Balance-of-payments-constrained economic growth in Brazil
This paper applies the Thirlwall’s balance-of-payments constraint model to Brazilian economic growth in the period 1955-98, using cointegration technique. According to Thirlwall (1979) and MacCombie and Thirlwall (1994) differences in long-term economic growth among countries can be explained by a d...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2003 |
| País: | Brasil |
| Institución: | EDITORA 34 |
| Repositorio: | Revista de Economia Política |
| Idioma: | inglés |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/888 |
| Acceso en línea: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/888 |
| Access Level: | acceso abierto |
| Palabra clave: | Restrição de balança de pagamentos crescimento economia pós-Keynesiana Balance of payments constraint growth post Keynesian economics |
| Sumario: | This paper applies the Thirlwall’s balance-of-payments constraint model to Brazilian economic growth in the period 1955-98, using cointegration technique. According to Thirlwall (1979) and MacCombie and Thirlwall (1994) differences in long-term economic growth among countries can be explained by a demand induced theory of economic growth. The model is tested on the Brazilian economy after industrial take- off in 1955 until 1998 using the cointegration technique and a vector error correction (VEC) representation to find the dynamic responses of exports to GDP. The results show that there is a positive cointegration between growth in exports and long-term economic growth in Brazil, which support the fact external factors constraint Brazilian economic growth. JEL Classification: E12; O10. |
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