The Balance of Payments Constraint as an Explanation of International Growth Rate Differences
The Balance of Payments Constraint as an Explanation of International Growth Rate Differences
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国际收支约束作为国际增长率差异的解释
DOI：
10.1007/978-1-349-23121-8_3
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
A. Thirlwall
中科院分区：
文献类型：
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作者：
A. Thirlwall
本文表明，如果长期国际收支经常项目平衡是一个要求，那么一国的长期增长率可以用出口增长与进口需求的收入弹性之比来近似表示。这种模式与18个经合组织国家的经验非常吻合。调整国际收支的是产出，而不是相对价格，这与新古典主义的正统观点相反。国际收支平衡可以抑制需求的增长。
The paper shows that if long-run balance of payments equilibrium on current account is a requirement then a country's long run growth rate can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports. The model fits well the experience of eighteen OECD countries. It is output, not relative prices, that adjusts the balance of payments, contrary to the neoclassical orthodoxy. Growth can be demand constained by the balance of payments.