Balance-of-payments constrained growth: a post Keynesian model with capital inflows

Sérgio Filho, Frederico Jayme Jr and Gilberto Libanio

Journal of Post Keynesian Economics, 2013, vol. 35, issue 3, 373-398

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 study presents the central propositions that constitute the so-called demand-led growth perspective. It reviews 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.

Date: 2013
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Working Paper: Balance-Of-Payments Constrained Growth: a Post-Keynesian Model with Capital Inflows (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:35:y:2013:i:3:p:373-398

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DOI: 10.2753/PKE0160-3477350303

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