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ON THE RELATIONSHIP BETWEEN THE GOVERNMENT strongBALANCEstrong AND THE.pdf

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ON THE RELATIONSHIP BETWEEN THE GOVERNMENT BALANCE AND THE CURRENT ACCOUNT: FISCAL CONSOLIDATION IN OPEN ECONOMIES (Preliminary version) March 2013 * Carmen Díaz-Roldán (Universidad de Castilla-La Mancha) Carmelo Monteagudo-Cuerva (Agencia Estatal de Administración Tributaria) Juan José Rubio-Guerrero (Universidad de Castilla-La Mancha) Abstract The relationship between fiscal policy and international trade, and their implications on economic growth, has not been widely discussed. The effects of fiscal policy on growth is a classical topic in economics, and we also can find research relating external openness and economic growth; but the extent to which fiscal policies could affect international trade policies, competitiveness and the trade balance is a question that has not yet been answered by the literature. The purpose of this paper is to study the relationship between the government balance and the current account in the scenario of a monetary union where fiscal consolidation is constrained by the fiscal discipline required by supranational agreements. JEL classification : E62, F32, F41. Keywords : Fiscal consolidation, fiscal rule, current account, monetary union. * Corresponding author: Department of Economic Analysis and Finance. Facultad de Derecho y Ciencias Sociales. Universidad de Castilla-La Mancha 13071 Ciudad Real (Spain). Tf: 926-295-300 ext.: 6657 Fax: 926-295-211 carmen.diazroldan@uclm.e