Crecimiento Económico y Sector Externo en la Economía Ecuatoriana
[Economic Growth and the External Sector in Ecuador’s Economy]
This article explains the balance of payments constraint imposed on Ecuador's economic growth during the period 1970 – 2007. By using the Thirlwall’s model (1979), a modification is made, stating that the real exchange rate (RER) should not be considered constant in the long term due to the negative impact of the Marshall-Lerner condition on the balance of the trade balance. Through an econometric study, a cointegration vector between GDP, exports and RER is determined. This is a valid adjustment to explain the balance of payments constraint on economic growth.
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- 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.
- 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.
- Steven B. Kamin & John H. Rogers, 1997.
"Output and the real exchange rate in developing countries: an application to Mexico,"
International Finance Discussion Papers
580, Board of Governors of the Federal Reserve System (U.S.).
- Kamin, Steve B. & Rogers, John H., 2000. "Output and the real exchange rate in developing countries: an application to Mexico," Journal of Development Economics, Elsevier, vol. 61(1), pages 85-109, February.
- Moreno Brid, Juan Carlos & Pérez Caldentey, Esteban, 2003. "Liberalización comercial y crecimiento económico en Centroamérica," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
- Erkin I. Bairam, 1997. "Levels of Economic Development and Appropriate Specification of the Harrod Foreign-Trade Multiplier," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(3), pages 337-344, April.
- Amelia Santos-Paulino & A. P. Thirlwall, 2004. "The impact of trade liberalisation on exports, imports and the balance of payments of developing countries," Economic Journal, Royal Economic Society, vol. 114(493), pages F50-F72, 02.
- Fugarolas Álvarez-Ude, Guadalupe & Matesanz Gómez, David, 2005. "Restricción de balanza de pagos y vulnerabilidad externa en la argentina de los noventa. Un análisis de caso," MPRA Paper 210, University Library of Munich, Germany, revised 2005.
- J.S.L. McCombie & Mark Roberts, 2002. "The Role of the Balance of Payments in Economic Growth," Chapters, in: The Economics of Demand-Led Growth, chapter 6 Edward Elgar Publishing.
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