Balance-of-payments-constrained growth in Brazil: a test of Thirlwall's Law, 1890-1973
The paper offers a time-series test of Thirlwall's Law for Brazil during the 1890-1973 period. The results confirm the existence of a long-run relationship between Brazilian gross domestic product (GDP), terms-of-trade, and world income, as Thirlwall's Law predicts. In addition, an error correction model is estimated, which shows that adjusting toward Thirlwall's Law equilibrium explains a substantial part of total variation of real GDP in the short run.
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Volume (Year): 25 (2002)
Issue (Month): 1 (January)
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