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The balance-of-payments constraint:from balanced trade to sustainable debt

  • Nelson H. Barbosa-Filho

    ()

    (New School University, Center for Economic Policy Analysis, New York (USA))

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    This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the text shows the growth and real-exchange-rate policy rules consistent with a stable ratio of net exports to income. Given such rules, the text shows how the trade balance of a small open economy is residually determined by the ratio of foreign debt to income allowed by international conditions.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9952/9833
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    Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

    Volume (Year): 54 (2001)
    Issue (Month): 219 ()
    Pages: 381-400

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    Handle: RePEc:psl:bnlaqr:2001:43
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    1. Juan Carlos Moreno-Brid, 1999. "On Capital Flows and the Balance-of-Payments-Constrained Growth Model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(2), pages 283-298, January.
    2. Alexander, R. & King, A., 1998. "Growth and the Balance-of-Payment Constraint," Department of Economics - Working Papers Series 622, The University of Melbourne.
    3. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    4. Paul Krugman, 1988. "Differences In Income Elasticities and Trends in Real Exchange Rates," NBER Working Papers 2761, National Bureau of Economic Research, Inc.
    5. Terra, Maria Cristina T., 1999. "Finance and changing trade patterns in Brazil," Economics Working Papers (Ensaios Economicos da EPGE) 354, FGV/EPGE Escola Brasileira de Economia e Finan├žas, Getulio Vargas Foundation (Brazil).
    6. Thirlwall, Anthony P & Hussain, Mohammed Nureldin, 1982. "The Balance of Payments Constraint, Capital Flows and Growth Rate Differences between Developing Countries," Oxford Economic Papers, Oxford University Press, vol. 34(3), pages 498-510, November.
    7. Nelson H. Barbosa Filho, 2001. "International Liquidity and Growth in Brazil," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2001-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
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