Balance-of-payments-constrained economic growth in Brazil

Frederico Jayme Jr

Brazilian Journal of Political Economy, 2003, vol. 23, issue 1, 63-86

Abstract: This paper applies the Thirlwall’s 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) differences in long-term economic growth among countries can be explained by a demand induced theory of economic growth. The model is tested on the Brazilian economy after industrial take- off in 1955 until 1998 using the cointegration technique and a vector error correction (VEC) representation to find the dynamic responses of exports to GDP. The results show that there is a positive cointegration between growth in exports and long-term economic growth in Brazil, which support the fact external factors constraint Brazilian economic growth. JEL Classification: E12; O10.

Keywords: Balance of payments constraint; growth; post Keynesian economics (search for similar items in EconPapers)
Date: 2003
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Working Paper: Balance-of-payments constrained economic growth in Brazil (2001)
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