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Problem statement: The problem of budget deficits and current account imbalances has attracted serious consideration from academics and policy-makers in both developed and developing countries. The question is whether such relationships between budget deficits and current account deficits exist in the case of Philippines. Approach: The purpose of this study was to test the validity of the Keynesian proposition and the Ricardian equivalence hypothesis with respect to the direction of causalitydoi:10.3844/ajassp.2009.1515.1520 fatcat:foj5lrtq2femvovjipuzau4cba