An Application of Thirlwall's Law to the Spanish Economy

Miguel Leon-Ledesma

Studies in Economics from School of Economics, University of Kent

Abstract: The aim of this paper is to test the existence of a balance of payments constraint on the Spanish economic growth. The model developed by Thirlwall (1979) is tested in the context of an individual economy following the strategy proposed by Atesoglu (1993, 1994). The results show little influence for relative prices in the determination of the demand for imports. They also show that the Spanish economic growth rate has been very close to that predicted by Thirlwall's Law. This fact, together with the existence of unemployed resources, yield strong evidence in favour of the demand approach to economic growth.

Keywords: Balance of payments constraint; import demand; economic growth (search for similar items in EconPapers)
JEL-codes: E12 F14 O40 (search for similar items in EconPapers)
Date: 1997-11
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Citations: View citations in EconPapers (2)

Published in Journal Post-Keynesian Economics, 1999, Spring

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Journal Article: An Application of Thirlwall’s Law to the Spanish Economy (1999)
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