The external constraint to the economic growth in three blocks of the world economy
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.
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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.
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- H. Sonmez Atesoglu, 1994. "Balance of payments determined growth in Germany," Applied Economics Letters, Taylor & Francis Journals, vol. 1(6), pages 89-91.
- 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.
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