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The validity of the balance-of-payments-constrained growth model for a small economy in transition: the case of Slovenia

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  • JANI BEKÓ

Abstract

The paper estimates the validity of the balance-of-payments-constrained growth model in the case of the Slovenian economy with a cointegration approach. Three main conclusions can be drawn from the analysis. First, the results identified a long-run relationship between real gross domestic product and variables of real exports. Second, as the results from the basic model suggest, to ease the pressure from the balance-of-payments constraints on output growth, shifts in elasticities of export and import flows are required. Third, owing to the reported modernization needs of the Slovenian economy, persistence of import patterns, and empirically documented strong dependence of exports on sufficient imports, manipulation of export demand seems to be more justified.

Suggested Citation

  • Jani Bekó, 2003. "The validity of the balance-of-payments-constrained growth model for a small economy in transition: the case of Slovenia," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(1), pages 69-93.
    • Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:69-93
    DOI: 10.1080/01603477.2003.11051387
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    Cited by:

    1. Musa Esuwa Shingil & Huseyin Ozdeser & Andisheh Saliminezhad, 2022. "Investigation of Balance of Payment Constrained Growth Model: The Impact of Export Growth, Capital Flows, and Real Effective Exchange Rate on Growth of the UK," SAGE Open, , vol. 12(2), pages 21582440221, May.
    2. Rasmus Kattai & John Lewis, 2005. "Hooverism, Hyperstabilisation or Halfway-House? Describing Fiscal Policy in Central and Eastern European EU Members," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 5(2), pages 38-47, July.
    3. Anthony Philip Thirlwall, 2012. "Balance of Payments Constrained Growth Models: History and Overview," Palgrave Macmillan Books, in: Elias Soukiazis & Pedro A. Cerqueira (ed.), Models of Balance of Payments Constrained Growth, chapter 1, pages 11-49, Palgrave Macmillan.
    4. A. P. Thirlwall, 2013. "Economic Growth in an Open Developing Economy," Books, Edward Elgar Publishing, number 15208.
    5. Virmantas Kvedaras, 2005. "Explanation of Economic Growth Differences in the CEE Countries: Importance of the BOP Constraint," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 5(2), pages 48-65, July.
    6. Claus-Friedrich Laaser & Klaus Schrader, 2005. "Baltic Trade with Europe: Back to the Roots?," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 5(2), pages 15-37, July.
    7. Morten Hansen, 2005. "The Irish Growth Miracle: Can Latvia Replicate?," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 5(2), pages 3-14, July.

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