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Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil

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Author Info

  • Gustavo Britto
  • John S. L. McCombie

Abstract

This 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.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 32 (2009)
Issue (Month): 1 (September)
Pages: 115-136

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Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:115-136

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: balance-of-payments constrained; Brazil; growth; import elasticity; long-term equilibrium; Thirlwall's law;

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Cited by:
  1. Constantinos Alexiou & Joseph G. Nellis, 2013. "Challenging the Raison d’etre of Internal Devaluation in the Context of the Greek Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 813-836, December.
  2. Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
  3. Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.
  4. 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 Discussão Cedeplar-UFMG 440, Cedeplar, Universidade Federal de Minas Gerais.

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