Models of Balance of Payments Constrained Growth History, Theory and Empirical Evidence

This book extends Thirlwall's model and adapts its implications to the current problems facing developed and emerging economies. In this context, this book combines theoretical models and empirical applications, unveiling new results and highlighting the importance of the balance of payments as a constraint to growth.

Introduction PART I: HISTORICAL OVERVIEW ON THE BALANCE OF PAYMENTS CONSTRAINED GROWTH DEBATE Balance of Payments Constrained Growth Models: History and Overview; A.P.Thirlwall Criticisms and Defences of the Balance-of-Payments Constrained Growth Model: Some Old, Some New; J.McCombie The Remarkable Durability of Thirlwall's Law; M.Setterfield PART II: ALTERNATIVE MODELS AND EMPIRICAL EVIDENCE Generalized Balance of Payments Constrained Growth and South-South Trade in Sub-Saharan Africa; A.Bagni , A.Rieber & T.Tran Growth Rates Constrained by Internal and External Imbalances: A Demand Orientated Approach; E.Soukiazis , P.Cerqueira & M.Antunes Empirical Testing of the Export-Led and Balance of Payments Constrained Growth: The Case of Portugal; V.Kvedaras PART III: THE CONVERGENCE ISSUE AND THE ROLE OF EXCHANGE RATE ON BALANCE OF PAYMENTS CONSTRAINED GROWTH Convergence and Balance of Balance of Payments Constrained Growth: Is there a Puzzle? C.Garcimartin , J.Alonso & L.Rivas New Insights from a Structural Economic Dynamic Approach to Balance of Payments Constrained Growth; R.Araujo Structural Heterogeneity and Endogeneity of Elasticities on the Balance of Payments Constrained Growth Model; F.Missio & F.Jayme Jnr

ELIAS SOUKIAZIS is Assistant Professor in the Faculty of Economics of the University of Coimbra, Portugal. He holds a PhD in Economics (Kent University at Canterbury, UK) and MSc in Economics (Birkbeck College, University of London, UK) and a BSc in Economics (University of Macedonia, Greece). His interests lie in applied research in the fields of growth economics, international and European economics, regional economics, health economics, human capital and, in general macroeconomic policy. He has published in national and international journals and served as reviewer in various journals. He is a member of the International Network for Economic Research (INFER) and European Economics and Finance Society (EFFS) board and member of the research centre Group for Monetary and Financial Studies (GEMF).

PEDRO A. CERQUERIA  is Assistant Professor in the Faculty of Economics at the University of Coimbra, Portugal. He holds a PhD in Economics (European University Institute, Florence, Italy), an MSc in Monetary and Financial Economics (ISEG, Technical University of Lisbon, Portugal) and a BSc (Hons) in Economics (University of Coimbra, Portugal). His research interest lies in the economics of European Integration, Business Cycles, Growth and Open Macroeconomics. He has published and refereed internationally in these fields and is also a member of the GEMF research centre.