An Application of Thirlwall's Law to the Spanish Economy
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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Volume (Year): 21 (1999)
Issue (Month): 3 (April)
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