Balance-of-payments constrained economic growth: the case of Mexico
An analytical model for balance-of-payment constraints is developed to analyse the economic crisis which swept the entire Mexican region during the early 1980s. Analytical results suggest that a modification of the long-term income multipliers of the proposed framework may be effected by implementing a long-term constant ratio of the current account to nominal gross domestic product. It is further shown that Mexico's economic instability was largely caused by the inadequacy of foreign exchange resources necessary in driving domestic growth.
Volume (Year): 51 (1998)
Issue (Month): 207 ()
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- Peter Skott & Paul Auerbach, 1995. "Cumulative Causation and the "New" Theories of Economic Growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(3), pages 381-402, April.
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- Rudiger Dornbusch & Alejandro Werner, 1994. "Mexico: Stabilization, Reform, and No Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(1), pages 253-316.
- de Aghion, Beatriz Armendariz & de Hinestrosa, Patricia Armendariz, 1995. "Debt relief, growth and price stability in Mexico," Journal of Development Economics, Elsevier, vol. 48(1), pages 135-149, October.
- Maurizio Pugno, 1998. "The Stability of Thirlwall's Model of Economic Growth and the Balance-of-Payments Constraint," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(4), pages 559-581, July.
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