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The Balance-of-payments Constraint: From Balanced Trade to Sustainable Debt

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Author Info
Nelson H. Barbosa Filho (CEPA, New School University)

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Abstract

This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the text shows the growth and real-exchange-rate policy rules consistent with a stable ratio of net exports to income. Given such rules, the text shows how the trade balance of a small open economy is residually determined by the ratio of foreign debt to income allowed by international conditions.

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File URL: http://www.newschool.edu/cepa/papers/archive/cepa200106.pdf
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Publisher Info
Paper provided by Schwartz Center for Economic Policy Analysis (SCEPA), The New School in its series SCEPA Working Papers with number 2001-06.

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Length: 25 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:epa:cepawp:2001-06

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Related research
Keywords: balance of payments constraint; trade; debt; growth;

Find related papers by JEL classification:
F30 - International Economics - - International Finance - - - General
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul Krugman, 1989. "Differences In Income Elasticities and Trends in Real Exchange Rates," NBER Working Papers 2761, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Alexander, R. & King, A., 1998. "Growth and the Balance-of-Payment Constraint," Department of Economics - Working Papers Series 622, The University of Melbourne.
  3. Terra, Maria Cristina T., 1999. "Finance and changing trade patterns in Brazil," Economics Working Papers (Ensaios Economicos da EPGE) 354, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  4. Thirlwall, Anthony P & Hussain, Mohammed Nureldin, 1982. "The Balance of Payments Constraint, Capital Flows and Growth Rate Differences between Developing Countries," Oxford Economic Papers, Oxford University Press, vol. 34(3), pages 498-510, November. [Downloadable!] (restricted)
  5. Nelson H. Barbosa Filho, 2001. "International Liquidity and Growth in Brazil," SCEPA Working Papers 2001-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nelson H. Barbosa-Filho, 2005. "Terms-Of-Trade Fluctuations And Their Implications For Exchange- Rate Coordination In Mercosur," International Trade 0503002, EconWPA, revised 22 Mar 2005. [Downloadable!]
  2. Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2006. "A Structural Economic Dynamics Approach To Balance-Of-Payments-Constrained Growth," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 119, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
    Other versions:
  3. Nelson Henrique Barbosa Filho, 2003. "Growth, Exchange Rates and Trade in Brazil: a Structuralist Post Keynesian Approach," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] c42, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
    Other versions:
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