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The Balance-of-Payments Constraint as an Explanation of International Growth Rate Differences

In: Economic Growth and the Balance-of-Payments Constraint

Author

Listed:
  • J. S. L. McCombie
  • A. P. Thirlwall

Abstract

We outline in this chapter the concept of the balance-of-payments equilibrium growth rate, as originally developed by Thirlwall (1979, 1982a), and then show its empirical application to a wide range of developed and less developed countries, drawing also on the recent work of Bairam (1988, 1990). The two original papers by Thirlwall are presented here basically in their original form, but with some modifications.

Suggested Citation

  • J. S. L. McCombie & A. P. Thirlwall, 1994. "The Balance-of-Payments Constraint as an Explanation of International Growth Rate Differences," Palgrave Macmillan Books, in: Economic Growth and the Balance-of-Payments Constraint, chapter 3, pages 232-261, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23121-8_3
    DOI: 10.1007/978-1-349-23121-8_3
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    Keywords

    Relative Price; Capital Flow; Capital Inflow; Little Develop Country; Primary Commodity;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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