Private savings deficits plus government budget deficits contribute to higher current account deficits. Some economists refer to the ______ during the 1990s to assert that government deficits are not the major cause of current account deficits.

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The reference is to the "investment boom" during the 1990s, which some economists argue is a more significant factor affecting current account deficits than government deficits. This period was characterized by high levels of investment in technology and the stock market, impacting the balance of payments independently of government budgetary practices.

Private Savings Deficits Plus Government Budget Deficits Contribute to Higher