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Balance-of-payments-constrained growth in Brazil: a test of Thirlwall's Law, 1890-1973

Luis Bertola, Hermes Higachi and Gabriel Porcile ()

Journal of Post Keynesian Economics, 2002, vol. 25, issue 1, 123-140

Abstract: The paper offers a time-series test of Thirlwall's Law for Brazil during the 1890-1973 period. The results confirm the existence of a long-run relationship between Brazilian gross domestic product (GDP), terms-of-trade, and world income, as Thirlwall's Law predicts. In addition, an error correction model is estimated, which shows that adjusting toward Thirlwall's Law equilibrium explains a substantial part of total variation of real GDP in the short run.

Date: 2002
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DOI: 10.1080/01603477.2002.11051348

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