Balance-of-payments constrained economic growth in Brazil
This paper applies Thirlwall’s basic balance-of-payments constraint model to Brazilian economic growth in the period 1955-98, using cointegration technique. According to Thirlwall (1979) and MacCombie and Thirlwall (1994) the dynamic Harrod foreign multiplier, that is, demand-induced economic growth, determines long-term economic growth. The results show that there is a positive cointegration between growth in exports and long-term economic growth in Brazil which conclusion supports Thirlwall’s model.
|Date of creation:||2001|
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|Publication status:||Published in Revista de Economia Política, 2003, vol. 23, no. 1.|
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