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Balance-of-payments constrained economic growth in Brazil

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  • Frederico Gonzaga Jayme Junior

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Abstract

This paper applies Thirlwall’s basic balance-of-payments constraint model to Brazilian economic growth in the period 1955-98, using cointegration technique. According to Thirlwall (1979) and MacCombie and Thirlwall (1994) the dynamic Harrod foreign multiplier, that is, demand-induced economic growth, determines long-term economic growth. The results show that there is a positive cointegration between growth in exports and long-term economic growth in Brazil which conclusion supports Thirlwall’s model.

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Bibliographic Info

Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td155.

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Length: 28 pages
Date of creation: 2001
Date of revision:
Publication status: Published in Revista de Economia Política, 2003, vol. 23, no. 1.
Handle: RePEc:cdp:texdis:td155

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Related research

Keywords: Thirlwall’s model; Brazil; balance-of-payments;

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References

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  1. Harrison, Ann & Hanson, Gordon, 1999. "Who gains from trade reform? Some remaining puzzles," Journal of Development Economics, Elsevier, vol. 59(1), pages 125-154, June.
  2. Grossman, G.M. & Helpman, E., 1988. "Comparative Advantage And Long-Run Growth," Papers 39-88, Tel Aviv.
  3. Robert J. Barro, 1998. "Determinants of Economic Growth: A Cross-Country Empirical Study," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522543, December.
  4. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
  5. Paul Krugman, 1988. "Differences In Income Elasticities and Trends in Real Exchange Rates," NBER Working Papers 2761, National Bureau of Economic Research, Inc.
  6. Harrison, Ann, 1996. "Openness and growth: A time-series, cross-country analysis for developing countries," Journal of Development Economics, Elsevier, vol. 48(2), pages 419-447, March.
  7. Sebastian Edwards, 1995. "Trade Policy, Exchange Rates, and Growth," NBER Chapters, in: Reform, Recovery, and Growth: Latin America and the Middle East, pages 13-52 National Bureau of Economic Research, Inc.
  8. Taylor, Lance, 1994. "Gap models," Journal of Development Economics, Elsevier, vol. 45(1), pages 17-34, October.
  9. Otaviano Canuto & Márcio Holland & Clésio Xavier, 1998. "Taxas de Câmbio, Elasticidades-renda e Saldo Comercial na Economia Brasileira," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 52(2), pages 323-334, April.
  10. Anwar M. Shaikh, 1999. "Real Exchange Rates and the International Mobility of Capital," Economics Working Paper Archive wp_265, Levy Economics Institute.
  11. Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: A Skeptic's Guide to Cross-National Evidence," NBER Working Papers 7081, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2007. "Growth Cycles In Latin America And Developed Countries," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 035, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  2. Luciano Nakabashi, 2010. "Thirlwall ou Solow? Uma análise para a economia brasileira entre 1947 e 2008," Working Papers 0110, Universidade Federal do Paraná, Department of Economics.
  3. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2006. "Economic growth cycles in Latin America and developing countries," Textos para Discussão Cedeplar-UFMG td297, Cedeplar, Universidade Federal de Minas Gerais.
  4. Luciano Nakabashi & Marcelo Luiz Curado & João Basílio Pereima Neto, 2008. "Os efeitos do câmbio no crescimento da economia brasileira," Working Papers 0074, Universidade Federal do Paraná, Department of Economics.
  5. Francisco Horácio P. Oliveira & Frederico G. Jayme Jr. & Mauro B. Lemos, 2003. "Increasing returns to scale and international diffusion of technology: an empirical study for Brazil (1976-2000)," Textos para Discussão Cedeplar-UFMG td211, Cedeplar, Universidade Federal de Minas Gerais.
  6. Frederico Gonzaga Jayme Jr, 2001. "Notes on trade and growth," Textos para Discussão Cedeplar-UFMG td166, Cedeplar, Universidade Federal de Minas Gerais.

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