This paper surveys balance of payments constrained growth models from Thirlwall's original contribution in 1979 to the latest tests of the model using cointegration techniques. Historical antecedents of the model are explored (e.g. the Harrod trade multiplier; dual gap analysis; Prebisch's...

Thirlwall's 1979 balance of payments constrained growth model predicts that a country's long run growth of GDP can be approximated by the ratio of the growth of real exports to the income elasticity of demand for imports assuming negligible effects from real exchange rate movements. The paper...

Contents: Symposium: Thirlwall's law at 4.0 thirlwall's law at 40 / Esteban Pérez Caldentey and Matías Vernengo -- Why thirlwall's law is not a tautology: More on the debate over the law / J.S.L. -- Mccombie endogenous growth, capital accumulation and thirlwall's dynamics: The case of Latin...