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Economic Growth and the Balance-of-Payments Constraint: The Case of the Spanish Regions, 1988–2009

Author

Listed:
  • Oscar Bajo-Rubio

    (Department of Economics, Faculty of Law and Social Sciences, University of Castilla-La Mancha, Ciudad Real, Spain)

  • Carmen Díaz-Roldán

    (Department of Economics, University of Castilla-La Mancha, Ciudad Real, Spain)

Abstract

The balance-of-payments can act as a constraint on the rate of output growth, on putting a limit to the growth in the level of demand to which supply can adapt. Regional economies might be particularly sensitive to this effect, since they are presumably more integrated among them. In this paper, we examine this issue for the case of the 17 Spanish regions over the period 1988–2009, and calculate their balance-of-payments-constrained growth rates. By comparing these balance-of-payments-constrained growth rates with the actual growth rates, we would be able to assess whether the balance-of-payments has worked as a constraint on growth.

Suggested Citation

  • Oscar Bajo-Rubio & Carmen Díaz-Roldán, 2015. "Economic Growth and the Balance-of-Payments Constraint: The Case of the Spanish Regions, 1988–2009," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(4), pages 617-628, December.
    • Handle: RePEc:aka:aoecon:v:65:y:2015:i:4:p:617-628
    Note: The authors wish to thank the two anonymous referees for their comments and the financial support from the Spanish Ministry of Economy and Competitiveness, through the project ECO2011-29314-C02-02.
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    Cited by:

    1. E. Macarena Hernández-Salmerón & Carlos Usabiaga, 2017. "Regional Growth and Convergence in Spain: Is the Decentralisation Model Important?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 67(3), pages 389-412, September.

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    Keywords

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    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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