Balance-of-payments-constrained growth in Brazil: a test of Thirlwall's Law, 1890-1973
AbstractThe paper offers a time-series test of Thirlwall's Law for Brazil during the 1890-1973 period. The results confirm the existence of a long-run relationship between Brazilian gross domestic product (GDP), terms-of-trade, and world income, as Thirlwall's Law predicts. In addition, an error correction model is estimated, which shows that adjusting toward Thirlwall's Law equilibrium explains a substantial part of total variation of real GDP in the short run.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 25 (2002)
Issue (Month): 1 (January)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
Brazil; Keynesian growth models; Thirlwall�; s Law;
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