin deficits hypothesis that increase in government deficits leads to increase in the current account deficits. There is little empirical study on the Ricardian equivalence hypothesis. From the twin deficits literature, we observe that where the twin deficits hypothesis holds there is a high degree of openness and also countries operates a flexible exchange rate. The empirical literature on fiscal deficits and inflation suggests that fiscal deficits are inflationary in high inflation economies and developing countries, but not in low inflation and developed countries. The third chapter examines the time series properties of the series using the Augmented Dickey-Fuller test, the Phillip-Perron test and the Lee and Strazicich (2003) two-break unit root test. Results for the unit root test reveals that majority of the series are significant in their first differences. By contrast applying the LM two structural break test shows that the majority of the series are significant around two structural breaks. The fourth chapter analyses the twin deficits hypothesis using a VAR model. Results show that a positive government deficit shock increases the current account deficit in Botswana, Egypt, Ethiopia, Ghana, Morocco, South Africa and Tanzania while the current account improves in response to a positive government deficit shock in Cameroon and Uganda. Also in response to a positive government deficit shock, the current account remains constant in Kenya, Nigeria and Tunisia. The fifth chapter examine the long run relationship between the twin deficits hypothesis accounting for structural breaks using the Autoregressive Distributed Lags (ARDL) model. Results show that the fiscal deficit in the twelve African countries has long run impact on the current account deficit. The sixth chapter examines the relationship between fiscal deficit and current account deficit using the bi-variate threshold cointegration model of Hansen and Seo (2002) for nine countries where the fiscal deficits and current account deficits were significant at first differences. We find evidence of a positive cointegrating relationship between the current account and the fiscal balances for Botswana, Cameroon, Egypt, Morocco, Nigeria and Tanzania; and a negative cointegrating relationship in Ethiopia, Kenya and Uganda. The seventh chapter examines the long-run relationship between fiscal deficits and inflation in eleven African countries using the TAR and M-TAR models of Enders and Siklos (2001). Results show that fiscal deficits and inflation are asymmetry in Botswana, Egypt, Ethiopia, Ghana, Kenya, Morocco and Tanzania. This thesis centres on the twin deficits and fiscal deficits and inflation in African countries. Conclusions from the empirical chapters indicate that large fiscal deficits is the cause of current account deficits, and that fiscal deficits are inflationary. This study further suggests that African countries should spend their resources on projects that will accelerate the level of growth and development.

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