Thirlwall and balance of payments constrained growth

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Abstract

This paper outlines the theory which Thirlwall uses to determine the growth of domestic income and argues that crucial elements of this theory appear to be very weak. The empirical evidence presented by Thirlwall to support his argument for balance of payments constrained growth is considered.
Original languageEnglish
Pages (from-to)17-32
Number of pages15
JournalApplied Economics
Volume17
Issue number1
DOIs
Publication statusPublished - 1985

Keywords

  • growth of domestic income
  • domestic income
  • balance of payments constrained growth
  • foreign prices
  • domestic prices
  • Natural Rate Hypothesis
  • demand constrained growth
  • supply constrained growth
  • differential growth rates
  • developed nations
  • growth of export volume
  • domestic income elasticity
  • demand for imports.

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