Structural Change,Balance-of-Payments Constraint and Economic Growth: Evidence from the Multi-Sectoral Thirlwall’s Law
This paper contributes to the literature on balance-of-paymentsconstrained growth by investigating how structural change, identified with changes in the sectoral composition of exports and imports, affects the external constraint. We test both the original and a multisectoral version of Thirlwall's law for a sample of Latin American and Asian countries. The original Thirlwall's law is found to hold for all sample countries except South Korea, whereas the multisectoral analogue holds for all of them. As the sectoral composition of exports and imports is found to matter for growth, we analyze the evolution of each country's weighted trade income elasticities.
(This abstract was borrowed from another version of this item.)
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: 55 21 2709 7154
Web page: http://www.anpec.org.br
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- A. P. Thirlwall, 1997. "Reflections on the Concept of Balance-of-Payments-Constrained Growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(3), pages 377-385, April.
- Anthony Philip Thirlwall, 1979.
"The Balance of Payments Constraint as an Explanation of International Growth Rate Differences,"
BNL Quarterly Review,
Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
- 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.
- Anthony Philip Thirlwall, 1979. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
- Nelson H. Barbosa Filho, 2002. "The Balance-of-payments Constraint: From Balanced Trade to Sustainable Debt," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2001-06, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
- Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2007.
"A structural economic dynamics approach to balance-of-payments-constrained growth,"
Cambridge Journal of Economics,
Oxford University Press, vol. 31(5), pages 755-774, September.
- Ricardo Azevedo Araujo & Gilberto Tadeu Lima, 2006. "A Structural Economic Dynamics Approach To Balance-Of-Payments-Constrained Growth," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 119, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Luis B�Rtola & Hermes Higachi & Gabriel Porcile, 2002. "Balance-of-payments-constrained growth in Brazil: a test of Thirlwall's Law, 1890-1973," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 25(1), pages 123-140, January.
- Setterfield, Mark, 1997. "'History versus Equilibrium' and the Theory of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 365-78, May.
- Lima, Gilberto Tadeu & Carvalho, Veridiana Ramos da Silva, 2009. "Estrutura produtiva, restrição externa e crescimento econômico: a experiência brasileira," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 36, pages 30, April.
- M. Ansari & N. Hashemzadeh & Y. Xi, 2000. "The Chronicle of Economic Growth in Southeast Asian Countries: Does Thirlwall's Law Provide an Adequate Explanation?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 22(4), pages 573-588, July.
- 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.
- Jonathan Perraton, 2003. "Balance of Payments Constrained Growth and Developing Countries: An examination of Thirlwall's hypothesis," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(1), pages 1-22.
- Mario Cimoli & Gabriel Porcile & Sebastián Rovira, 2010. "Structural change and the BOP-constraint: why did Latin America fail to converge?," Cambridge Journal of Economics, Oxford University Press, vol. 34(2), pages 389-411, March.
- 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.
When requesting a correction, please mention this item's handle: RePEc:anp:en2009:74. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hugo E. A. da Gama Cerqueira)
If references are entirely missing, you can add them using this form.