Does the balance of payments constrain economic growth? Some evidence for the new EU members

Oscar Bajo-Rubio () and Carmen Diaz-Roldan ()

Post-Communist Economies, 2009, vol. 21, issue 1, pages 41-46

Abstract: The balance of payments can act as a constraint on the rate of growth of output, since it puts a limit on the growth in the level of demand to which supply can adapt. This article examines this issue for the case of several transition countries, namely, those Central and Eastern European countries that joined the EU in 2004, and calculates their balance of payments-constrained growth rates. Comparing these balance of payments-constrained growth rates with the actual growth rates enables us to assess whether the balance of payments has acted as a constraint on economic growth in the countries analysed.

Date: 2009
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