Balance-constrained growth rates: generalizing Thirlwall’s law

Oscar Bajo-Rubio ()

No 12-06, Working Papers from Asociación Española de Economía y Finanzas Internacionales

Abstract: In this paper, we show how the concept of balance of payments-constrained growth rate developed by Thirlwall (1979) can be generalized as the growth rate constrained by the balance between any two economic variables. In particular, we derive two new concepts: the government balance-constrained growth rate, and the private balanceconstrained growth rate. Some extensions of the basic model are also provided.

Keywords: Economic growth; Balance of payments; Government balance; Private balance; Thirlwall’s law (search for similar items in EconPapers)
JEL-codes: E20 F43 H62 O40 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2012-11
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Journal Article: Balance-constrained growth rates: generalizing Thirlwall's law (2014)
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