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

Sebastien Charles, Thomas Dallery and Jonathan Marie

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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.

Keywords: balance-of-payments constrained growth; income elasticities of external trade; structural break (search for similar items in EconPapers)
Date: 2022
Note: View the original document on HAL open archive server: https://sorbonne-paris-nord.hal.science/hal-02905749v1
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Published in Journal of Post Keynesian Economics, 2022, 45 (1), pp.100-129. ⟨10.1080/01603477.2020.1794903⟩

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Journal Article: The slowing of growth in France: an interpretation based on Thirlwall’s law (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02905749

DOI: 10.1080/01603477.2020.1794903

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