1st Edition
Essays on Balance of Payments Constrained Growth Theory and Evidence
There are many theories concerning the relationship between the pace of development and economic growth in different countries. This impressive collection explores the relationship between a country's balance of payments and their rate of economic growth. The evidence and ramifications within the book will be of interest to economists and policy-makers in developing countries.
1 Introduction (J.S.L. McCombie & A.P. Thirlwall)
Part 1: Theory
2. The balance of payments constraint as an explanation of international growth rate differences (A.P. Thirlwall)
3. The balance of payments constraint, capital flows and growthrate differences between developing countries (A.P. Thirlwall & M. Nureldin Hussein)
4. Economic growth, the Harrod foreign trade multiplier andthe Hicks super-multiplier (J.S.L. McCombie
5. Economic growth, trade interlinkages, and thebalance of payments constraint (J.S.L. McCombie)
6. International competitiveness, relative wages, and thebalance of payments constraint (Robert A. Blecker)
7. The stability of Thirlwall’s model of economic growth andthe balance of payments constraint (Maurizio Pugno)
8. The balance of payments constraint (Nelson H. Barbosa-Filho)
Part 2: Developed countries
9. On the empirics of balance of payments constrained growth (J.S.L. McCombie)
10. The 45° rule revisited (P.S. Andersen)
11. A new approach to the balance of payments constraint (José A. Alonso & Carlos Garcimartín)
12. An application of Thirlwall’s Law to the Spanish economy (Miguel León-Ledesma)
Part 3: Developing countries
13. Balance of payments constrained growth and developingcountries (Jonathan Perraton)
14. The balance of payments constraint and growth rate differences among African and East Asian economies (M. Nureldin Hussein)
15. The chronicle of economic growth in Southeast Asian countries (M. Ansari, N. Hashemzadeh & Y. Xi)
16. Thirlwall’s Law and beyond: the Latin American experience (Julio López & Alberto Cruz)
17. Balance of payments constrained growth in Central America, 1950–96 (Juan Zarlos Moreno-Brid & Esteban Pérez)
18. Balance of payments constrained economic growth: the case of Mexico (Juan Zarlos Moreno-Brid)
19. A ‘generalised’ version of the balance of payments growth model (Kevin Nell)
Biography
J.S.L. McCombie is a Fellow in Economics at Downing College, Cambridge, UK. A.P. Thirlwall is Professor of Applied Economics at the University of Kent, UK. He has been an advisor to various government departments, and a consultant to many international development organisations.
