DÉFICITS GÊMEOS E POUPANÇA NACIONAL: ABORDAGEM CONVENCIONAL E PÓS KEYNESIANA

A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. In general, the mechanisms through which budget deficits could cause current account deficits are not highlighted in the works about this theme. Basing on the Post Keynesian literature one can find a result concerning the relationship between the budget deficit and the national saving distinct from the one observed in the mainstream literature, since Post keynesians invert the causal link between saving and investment. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving while according to Post Keynesians the budget deficit can transfer to abroad the investment stimulus on the saving formation. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate.