Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil
AbstractThis paper uses the balance-of-payments-constrained model to estimate the determinants of the long-run rate of growth of Brazil. Contrary to previous tests for the country found in the literature, this paper uses a different approach to test the long-run relationship between actual growth rates and those predicted by Thirlwall's law, extended to include capital flows. The regression results, apart from providing renewed support for the thesis that the country's growth rate has been constrained by the balance of payments, allow us to argue that Thirlwall's law is associated with a notion of long-run equilibrium growth rate which is fundamentally distinct from that of mainstream economics.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 32 (2009)
Issue (Month): 1 (September)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
balance-of-payments constrained; Brazil; growth; import elasticity; long-term equilibrium; Thirlwall's law;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- João Prates Romero & Fabrício Silveira & Gustavo Britto, 2011. "Structural change, National Innovation System and balance-of-payments contraint: a theoretical and empirical analysis of the Brazilian case," Textos para DiscussÃ£o Cedeplar-UFMG 440, Cedeplar, Universidade Federal de Minas Gerais.
- A. P. Thirlwall, 2011.
"Balance of Payments Constrained Growth Models: History and Overview,"
Studies in Economics
1111, Department of Economics, University of Kent.
- Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
- Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If references are entirely missing, you can add them using this form.