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An Application of Thirlwall's Law to the Spanish Economy

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  • Miguel A. Leon-Ledesma

    ()

Abstract

The aim of this paper is to test the existence of a balance of payments constraint on the Spanish economic growth. The model developed by Thirlwall (1979) is tested in the context of an individual economy following the strategy proposed by Atesoglu (1993, 1994). The results show little influence for relative prices in the determination of the demand for imports. They also show that the Spanish economic growth rate has been very close to that predicted by Thirlwall's Law. This fact, together with the existence of unemployed resources, yield strong evidence in favour of the demand approach to economic growth.

Suggested Citation

  • Miguel A. Leon-Ledesma, 1997. "An Application of Thirlwall's Law to the Spanish Economy," Studies in Economics 9708, School of Economics, University of Kent.
  • Handle: RePEc:ukc:ukcedp:9708
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    Cited by:

    1. repec:gei:jnlfer:v:2:y:2017:i:1:p:1-15 is not listed on IDEAS
    2. 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.
    3. Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
    4. Kevin Nell, 2003. "A 'Generalised' Version of the Balance-of-Payments Growth Model: An application to neighbouring regions," International Review of Applied Economics, Taylor & Francis Journals, vol. 17(3), pages 249-267.
    5. Halicioglu, Ferda, 2012. "Balance-of-Payments Constrained Growth: the Case of Turkey," MPRA Paper 41791, University Library of Munich, Germany.

    More about this item

    Keywords

    Balance of payments constraint; import demand; economic growth;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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