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The external constraint to the economic growth in three blocks of the world economy

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  • Julio Herrera

    ()

  • Jesus Santamaria

    ()

Abstract

In this paper we analyze the relationships between the economic growth and the external trade balance. We divide our work in two parts. In the first part of the paper we thinks about two models: an adjustment model via prices (neoclassical model) and an adjustment model via income (keynesian model). In this first part our start point is a discussion of the paper played by the exchange rate and the Thirwall's law. In second part we estimates by way of technical of panel data and cointegrations techniques both models. A broad sample made for the most representative countries from: European Union, Mediterrranean Countries, very external indebted PVD, and Asian Dragons.

Suggested Citation

  • Julio Herrera & Jesus Santamaria, 2001. "The external constraint to the economic growth in three blocks of the world economy," ERSA conference papers ersa01p244, European Regional Science Association.
  • Handle: RePEc:wiw:wiwrsa:ersa01p244
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    References listed on IDEAS

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    1. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    2. 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.
    3. H. Sonmez Atesoglu, 1994. "Balance of payments determined growth in Germany," Applied Economics Letters, Taylor & Francis Journals, vol. 1(6), pages 89-91.
    4. Jose Antonio Alonso, 1999. "Growth and the external constraint: lessons from the Spanish case," Applied Economics, Taylor & Francis Journals, vol. 31(2), pages 245-253.
    5. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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