We scrutinize the role of capital flows in competitiveness in a set of seven euro-area member countries (Estonia, Greece, Latvia, Lithuania, Portugal, Slovenia, and the Slovak Republic) in the context of real convergence and crisis. A specific focus is on Greece. The paper extends the seminal...

This paper explores the links between gradual capital account liberalization and the exchange rate regime in Morocco where the process of economic and financial openness is relatively advanced. Using a game theory model with two economic agents, that are monetary authorities and domestic firms,...

The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...

This paper revisits the case for flexible vs. fixed exchange rate regime in a two-country model with firm heterogeneity and nominal wage rigidity under incomplete financial markets. Dampening nominal exchange rate fluctuations simultaneously stabilizes the firm turnover in the export market....

The present study aims to verify whether the balance-of-payments constrained growth approach is suitable for explaining the Portuguese growth performance during the last decades. For that, we adopt "Thirlwall's Law" that predicts actual growth by the ratio of the exports growth relative to the...

The aim of this paper is to show that concepts such as growth regime, external constraints and financialization, which are very common in many post Keynesian studies on growth, are compatible and complementary, but the conciliation among them requires the use of some concepts of French...

This paper analyses two issues that were characteristic of the global growth processes of the 1980s and 1990s (i) an important diffusion process of a new general purpose technology (GPT) and (ii) a speed-up of catching-up of a sub-group of developing economies (South East Asia, later China and...

In the era of financialisation, increasing income inequality could be observed in most developed and many developing countries. Despite these similar developments in inequality, the growth performance and drivers for growth differed markedly among countries, allowing clusters of different growth...

This paper examines Nigeria's long run growth path using the externally and internally constrained version of Thirlwall's growth model from 1982 to 2015. The present study modifies the SCA-BOPCG to take into account the effects the foreign contents in exports growth and the domestic investment....