The slowing of growth in France: an interpretation based on Thirlwall’s law

Sebastien Charles, Thomas Dallery and Jonathan Marie

Journal of Post Keynesian Economics, 2022, vol. 45, issue 1, 100-129

Abstract: In this paper, we evaluate the French balance-of-payments constrained growth rate and we compare it with the effective growth rate. Empirically, we show that France is experiencing, simultaneously to its European integration, a substantial increase in the income elasticity of demand for imports and a collapse in the growth rate of its exports. Within the balance-of-payments constrained growth approach, this twofold negative effect is a major obstacle to true economic recovery and full employment.

Date: 2022
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Working Paper: The slowing of growth in France: an interpretation based on Thirlwall’s law (2022)
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DOI: 10.1080/01603477.2020.1794903

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