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Economic growth through the prism of the external sector

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  • Victor Yotzov

Abstract

This study considers the main economic growth models from the perspective of their relation to the external sector. It defines the advantages and drawbacks of the export-led model and of the import-substitution model and sheds light on the growth constraints ensuing from the balance of payments and the elasticities of imports and exports. It analyses the prerequisites for selection of one or another growth model and comes to the conclusion that Bulgaria will have to implement an export-oriented growth model within a medium-term perspective. In this relation, it makes proposals aimed at improving the country’s foreign trade policy.

Suggested Citation

  • Victor Yotzov, 2013. "Economic growth through the prism of the external sector," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-19,20-34.
    • Handle: RePEc:bas:econth:y:2013:i:6:p:3-19,20-34
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    References listed on IDEAS

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    1. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    2. George Soros, 1999. "The International Financial Crisis," Challenge, Taylor & Francis Journals, vol. 42(2), pages 58-76, March.
    3. John S.L. McCombie, 1997. "On the Empirics of Balance-Of-Payments–Constrained Growth," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(3), pages 345-375, March.
    4. J. S. L. McCombie & A. P. Thirlwall, 1994. "Economic Growth and the Balance-of-Payments Constraint," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-23121-8.
    5. Leonardo Vera, 2006. "The balance-of-payments—constrained growth model: a north—south approach," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(1), pages 67-92.
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    Cited by:

    1. Garabed Minassian, 2017. "Political Economy Dimensions of the Crisis: the Case of Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-20.
    2. Sonya Georgieva, 2021. "Fiscal Multipliers in Bulgaria and Central and Eastern Europe Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 131-167.

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    More about this item

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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