Balance-of-payments-constrained growth model: the case of India
Abstract
This study applies the balance-of-payments-constrained growth (BPCG) model to India, a large developing country with a relatively low trade to gross domestic product ratio. Rather than assuming similar elasticities of substitution between goods produced in different regions, the study extends the model to relax these assumptions. Johansen's cointegration technique is employed to estimate trade parameters. Short-run adjustments are explored within a vector error correction framework. The average growth rates predicted by various forms of the BPCG hypothesis are found to be close to the actual average growth rate over the 1950-99 period, although individual decades display substantial deviations.Download Info
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Bibliographic Info
Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 27 (2005)
Issue (Month): 4 (July)
Pages: 655-687
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
Related research
Keywords: balance-of-payments�constraints; intra�developing country competition; import compression; real exchange rates; trade equations;References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.
- Robert A. Blecker & Carlos A. Ibarra, 2013. "Trade liberalization and the balance of payments constraint with intermediate imports: the case of Mexico revisited," Working Papers 2013-02, American University, Department of Economics.
- Robert A. Blecker, 2009. "Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint?," Working Papers 2009-23, American University, Department of Economics.
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