The aim of this paper is to test the existence of a balance of payments constraint on the Spanish economic growth. The model developed by Thirlwall (1979) is tested in the context of an individual economy following the strategy proposed by Atesoglu (1993, 1994). The results show little influence for relative prices in the determination of the demand for imports. They also show that the Spanish economic growth rate has been very close to that predicted by Thirlwall's Law. This fact, together with the existence of unemployed resources, yield strong evidence in favour of the demand approach to economic growth.
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Paper provided by Department of Economics, University of Kent in its series Studies in Economics with number
9708.
Length: Date of creation: Nov 1997 Date of revision: Publication status: Published in Journal Post-Keynesian Economics, 1999, Spring Handle: RePEc:ukc:ukcedp:9708
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Find related papers by JEL classification: E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian F14 - International Economics - - Trade - - - Country and Industry Studies of Trade O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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