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Balance Of Payments-Constrained Growth In Developing Countries: A Theoretical Perspective

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  • Dillon Alleyne
  • Alfred A. Francis

Abstract

The paper clarifies some issues raised in the basic model of balance of payments-constrained growth due to Thirlwall and later extensions by Thirlwall and Hussain and Moreno-Brid. The model is also adapted to include both interest payments and net transfers. The latter variable has become very important to many developing countries and brings a new dimension to the analysis. Very importantly, net transfers are positively related to foreign income and negatively related to domestic income. Thus, the paper accounts for dynamic feedback effects, between net transfers, domestic and world income. Copyright © 2008 The Authors.

Suggested Citation

  • Dillon Alleyne & Alfred A. Francis, 2008. "Balance Of Payments-Constrained Growth In Developing Countries: A Theoretical Perspective," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 189-202, May.
  • Handle: RePEc:bla:metroe:v:59:y:2008:i:2:p:189-202
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    Cited by:

    1. Marwil J. Dávila-Fernández & José L. Oreiro & Mario W. D. Dávila, 2018. "Endogenizing Non-Price Competitiveness In A Model With Capital Accumulation And Bopc On Growth," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 83, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    2. -, 2012. "Structural change for equality: an integrated approach to development. Thirty-four session of ECLAC. Summary," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 13535 edited by Eclac, February.
    3. Garcimartin, Carlos & Kvedaras, Virmantas & Rivas, Luis, 2016. "Business cycles in a balance-of-payments constrained growth framework," Economic Modelling, Elsevier, vol. 57(C), pages 120-132.
    4. Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
    5. repec:gei:jnlfer:v:2:y:2017:i:1:p:1-15 is not listed on IDEAS
    6. -, 2012. "Structural change for equality: an integrated approach to development. Thirty-four session of ECLAC. Summary," Documentos de posición del período de sesiones de la Comisión 13535, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. A. P. Thirlwall, 2013. "Economic Growth in an Open Developing Economy," Books, Edward Elgar Publishing, number 15208.

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