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Empirical Testing of Export-led and Balance of Payments Constrained Growth: The Case of Portugal

In: Models of Balance of Payments Constrained Growth


  • Virmantas Kvedaras


A testing approach developed in Kvedaras (2007) is applied to the case of Portugal to test for the statistical acceptability of model-implied restrictions in the cointegrated vector autoregression of export-led and balance of payments constrained growth, using yearly data 1970–2009.* A potential structural break is found in the vector autoregression in 1976–77. The growth-model implied restrictions — the number of cointegrating vectors and a set of (over-identifying) restrictions on parameters — are fully consistent with the data in the post-break period.

Suggested Citation

  • Virmantas Kvedaras, 2012. "Empirical Testing of Export-led and Balance of Payments Constrained Growth: The Case of Portugal," Palgrave Macmillan Books, in: Elias Soukiazis & Pedro A. Cerqueira (ed.), Models of Balance of Payments Constrained Growth, chapter 6, pages 168-186, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-02395-7_7
    DOI: 10.1057/9781137023957_7

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    Cited by:

    1. Garcimartin, Carlos & Kvedaras, Virmantas & Rivas, Luis, 2016. "Business cycles in a balance-of-payments constrained growth framework," Economic Modelling, Elsevier, vol. 57(C), pages 120-132.


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