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Balance-Of-Payments Constrained Growth: a Post-Keynesian Model with Capital Inflows

Author

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  • Sérgio Fornazier Meirelles Filho

    () (FACE-UFG, Ciências Econômicas)

  • Frederico Gonzaga Jayme Jr

    (Cedeplar/UFG)

  • Gilberto de Assis Libânio

    (Cedeplar/UFG)

Abstract

This paper proposes a brief theoretical analysis of the relationship between international capital mobility and economic growth, seen in the perspective of demand-led growth. The work comprises four sections, besides the introduction. First of all, we briefly present the central propositions that constitute the so-called demand-led growth perspective. We then review the balance-of-payments constrained growth model, as originally proposed by Thirlwall (1979), as well as subsequent efforts to incorporate capital flows into this analytical framework. Building on this theoretical structure, a model is proposed in order to study the connections between balance-of-payments constrained growth and capital controls, which is formally introduced as a macroeconomic policy variable. In the last section, we present the final remarks on this model.

Suggested Citation

  • Sérgio Fornazier Meirelles Filho & Frederico Gonzaga Jayme Jr & Gilberto de Assis Libânio, 2011. "Balance-Of-Payments Constrained Growth: a Post-Keynesian Model with Capital Inflows," Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG 026, Curso de Ciencias Economicas da Universidade Federal de Goias - FACE.
  • Handle: RePEc:ufb:wpaper:026
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    References listed on IDEAS

    as
    1. 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.
    2. Miguel A. LeÛn-Ledesma & A. P. Thirlwall, 2002. "The endogeneity of the natural rate of growth," Cambridge Journal of Economics, Oxford University Press, vol. 26(4), pages 441-459, July.
    3. Dixon, R & Thirlwall, A P, 1975. "A Model of Regional Growth-Rate Differences on Kaldorian Lines," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 201-214, July.
    4. Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
    5. A. P. Thirlwall, 2002. "The Nature of Economic Growth," Books, Edward Elgar Publishing, number 2579.
    6. Frederico Gonzaga Jayme Junior, 2001. "Balance-of-payments constrained economic growth in Brazil," Textos para Discussão Cedeplar-UFMG td155, Cedeplar, Universidade Federal de Minas Gerais.
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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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