“Thirlwall’s Law” reconsidered

Leon Podkaminer

Empirica, 2017, vol. 44, issue 1, No 2, 29-57

Abstract: Abstract Thirlwall’s Law is found to be the necessary but not sufficient condition for balanced long-run growth. A simple equation is considered whose empirical analysis could confirm—or reject—the validity of the Law. The analysis, conducted by means of econometric co-integration using the Dynamic Ordinary Least Squares method applied to data for 59 countries covering the years 1960–2012, suggests that Thirlwall’s Law may not hold for the decisive majority of countries.

Keywords: Thirlwall’s Law; Trade elasticities; Balanced growth; Co-integration; DOLS (search for similar items in EconPapers)
JEL-codes: F15 F32 F43 F62 O41 O49 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10663-015-9310-6

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