Balance-constrained growth rates: generalizing Thirlwall's law

Oscar Bajo-Rubio ()

Applied Economics Letters, 2014, vol. 21, issue 9, 593-596

Abstract: In this article, we show how the concept of balance of payments-constrained growth rate developed by Thirlwall (1979) can be generalized as the growth rate constrained by the balance between any two economic variables. In particular, we derive two new concepts: the government balance-constrained growth rate and the private balance-constrained growth rate. Some extensions of the basic model are also provided.

Date: 2014
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Working Paper: Balance-constrained growth rates: generalizing Thirlwall’s law (2012)
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DOI: 10.1080/13504851.2013.877563

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