The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850-2000
Oscar Bajo-Rubio ()
No 10-10, Working Papers from Asociación Española de Economía y Finanzas Internacionales
The balance of payments can act as a constraint to the rate of growth of output, on setting a limit to the growth of the level of demand to which supply can adapt. In this paper, we examine this issue for the case of Spain, using time series data extending over one-and-a-half century, i.e., the period 1850-2000. Our results show that the foreign sector would have worked as a constraint to growth only during some periods of remarkably high growth in comparison with the Western European average, such as 1914-1935, and, especially, 1950-1975.
Keywords: Economic growth; External deficit; Spanish economy. (search for similar items in EconPapers)
JEL-codes: F41 F43 N10 (search for similar items in EconPapers)
Pages: 23 pages
New Economics Papers: this item is included in nep-fdg and nep-his
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Journal Article: The balance-of-payments constraint on economic growth in a long-term perspective: Spain, 1850–2000 (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:aee:wpaper:1010
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