Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil
This paper uses the balance-of-payments-constrained model to estimate the determinants of the long-run rate of growth of Brazil. Contrary to previous tests for the country found in the literature, this paper uses a different approach to test the long-run relationship between actual growth rates and those predicted by Thirlwall's law, extended to include capital flows. The regression results, apart from providing renewed support for the thesis that the country's growth rate has been constrained by the balance of payments, allow us to argue that Thirlwall's law is associated with a notion of long-run equilibrium growth rate which is fundamentally distinct from that of mainstream economics.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 32 (2009)
Issue (Month): 1 (September)
|Contact details of provider:|| Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348|