Models of Balance of Payments Constrained Growth : History, Theory and Empirical Evidence

This book extends Thirlwall's model and adapts its implications to the current problems facing developed and emerging economies. In this context, this book combines theoretical models and empirical applications, unveiling new results and highlighting the importance of the balance of payments as a constraint to growth. Front Matter....Pages i-xvi Introduction....Pages 1-7 Front Matter....Pages 9-9 Balance of Payments Constrained Growth Models: History and Overview....Pages 11-49 Criticisms and Defences of the Balance of Payments Constrained Growth Model: Some Old, Some New....Pages 50-82 The Remarkable Durability of Thirlwall’s Law....Pages 83-110 Front Matter....Pages 111-111 Generalized Balance of Payments Constrained Growth and South—South Trade in Sub-Saharan Africa....Pages 113-143 Growth Rates Constrained by Internal and External Imbalances: A Demand-Orientated Approach....Pages 144-167 Empirical Testing of Export-led and Balance of Payments Constrained Growth: The Case of Portugal....Pages 168-186 Front Matter....Pages 187-187 Convergence and Balance of Payments Constrained Growth: Is There a Puzzle?....Pages 189-216 New Insights from a Structural Economic Dynamic Approach to Balance of Payments Constrained Growth....Pages 217-238 Structural Heterogeneity and Endogeneity of Elasticities on the Balance of Payments Constrained Growth Model....Pages 239-267 Back Matter....Pages 269-274 "This book extends Thirlwall's original model and adapts its implications to the current problems of the developed and emerging economies. In this context, this book combines theoretical models and empirical applications to unveil new results consistent with the balance of payments constrained growth. The book provides an alternative to orthodox growth theory, which neglects the importance of the balance of payments as a constraint to growth."...Page 4 of cover