Abstract
The article examines the peculiarities of the transformation of the foreign economic positions of the countries of South America on the example of Argentina and Brazil. The analysis showed that during the entire considered period of 2016-2021, Argentina's net international investment position is positive, while Brazil's is negative. In order to investigate whether Brazil has a double deficit problem, a vector autoregression was constructed. The simulation results showed that the hypothesis of a relationship between the budget deficit and Brazil's current account from 1996 to 2021 is not confirmed. Therefore, there is no double deficit problem in Brazil, budget and current account deficits are not causes of each other's deficit.
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