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Growth and the Balance-of-Payment Constraint

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  • Alexander, R.
  • King, A.
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    Abstract

    Thirwall's law posits that a country's economic growth rate (relative to that of the rest of the world) depends on a ratio of its export's income elastcity of demand to that of its imports. Empirical studies of this hypothesis have almost been entirely supportive, but we argue that the method used is flawed due to its reliance on least-squares estimates of the income elasticities. Using the Johansen procedure, we test for a long-run relationship between domestic and world income for the G7 nations and find little evidence that Thriwall's law holds.

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    Bibliographic Info

    Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 622.

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    Length: 29 pages
    Date of creation: 1998
    Date of revision:
    Handle: RePEc:mlb:wpaper:622

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    Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
    Phone: +61 3 8344 5289
    Fax: +61 3 8344 6899
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    Web page: http://www.economics.unimelb.edu.au
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    Related research

    Keywords: ECONOMIC GROWTH ; EXPORTS ; IMPORTS ; ELASTICITY;

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    Cited by:
    1. 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.
    2. 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.

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