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Balance of payments constrained growth models: history and overview

Thirlwall, A.P. (2011) Balance of payments constrained growth models: history and overview. PSL Quarterly Review, 64 . pp. 307-351. ISSN 2037-3643. (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided)

The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. (Contact us about this Publication)
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Abstract

Thirlwall’s 1979 balance of payments constrained growth model predicts that a country’s long run growth of GDP can be approximated by the ratio of the growth of real exports to the income elasticity of demand for imports assuming negligible effects from real exchange rate movements. The paper surveys developments of the model since then, allowing for capital flows, interest payments on debt, terms of trade movements, and disaggregation of the model by commodities and trading partners. Various tests of the model are discussed, and an extensive list of papers that have examined the model is presented.

Item Type: Article
Uncontrolled keywords: Balance of payments, growth, Thirlwall’s Law, dynamic Harrod multiplier
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: Lisa Jones
Date Deposited: 12 Jul 2016 13:42 UTC
Last Modified: 08 Feb 2020 04:08 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/56263 (The current URI for this page, for reference purposes)
Thirlwall, A.P.: https://orcid.org/0000-0002-1661-2218
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