Economic Growth And The Balance Of Payments Constraint

Author : John McCombie,A.P. Thirlwall
Publisher : Springer
Page : 646 pages
File Size : 52,7 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349231218

Get Book

Economic Growth and the Balance-of-Payments Constraint by John McCombie,A.P. Thirlwall Pdf

'... a well written book ... covering ... a vast amount of material ... well balanced between the theoretical and applied works. The authors are judicious and fair in providing a balanced treatment of the two alternative theories of growth performance: supply-oriented and demand-oriented. The book will serve as a guideline to researchers and policymakers ... as a textbook for upperdivision undergraduate and graduate courses.'- Kashi Nath Tiwari, Kennesaw State College This is the first book of its kind to argue in a consistent and comprehensive way the idea that a country's growth performance cannot be properly understood without reference to the performance of its tradeable goods sector and the strength of its balance of payments. It puts forward a demand orientated theory of why growth rates differ between countries where the major constraint on demand is the balance of payments. The book is critical of neoclassical growth analysis and provides an alternative theory of growth performance to the supply orientated approach of neoclassical theory. There are theoretical chapters comparing and contrasting neoclassical growth analysis with the new demand orientated approach, and empirical sections which apply the new model to regions and countries, including two case studies of the UK and Australia.

Author : J. S. L. McCombie
Publisher : Unknown
Page : 34 pages
File Size : 45,6 Mb
Release : 1985
Category : Balance of payments
ISBN : 0868396443

Get Book

The Balance of Payments as a Constraint on Economic Growth by J. S. L. McCombie Pdf

Author : E. Soukiazis,P. Cerqueira
Publisher : Springer
Page : 274 pages
File Size : 50,5 Mb
Release : 2012-10-15
Category : Business & Economics
ISBN : 9781137023957

Get Book

Models of Balance of Payments Constrained Growth by E. Soukiazis,P. Cerqueira Pdf

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.

Author : J. S. L. McCombie,A. P. Thirlwall
Publisher : Unknown
Page : 17 pages
File Size : 52,9 Mb
Release : 1995
Category : Balance of payments
ISBN : 1857570391

Get Book

Economic Growth and the Balance of Payments Constraint Revisited by J. S. L. McCombie,A. P. Thirlwall Pdf

Author : John McCombie,Tony Thirlwall
Publisher : Routledge
Page : 352 pages
File Size : 45,5 Mb
Release : 2004-03-26
Category : Business & Economics
ISBN : 9781134340309

Get Book

Essays on Balance of Payments Constrained Growth by John McCombie,Tony Thirlwall Pdf

There are many theories concerning the relationship between the pace of development and economic growth in different countries. This impressive collection explores the relationship between a country's balance of payments and their rate of economic growth. The evidence and ramifications within the book will be of interest to economists and policy-makers in developing countries.

Author : John M. Letiche
Publisher : Harvard University Press
Page : 408 pages
File Size : 50,8 Mb
Release : 1967
Category : Balance of payments
ISBN : UCAL:B4432050

Get Book

Balance of Payments and Economic Growth by John M. Letiche Pdf

Author : Emmanuel Igbinoba
Publisher : GRIN Verlag
Page : 13 pages
File Size : 51,6 Mb
Release : 2015-05-13
Category : Business & Economics
ISBN : 9783656960355

Get Book

Balance of Payments Constrained Economic Growth in Nigeria by Emmanuel Igbinoba Pdf

Essay from the year 2014 in the subject Business economics - General, , language: English, abstract: This paper assesses the Thirwall's balance of payment(BOP) constrained model by applying it on the Nigerian economy and employing cointegration method to observe the relationship between economic growth and current account balance equilibrium. While extensive research study on economic growth concentrate on the neoclassical supply-oriented approach based on the production function and full employment, Harrod(1939) emphasized that demand generated growth determine long run economic growth and Thirwall developed a Keynesian perspective of the determinants of growth embedded on a dynamic version of the Harrod's foreign trade multiplier. Thirwall pinpoints the incapability of economic agents to increase aggregate demand indefinitely in open economies as justification for income growth differences across nations. The balance of payment constrained growth model states that a country's economic growth rate is constrained by the desire to generate foreign exchange and reiterate the function of demand as the motivation for domestic growth. This arises because growth in export and investment growth in import substitution are the only aspect of aggregate demand that can increase GDP growth and reduce foreign constraints. This implies that growth rate is constrained by the balance of payment as the economy cannot grow faster than what is consistent with the balance of payment equilibrium. The principle of this Keynesian demand side growth theory is that export capability and import attitude establish long run economic growth. Income derived from external trade constitute the principal medium to finance growing import due to a rise in domestic activities. This model differ from the supply induced growth models which evaluate economic growth by using factor inputs such as savings, human and physical capital, population growth and initial per capital GDP on economic growth. Reservations about the traditional growth models stem from the fact that the factor inputs have inconclusive roles in the growth process in developing countries. Also a lot of the neoclassical assumptions have been observed to be unapplicable in developing or transition economies. The balance of payment constrained model infer that economic growth are stimulated by demand factors and the main constraint on demand is the balance of payment.

