IDEAS home Printed from https://ideas.repec.org/p/fup/wpaper/0110.html
   My bibliography  Save this paper

Thirlwall ou Solow? Uma análise para a economia brasileira entre 1947 e 2008

Author

Listed:
  • Luciano Nakabashi

    (Department of Economics, Universidade Federal do Paraná)

Abstract

Some evidences and theories point to the existence of a relationship between economic growth and current account balance. According to this approach, the external sector performance is a key element for an economy to reach sustainable rates of investment and economic growth. On the other hand, there is in the economic growth literature some emphasis in the association between economic performance and production factors accumulation. Taking into consideration these two theoretical approaches, the present study aims to develop a model relating these two different approaches and to investigate the balance of payments constraint impactson physical and human capitals investments and, consequently, on the Brazilian economy performance, between 1947 and 2008.

Suggested Citation

  • 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.
    • Handle: RePEc:fup:wpaper:0110
    Note: Creation Date corresponds to the year in which the paper was published on the Department of Economics website. The paper may have been written a small number of months before its publication date.
    as

    Download full text from publisher

    File URL: http://www.economiaetecnologia.ufpr.br/textos_discussao/texto_para_discussao_ano_2010_texto_14.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. Dani Rodrik, 2008. "The Real Exchange Rate and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 365-439.
    4. Juan Carlos Moreno-Brid, 1998. "On Capital Flows and The Balance-of-Payments-Constrained Growth Model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 21(2), pages 283-298, December.
    5. Olugbenga Onafowora, 2003. "Exchange rate and trade balance in east asia: is there a J-curve?," Economics Bulletin, AccessEcon, vol. 5(18), pages 1-13.
    6. 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.
    7. Mark Setterfield (ed.), 2002. "The Economics of Demand-Led Growth," Books, Edward Elgar Publishing, number 1864.
    8. Nelson H. Barbosa Filho, 2004. "Growth, exchange rates and trade in Brazil: a structuralist post-Keynesian approach," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 14(2), pages 59-86, May-Augus.
    9. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    10. Gupta-Kapoor Anju & Ramakrishnan Uma, 1999. "Is There A J-Curve? A New Estimation for Japan," International Economic Journal, Taylor & Francis Journals, vol. 13(4), pages 71-79.
    11. repec:ebl:ecbull:v:5:y:2003:i:18:p:1-13 is not listed on IDEAS
    12. Bresser-Pereira, Luiz Carlos, 2004. "Exchange rate: fix, float, or manage it?," Textos para discussão 135, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    13. J.S.L. McCombie & Mark Roberts, 2002. "The Role of the Balance of Payments in Economic Growth," Chapters, in: Mark Setterfield (ed.), The Economics of Demand-Led Growth, chapter 6, Edward Elgar Publishing.
    14. Nelson H. Barbosa-Filho, 2001. "The balance-of-payments constraint:from balanced trade to sustainable debt," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(219), pages 381-400.
    15. Boyd, Derick & Caporale, Gugielmo Maria & Smith, Ron, 2001. "Real Exchange Rate Effects on the Balance of Trade: Cointegration and the Marshall-Lerner Condition," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(3), pages 187-200, July.
    16. Frederico Gonzaga Jayme Jr., 2003. "Balance-of-payments-constrained economic growth in Brazil," Brazilian Journal of Political Economy, Center of Political Economy, vol. 23(1), pages 63-86.
    17. J. S. L. McCombie & A. P. Thirlwall, 1994. "Economic Growth and the Balance-of-Payments Constraint," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-23121-8.
    18. Barry Eichengreen, 2008. "The Real Exchange Rate and Economic Growth," World Bank Publications - Books, The World Bank Group, number 28013, December.
    19. Juan Carlos Moreno-Brid, 1999. "On Capital Flows and the Balance-of-Payments-Constrained Growth Model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(2), pages 283-298, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. Anthony Philip Thirlwall, 2012. "Balance of Payments Constrained Growth Models: History and Overview," Palgrave Macmillan Books, in: Elias Soukiazis & Pedro A. Cerqueira (ed.), Models of Balance of Payments Constrained Growth, chapter 1, pages 11-49, Palgrave Macmillan.
