中文摘要：

在国际宏观经济学研究领域，“双赤字”是指财政赤字与经常项目赤字的伴生现象。20世纪80年代，学者们基于美国出现的财政赤字与经常项目赤字联动现象，提出“双赤字假说”。文章系统分析了“双赤字假说”产生的时代背景、理论价值与政策含义，然后分别从理论与实证研究方面对相关重要文献进行了综述，最后对双赤字关系引发的四种理论假设进行了归纳和总结。对进一步开展该领域研究以及思考开放条件下的宏观经济政策有着重要参考价值。

英文摘要：

In the field of international macro-economics research, ＂twin deficits＂ refer to attendant phenomenon of financial deficit and current-account deficit. In 1980s, scholars based on linkage phenome- non of U.S. budget deficit and current-account deficit, put forward the ＂twin deficits hypothesis. ＂ This paper systematically analyzes historical background, the theoretical values and policy implications of ＂twin deficits hypothesis＂, then summarizes relevant important literatures from theoretical and empirical resear- ches, finally generalizes and summaries four theoretical hypotheses. This paper has significant reference value for further carrying out researches of this field and macroeconomic policy under open conditions.