An Application of Thirlwall's Law to the Spanish Economy
AbstractThe aim of this paper is to test the existence of a balance of payments constraint on the Spanish economic growth. The model developed by Thirlwall (1979) is tested in the context of an individual economy following the strategy proposed by Atesoglu (1993, 1994). The results show little influence for relative prices in the determination of the demand for imports. They also show that the Spanish economic growth rate has been very close to that predicted by Thirlwall's Law. This fact, together with the existence of unemployed resources, yield strong evidence in favour of the demand approach to economic growth.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 21 (1999)
Issue (Month): 3 (April)
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Other versions of this item:
- Miguel A. Leon-Ledesma, 1997. "An Application of Thirlwall's Law to the Spanish Economy," Studies in Economics, Department of Economics, University of Kent 9708, Department of Economics, University of Kent.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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- Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2007.
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- Kevin Nell, 2003. "A 'Generalised' Version of the Balance-of-Payments Growth Model: An application to neighbouring regions," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 17(3), pages 249-267.
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- A. P. Thirlwall, 2011. "Balance of Payments Constrained Growth Models: History and Overview," Studies in Economics, Department of Economics, University of Kent 1111, Department of Economics, University of Kent.
- Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.
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