Dvojí deficit a česká realita

The author starts with the basic macroeconomic identity (domestic investment, private and government savings, foreign investment) and analyzes the Czech macroeconomic data from 1994–2001. The application confirms that the „twin deficit“ hypothesis (as regards budgetary and trade deficits), as observed in the United States in the late 1980s and early 1990s, has become observable in the Czech Republic since 1998. Scatter diagrams and econometrics (quarterly, seasonally adjusted data 1994–2001) illustrate the causation from budgetary to trade deficits and seem to support the conventional (Keynesian) approach with the caveat that the results are preliminary.