The BPCG model provides an interesting hypothesis regarding economic growth. The main implication is that world demand places a constraint on individual country performance. I discuss this implication and argue that tests of the BPCG model have essentially been tests of the hypothesis that trade...

The main objective of this work is to investigate the theoretical interrelationships between economic growth, the National Innovation System (NIS) and the real exchange rate (RER) in an export-led growth model. Formally, this work presents new changes in the Kaldor-Dixon-Thirlwalĺs model by the...

This paper derives the balance of payments-constrained growth (BPCG) model as a special case of a three good framework that incorporates exportables, importables, and non-tradables. The conditions under which the canonical form of the BPCG rate can be derived are made explicit and the...

The purpose of this work is to analyze the balance-of-payments-constrained growth in Brazil considering Thirwall's Law (1979). To this end, we estimate export and import demand functions using two econometric models: vector error correction and structural state space model for the period of...