Ley de Thirlwall y modelo de brechas: un modelo unificado

Thirlwall´s law and the gaps model: A unified model

Mario García and Jeanne Kelly Ruíz

Econógrafos, Escuela de Economía from Universidad Nacional de Colombia, FCE, CID

Abstract: This article presents a unified model of the two main demand-based explanations of economic growth: Thirlwall´s law and the two-gaps model. It is shown that, with certain specifications, the external gap is equivalent to Thirlwall´s law with capital movements. The unified model is expressed in rates of growth and is useful to explain mainly short term growth in developing countries. Also, some policy implications are derived from the results.

Keywords: Keynesian Models; foreign trade; economic growth; economic development (search for similar items in EconPapers)
JEL-codes: E12 F31 F43 O11 (search for similar items in EconPapers)
Pages: 34
Date: 2011
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Published in Econografos

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Persistent link: https://EconPapers.repec.org/RePEc:col:000176:023000

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