We present a small analytical framework, built in the Balance of Payments Constrained Growth (BPCG) tradition, tailored to identify how specific financial and structural vulnerabilities of emerging economies (EMEs) restrict their expansion. This framework is applied to shed light on the impact...

The analytical framework known as the balance-of-payments constrained growth model introduced by Anthony P. Thirlwall more than two decades ago, and further developed by him and N. Hussain, was a major contribution to understanding the relevance of a foreign exchange constraint on the long-run...