Balance-constrained growth rates: generalizing Thirlwall’s law
AbstractIn this paper, we show how the concept of balance of payments-constrained growth rate developed by Thirlwall (1979) can be generalized as the growth rate constrained by the balance between any two economic variables. In particular, we derive two new concepts: the government balance-constrained growth rate, and the private balanceconstrained growth rate. Some extensions of the basic model are also provided.
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Bibliographic InfoPaper provided by Asociación Española de Economía y Finanzas Internacionales in its series Working Papers with number 12-06.
Length: 6 pages
Date of creation: Nov 2012
Date of revision:
Economic growth; Balance of payments; Government balance; Private balance; Thirlwall’s law;
Find related papers by JEL classification:
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- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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