Balance-Of-Payments Constrained Growth: a Post-Keynesian Model with Capital Inflows

Sérgio Fornazier Meirelles Filho (), Frederico Jayme Jr and Gilberto Libanio
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Sérgio Fornazier Meirelles Filho: FACE-UFG, Ciências Econômicas

No 26, Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG from Curso de Ciencias Economicas da Universidade Federal de Goias - FACE

Abstract: This paper proposes a brief theoretical analysis of the relationship between international capital mobility and economic growth, seen in the perspective of demand-led growth. The work comprises four sections, besides the introduction. First of all, we briefly present the central propositions that constitute the so-called demand-led growth perspective. We then review the balance-of-payments constrained growth model, as originally proposed by Thirlwall (1979), as well as subsequent efforts to incorporate capital flows into this analytical framework. Building on this theoretical structure, a model is proposed in order to study the connections between balance-of-payments constrained growth and capital controls, which is formally introduced as a macroeconomic policy variable. In the last section, we present the final remarks on this model.

Keywords: economic growth; balance-of-payments constraint; capital controls (search for similar items in EconPapers)
Pages: 23 pages
Date: 2011-05
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https://files.cercomp.ufg.br/weby/up/118/o/TD_026.pdf (application/pdf)

Related works:
Journal Article: Balance-of-payments constrained growth: a post Keynesian model with capital inflows (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ufb:wpaper:026

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