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Balance-of-payments constrained economic growth in Brazil

Frederico Gonzaga Jayme Junior ()
Authors registered in the RePEc Author Service: Frederico G. Jayme Jr ()

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This paper applies Thirlwall’s basic 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) the dynamic Harrod foreign multiplier, that is, demand-induced economic growth, determines long-term economic growth. The results show that there is a positive cointegration between growth in exports and long-term economic growth in Brazil which conclusion supports Thirlwall’s model.

Keywords: Thirlwall’s model; Brazil; balance-of-payments (search for similar items in EconPapers)
JEL-codes: F4 O4 (search for similar items in EconPapers)
Date: 2001
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Published in Revista de Economia Política, 2003, vol. 23, no. 1.

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