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Abstract

This paper contributes to the literature on balance-of-payments-constrained growth by providing an innovative empirical evaluation of a disaggregated version of the so-called Thirlwall-s Law derived from a Pasinettian multisectoral framework. After estimating sectoral elasticities of exports and imports for a considerable panel dataset of 90 countries over the period 1965-1999, we have performed two empirical exercises. First, we grouped countries together by income level and evaluated a multisectoral balance-of-payments-constrained growth model by analyzing prediction errors and mean absolute deviations. Second, we carried out a regression validity test on the results. Our main findings give support to the validity of the multisectoral version of Thirlwall-s Law, providing therefore further understanding of the structural determinants of the uneven international development and guidance for the design of growth-enhancing national structural policies.



Item Type: MPRA Paper -

Original Title: Balance-of-payments-constrained growth in a multisectoral framework: a panel data investigation-

Language: English-

Keywords: balance-of-payments constraint; structural change; economic growth; macrodynamics-

Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic DevelopmentE - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes ; Keynesian ; Post-KeynesianF - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F43 - Economic Growth of Open Economies-





Autor: Gouvea, Raphael Rocha

Fuente: https://mpra.ub.uni-muenchen.de/29816/

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