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La tasa de crecimiento compatible con el equilibrio externo y las componentes de la demanda interna: Un test para la economía española

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  • Belén Fernández Castro

    (Fundamentos del Análisis Económico, Universidad de Santiago de Compostela)

Abstract

In this paper a Balance of Payments Constrained Growth Model is tested. Usually these models specify a relationship among income, imports and the rest-of-the-world income, while here the specified relationship is among income, domestic demand and the rest-of-the-world income. Once the relationship is regressed the balance of payments equilibrium growth rate is obtained. We test whether the sustainable equilibrium growth rate obtained in such a way predicts accurately the actual rate of growth. Finally, we determine which components of domestic demand are more relevant in order to determine economic growth. The results show that, for the Spanish economy, the rate of economic growth is predicted quite precisely as a function of private demand and the rest-of-the-world income.

Suggested Citation

  • Belén Fernández Castro, 2004. "La tasa de crecimiento compatible con el equilibrio externo y las componentes de la demanda interna: Un test para la economía española," Documentos de trabajo - Analise Economica 0033, IDEGA - Instituto Universitario de Estudios e Desenvolvemento de Galicia.
    • Handle: RePEc:edg:anecon:0033
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    Keywords

    equilibrio externo; crecimiento económico;

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