Economic Growth and the Balance-of-Payments Constraint: The Case of the Spanish Regions, 1988–2009

Oscar Bajo-Rubio () and Carmen Diaz-Roldan

Acta Oeconomica, 2015, vol. 65, issue 4, 617-628

Abstract: The balance-of-payments can act as a constraint on the rate of output growth, on putting a limit to the growth in the level of demand to which supply can adapt. Regional economies might be particularly sensitive to this effect, since they are presumably more integrated among them. In this paper, we examine this issue for the case of the 17 Spanish regions over the period 1988–2009, and calculate their balance-of-payments-constrained growth rates. By comparing these balance-of-payments-constrained growth rates with the actual growth rates, we would be able to assess whether the balance-of-payments has worked as a constraint on growth.

Keywords: economic growth; external deficit; regions; Spain (search for similar items in EconPapers)
JEL-codes: F41 F43 O40 (search for similar items in EconPapers)
Date: 2015
Note: The authors wish to thank the two anonymous referees for their comments and the financial support from the Spanish Ministry of Economy and Competitiveness, through the project ECO2011-29314-C02-02.
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Related works:
Working Paper: Economic growth and the balance-ofpayments constraint: The case of the Spanish regions, 1988-2008 (2011)
Working Paper: Economic growth and the balance-of-payments constraint: The case of the Spanish regions (2011)
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