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Evaluating Thirlwall's Law: Does Country Size Matter?

Author

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  • King, Alan

    (University of Otago, Department of Economics)

Abstract

Thirlwall’s law of balance-of-payments-constrained growth predicts that an economy’s growth rate is determined by the ratio of its income elasticities of demand for exports and imports, multiplied by the world’s growth rate. Alexander and King (1999) argue that the typically supportive empirical results found for this relationship are based on a flawed testing procedure. They find little support for Thirlwall’s law among the G7 nations using an alternative, cointegration-based approach. This study aims to see whether Alexander and King’s (1999) conclusions hold for smaller, more open economies. We find that, in most cases, they do.

Suggested Citation

  • King, Alan, 2002. "Evaluating Thirlwall's Law: Does Country Size Matter?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 55(2), pages 193-212.
    • Handle: RePEc:ris:ecoint:0189
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    More about this item

    Keywords

    Thirlwall’s law; growth; balance of payments;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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