The Balance of Payments Constraint as an Explanation of International Growth Rate Differences

Autor:	Anthony P. Thirlwall
Jazyk:	angličtina
Rok vydání:	2011
Předmět:	balance of payments growth dynamic Harrod trade multiplier Political science Economic theory. Demography HB1-3840
Zdroj:	PSL Quarterly Review, Vol 64, Iss 259, Pp 429-438 (2011)
Druh dokumentu:	article
ISSN:	2037-3635 2037-3643
Popis:	The paper shows that if long-run balance of payments equilibrium on current account is a requirement then a country's long run growth rate can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports. The model fits well the experience of eighteen OECD countries. It is output, not relative prices, that adjusts the balance of payments, contrary to the neoclassical orthodoxy. Growth can be demand constained by the balance of payments.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/b9ebde47bedb4412a55341d008a7d3dd Zobrazit plný text záznamu View record in DOAJ