Author : A. P. Thirlwall
Publisher : Edward Elgar Publishing
Page : 201 pages
File Size : 53,6 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9781781955338

Get Book

Economic Growth in an Open Developing Economy by A. P. Thirlwall Pdf

This concise yet insightful sequel to the highly acclaimed The Nature of Economic Growth provides a comprehensive critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty. A.P. Thirlwall illustrates that orthodox growth theory continues to work with Ôone-goodÕ models and to treat factor supplies as exogenously given, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade specialisation when assessing the welfare effects of trade. The author goes on to present theory underpinned by up-to-date empirical evidence that factors of production and productivity growth are endogenous to demand, and that the structure of production and trade matter for the long-run growth performance of countries because of their impact on the balance of payments. He concludes that trade liberalisation has proved disappointing in improving the trade-off between growth and the balance of payments. This book will provide a challenging read for students and academics in the fields of economics, heterodox economics, and development. Policymakers focussing on the relationship between growth, trade and the balance of payments will also find the book to be of great interest.

Author : Robert Stern
Publisher : Routledge
Page : 603 pages
File Size : 50,7 Mb
Release : 2017-07-28
Category : Business & Economics
ISBN : 9781351314947

Get Book

Balance of Payments by Robert Stern Pdf

An original and systematic synthesis of the major postwar developments in theory and policy of balance-of-payments adjustment, this book focuses on the present-day system of pegged-but-adjustable exchange rates and the problems that policy authorities must face if they are to attain full employment, price stability, balance-of-payments equilibrium, and a satisfactory rate of economic growth. The dominate theme of this book is that any system of exchange rates carries with it assumptions about the way it works and how effective the automatic and policy-motivated forces operate to bring about equilibrium in a country's balance of payments. By analyzing balance-of-payments adjustment and policies under alternative exchange-rate systems, and with different assumptions concerning the level of employment and prices, it is possible to embrace a wide variety of contemporary and historical circumstances experienced by individual countries and the world as a whole. In this way the author assesses the economic consequences of the different exchange-rate systems and of the policies that countries may follow to attain their national objectives. In particular it appears to Professor Stern that the international monetary turmoil of the past ten years can be traced to the exchange-rate inflexibilities of the adjustable-peg system and to the creation of excessive reserves under the dollar standard. He demonstrates that the international monetary system must be redesigned to permit greater exchange-rate inflexibility and control over the creation of new international reserve assets.

Author : Luigi Pasinetti
Publisher : Cambridge University Press
Page : 212 pages
File Size : 46,8 Mb
Release : 2006-11-02
Category : Business & Economics
ISBN : 0521029767

Get Book

Structural Economic Dynamics by Luigi Pasinetti Pdf

This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment (implied by differentiated rates of productivity growth and expansion of demand) against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies.

Author : A. P. Thirlwall
Publisher : Edward Elgar Publishing
Page : 111 pages
File Size : 53,6 Mb
Release : 2003
Category : Business & Economics
ISBN : 1843763389

Get Book

The Nature of Economic Growth by A. P. Thirlwall Pdf

'. . . the book succeeds brilliantly in its main aim, which is to review the key aspects of existing theory, offer an alternative point of view together with many important insights, and show a way forward. It is worth reading and re-reading by any serious, critical and open-minded student of growth and it should greatly contribute to a fruitful dialogue and synthesis between competing schools of thought.' - Christopher Tsoukis, Journal of Development Studies This concise book, by one of the leading scholars in development economics, has been developed from a series of lectures given to masters students and will serve as an excellent introduction to the principles of growth and development theory.

Author : John Edward King
Publisher : Unknown
Page : 32 pages
File Size : 41,6 Mb
Release : 1997
Category : Balance of payments
ISBN : IND:30000131885059

Get Book

From Giblin to Kalecki by John Edward King Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 159 pages
File Size : 51,9 Mb
Release : 1996-04-15
Category : Business & Economics
ISBN : 9781557755704

Get Book

Balance of Payments Textbook by International Monetary Fund Pdf

The Balance of Payments Textbook, like the Balance of Payments Compilation Guide, is a companion document to the fifth edition of the Balance of Payments Manual. The Textbook provides illustrative examples and applications of concepts, definitions, classifications, and conventions contained in the Manual and affords compilers with opportunities for enhancing their understanding of the relevant parts of the Manual. The Textbook is one of the main reference materials for training courses in balance of payments methodology.

Author : Mesfin Tadesse Gebre-Wahid
Publisher : Unknown
Page : 0 pages
File Size : 42,6 Mb
Release : 1994
Category : Electronic
ISBN : OCLC:1417501924

Get Book

Balance of Payments Constraint to Economic Growth in Ethiopia by Mesfin Tadesse Gebre-Wahid Pdf

Author : Mr.Hans O. Schmitt
Publisher : International Monetary Fund
Page : 38 pages
File Size : 54,6 Mb
Release : 1981-04-15
Category : Business & Economics
ISBN : 1557750610

Get Book

Economic Stabilization and Growth in Portugal by Mr.Hans O. Schmitt Pdf

This paper reviews economic stabilization and growth in Portugal during the 1970s. Following a decade of rapid growth with external equilibrium, the Portuguese economy in the early 1970s suffered a series of major shocks. The paper highlights that the problem of managing economic growth with a balance-of-payments constraint was new to Portugal. The paper reviews the issues that had to be resolved to develop an effective program. The economic outturn is also critically examined in this paper.