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

by Soukiazis, Elias; Cerqueira, Pedro André

• ISBN13: 9781137023940
• ISBN10: 1137023945
• eBook ISBN(s): 9781137023957
• Format: Hardcover
• Copyright: 2012-11-27
• Publisher: Palgrave Macmillan
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Summary

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.

Author Biography

ELIAS SOUKIAZIS is assistant professor at the Faculty of Economics of the University of Coimbra, Portugal. He holds a PhD in Economics (Kent University at Canterbury, UK) and MSc in Economics (Birkbeck College, University of London, UK) and a BSc in Economics (University of Macedonia, Greece). His interests lie in applied research in the fields of growth economics, international and European economics, regional economics, health economics, human capital and in general macroeconomic policy. He has published in national and international journals and serve as reviewer in various journals. He is a member of the INFER and EFFS board and member of the research center GEMF. PEDRO CERQUERIA is assistant professor at the Faculty of Economics of the University of Coimbra, Portugal. He holds a PhD in Economics (European University Institute, Florence, Italy), an MSc in Monetary and Financial Economics (ISEG, Technical University of Lisbon, Portugal) and a BSc (Hons) in Economics (University of Coimbra, Portugal). His research lies in the economics of European Integration, Business Cycles, Growth and Open Macroeconomics. He has published and refereed internationally in these fields and is also a member of the GEMF research center.

Table of Contents

Introduction
PART I: HISTORICAL OVERVIEW ON THE BALANCE OF PAYMENTS CONSTRAINED GROWTH DEBATE
Balance of Payments Constrained Growth Models: History and Overview; A.P.Thirlwall
Criticisms and Defences of the Balance-of-Payments Constrained Growth Model: Some Old, Some New; J.McCombie
The Remarkable Durability of Thirlwall's Law; M.Setterfield
PART II: ALTERNATIVE MODELS AND EMPIRICAL EVIDENCE
Generalized Balance of Payments Constrained Growth and South-South Trade in Sub-Saharan Africa; A.Bagni, A.Rieber & T.Tran
Growth Rates Constrained by Internal and External Imbalances: A Demand Orientated Approach; E.Soukiazis, P.Cerqueira & M.Antunes
Empirical Testing of the Export-Led and Balance of Payments Constrained Growth: The Case of Portugal; V.Kvedaras
PART III: THE CONVERGENCE ISSUE AND THE ROLE OF EXCHANGE RATE ON BALANCE OF PAYMENTS CONSTRAINED GROWTH
Convergence and Balance of Balance of Payments Constrained Growth: Is there a Puzzle? C.Garcimartin, J.Alonso & L.Rivas
New Insights from a Structural Economic Dynamic Approach to Balance of Payments Constrained Growth; R.Araujo
Structural Heterogeneity and Endogeneity of Elasticities on the Balance of Payments Constrained Growth Model; F.Missio & F.Jayme Jnr