Balance-constrained growth rates: generalizing Thirlwall’s law

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.

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Year of publication:	2012-11
Authors:	Bajo-Rubio, Oscar
Institutions:	Asociación Española de Economía y Finanzas Internacionales - AEEFI
Subject:	Economic growth \| Balance of payments \| Government balance \| Private balance \| Thirlwall’s law

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 12-06 6 pages
Classification:	E20 - Consumption, Saving, Production, Employment, and Investment. General ; F43 - Economic Growth of Open Economies ; H62 - Deficit; Surplus ; O40 - Economic Growth and Aggregate Productivity. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010856698