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Balance-Of-Payments Constrained Growth: a Post-Keynesian Model with Capital Inflows

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  • Sérgio Fornazier Meirelles Filho

    ()
    (FACE-UFG, Ciências Econômicas)

  • Frederico Gonzaga Jayme Jr

    (Cedeplar/UFG)

  • Gilberto de Assis Libânio

    (Cedeplar/UFG)

Abstract

This paper proposes a brief theoretical analysis of the relationship between international capital mobility and economic growth, seen in the perspective of demand-led growth. The work comprises four sections, besides the introduction. First of all, we briefly present the central propositions that constitute the so-called demand-led growth perspective. We then review the balance-of-payments constrained growth model, as originally proposed by Thirlwall (1979), as well as subsequent efforts to incorporate capital flows into this analytical framework. Building on this theoretical structure, a model is proposed in order to study the connections between balance-of-payments constrained growth and capital controls, which is formally introduced as a macroeconomic policy variable. In the last section, we present the final remarks on this model.

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Bibliographic Info

Paper provided by Curso de Ciencias Economicas da Universidade Federal de Goias - FACE in its series Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG with number 026.

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Length: 23 pages
Date of creation: May 2011
Date of revision:
Handle: RePEc:ufb:wpaper:026

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Keywords: economic growth; balance-of-payments constraint; capital controls;

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