    3. Robert A. Blecker, 2009. "Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint?," Working Papers 2009-23, American University, Department of Economics.
    4. Gustavo Britto & João Prates Romero, 2011. "Modelos kaldorianos de crescimento e suas extensões contemporâneas," Textos para Discussão Cedeplar-UFMG 449, Cedeplar, Universidade Federal de Minas Gerais, revised Jul 2013.
    5. Gouvea, Raphael Rocha & Lima, Gilberto Tadeu, 2011. "Balance-of-payments-constrained growth in a multisectoral framework: a panel data investigation," MPRA Paper 29816, University Library of Munich, Germany.
    6. Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2007. "A structural economic dynamics approach to balance-of-payments-constrained growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(5), pages 755-774, September.
    7. Sérgio Filho & Frederico Jayme & Gilberto Libânio, 2013. "Balance-of-payments constrained growth: a post Keynesian model with capital inflows," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 373-398.
    8. Raphael Rocha Gouvea & Gilberto Tadeu Lima, 2010. "Structural change, balance-of-payments constraint, and economic growth: evidence from the multisectoral Thirlwall's law," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(1), pages 169-204, October.
    9. Elias Soukiazis & Pedro André Cerqueira & Micaela Antunes, 2012. "Growth Rates Constrained by Internal and External Imbalances: A Demand-Orientated Approach," Palgrave Macmillan Books, in: Elias Soukiazis & Pedro A. Cerqueira (ed.), Models of Balance of Payments Constrained Growth, chapter 5, pages 144-167, Palgrave Macmillan.
    10. Marcos Tostes Lamonica & Carmem Aparecida Feijo, 2013. "A Kaldorian approach to catch up and structural change in economies with high degree of heterogeneity," PSL Quarterly Review, Economia civile, vol. 66(265), pages 107-135.
    11. Missio, Fabricio & Araujo, Ricardo Azevedo & Jayme, Frederico G., 2017. "Endogenous elasticities and the impact of the real exchange rate on structural economic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 42(C), pages 67-75.
    12. Elias Soukiazis & Pedro Cerqueira & Micaela Antunes, 2013. "Growth rates constrained by internal and external imbalances and the role of relative prices: empirical evidence from Portugal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(2), pages 275-298.
    13. Elias Soukiazis & Pedro Cerqueira & Micaela Antunes, 2012. "Causes of the Decline of Economic Growth in Italy and the Responsibility of EURO: A Balance-of-Payments Approach," GEMF Working Papers 2012-03, GEMF, Faculty of Economics, University of Coimbra.
    14. Araujo, Ricardo Azevedo, 2013. "Cumulative causation in a structural economic dynamic approach to economic growth and uneven development," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 130-140.
    15. Nelson H. Barbosa-Filho, 2001. "The balance-of-payments constraint:from balanced trade to sustainable debt," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 54(219), pages 381-400.
    16. Elias Soukiazis & Eva Muchova, 2012. "Slovak economic growth and the consistency of the balance-of-payments constraint approach," GEMF Working Papers 2012-16, GEMF, Faculty of Economics, University of Coimbra.
    17. Elias Soukiazis & Micaela Antunes & Ioannis Kostakis, 2018. "The Greek economy under the twin-deficit pressure: a demand orientated growth approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(2), pages 215-236, March.
    18. Ricardo Azevedo Araujo, 2012. "New Insights from a Structural Economic Dynamic Approach to Balance of Payments Constrained Growth," Palgrave Macmillan Books, in: Elias Soukiazis & Pedro A. Cerqueira (ed.), Models of Balance of Payments Constrained Growth, chapter 8, pages 217-238, Palgrave Macmillan.
    19. Vidal Alejandro, Pavel & Fundora Fernández, Annia, 2008. "Trade-growth relationship in Cuba: estimation using the Kalman filter," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    20. Irfan Civcir & M. Emir Yücel, 2020. "Effects of Internal and External Imbalances and the Role of Relative Prices on Economic Growth: Evidence From Turkey," SAGE Open, , vol. 10(2), pages 21582440209, June.

    More about this item

    Keywords

    exports; physical capital; human capital; exchange rate; economic performance.;
    All these keywords.

    JEL classification:

    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fup:wpaper:0110. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Luciano Nakabashi (email available below). General contact details of provider: https://edirc.repec.org/data/deufpbr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.