On the role of relative prices and capital flows in balance-of-payments- constrained growth: The experiences of Portugal and Spain in the euro area

Journal of Post Keynesian Economics

Volumn 33, Issue 2, 2010, Pages 281-306

  Garcimartín, Carlos ^a,b   Rivas, Luis A ^c   Martínez, Pilar García ^d  

^a UNIVERSIDAD REY JUAN CARLOS   (Spain)

^b UNIVERSIDAD COMPLUTENSE DE MADRID   (Spain)

^c IE UNIVERSITY   (Spain)

^d UNIVERSITY OF SALAMANCA   (Spain)

Author keywords

exchange rate; external constraint; growth

Indexed keywords

EID: 79952800507     PISSN: 01603477     EISSN: None     Source Type: Journal    
DOI: 10.2753/PKE0160-3477330205     Document Type: Article

References (39)

1. Alberola, E., and López J. H. "Internal and External Exchange Rate Equilibrium in a Cointegration Framework: An Application to the Spanish Peseta." Spanish Economic Review, 2001, 3(1), 23-41.
2. Alberola, E.; Cervero, S. G.; López, H.; and Ubide, A. "Global Equilibrium Exchange Rates-Euro, Dollar, 'Ins, ' 'Outs, ' and Other Major Currencies in a Panel Cointegration Framework." Working Paper 99/175, International Monetary Fund, Washington, DC, 1999.
3. Alonso, J. A. "Growth and the External Constraint: Lessons from the Spanish Case." Applied Economics, February 1999, 31(2), 245-253. (Pubitemid 29209072)
4. Alonso, J. A., and Garcimartín, C. "A New Approach to Balance-of-Payments-Constrained Growth Model." Journal of Post Keynesian Economics, 1998, 21(2), 259-282.
5. Antunes, M., and Soukiazis, E. "How Well the Balance-of-Payments Constraint Approach Explains the Portuguese Growth Performance. Empirical Evidence for the 1965-2008 Period." Working Paper no. 13, GEMF (Grupo de Estudos Monetários e Financeiros), Universidade de Coimbra, Coimbra, Portugal, 2009.
6. Atesoglu, H. S. "Balance of Payments Constrained Growth. Evidence from the United States." Journal of Post Keynesian Economics, 1993, 15(4), 507-514.
7. -. "Balance of Payments Determined Growth in Germany." Applied Economic Letters, 1994, 1(6), 89-91.
8. -. "An Explanation of the Slowdown in U. S. Economic Growth." Applied Economics Letters, 1995, 2(4), 91-94.
9. Bagnai, A. "Structural Breaks, Cointegration, and the Empirics of Thirlwall's Law." Applied Economics, November 2008, 42(10), 1-15.
10. Bairam, E. "Balance of Payments, the Harrod Foreign Multiplier and Economic Growth: The European and North American Experience." Applied Economics, December 1988, 20(12), 1635-1642.
11. Bairam, E., and Dempster, G. "The Harrod Foreign Trade Multiplier and Economic Growth in Asian Countries." Applied Economics, November 1991, 23(11), 1719-1724.
12. Banco de España. "Una actualización de las funciones de exportación e importacion de la economía española" [Modeling Export and Import Demand Functions: The Spanish Case]. Boletín Económico, December 2008, 47-57.
13. Barrell, R.; Holland, D.; Jakab, Z. M.; Kovacs, M. A.; Smidkova, K.; Sepp, U.; and Eufer, U. "An Econometric Macro-Model of Transition: Policy Choices in the Pre-Accession Period." Paper presented at the AMFET (Association for Modelling and Forecasting Economies in Transition) 2001 Conference-Modelling Economies in Transition, Lodz, Poland, 2001.
14. Bennett, H.; Escolano, J.; Fabrizio, S.; Gutiérrez, E.; Ivaschenko, I.; Lissovolik, B.; Moreno-Badia, M.; Schule, W.; Tokarick, S.; Xiao, Y.; and Zarnic, Z. "Competitiveness in the Southern Euro Area: France, Greece, Italy, Portugal, and Spain. " Working Paper 08/112, International Monetary Fund, Washington, DC, 2008.
15. Blanchard, O. "Adjustment Within the Euro: The Difficult Case of Portugal." Portuguese Economic Journal, April 2007, 6(1), 1-21.
16. Britto, G., and McCombie, J. L. S. "Thirlwall's Law and the Long-Term Equilibrium Growth Rate: An Application to Brazil." Journal of Post Keynesian Economics, Fall 2009, 52(1), 115-137.
17. Buisán, A. J.; Caballero, C.; and Jiménez, N. "Determinación de las exportaciones de manufacturas en los países de la UEM a partir de un modelo de oferta-demanda" [Manufactured Export Determinants in EMU Countries: A Supply-Demand Model]. Banco de España, Boletín Económico, 0405, October 2003.
18. Bulir, A., and Smidkova, K. "Exchange Rates in the New EU Accession Countries: What Have We Learned from the Forerunners?" Economic Systems, 2005, 29(2), 163-186. (Pubitemid 41174450)
19. Carter, R., and Nagar, A. L. "Coefficients of Correlation for Simultaneous Equations Systems." Journal of Econometrics, 1977, 6(1), 39-50.
20. Decressin, J., and Stavrev, E. "Current Accounts in a Currency Union. " Working Paper 09/127, International Monetary Fund, Washington, DC, 2009.
21. Elliot, D. R., and Rhodd, R. "Explaining Growth Rate Difference in Highly Indebted Countries: An Extension to Thirlwall and Hussain. " Applied Economics, 1999, 31(9), 1145-1148. (Pubitemid 29520134)
22. Faini, R.; Pritchett, L.; and Clavijo, F. "Import Demand in Developing Countries, " Working Paper, Country Economics Department, Trade Policy, World Bank, Washington, DC, 1988.
23. Gandolfo, G. Qualitative Analysis and Econometric Estimation of Continuous Time Dynamic Models. Amsterdam: North Holland, 1981.
24. García, C., and Gordo, E. "Funciones trimestrales de exportación e importación para la economía española" [Quarterly Export and Import Functions for the Spanish Economy]. Documentos de Trabajo no. 9822, Banco de España, Madrid, 1998.
25. Garcimartín, C.; Rivas, L.; and Díaz, S. "Accounting for the Irish Growth: A Balanceof-Payments-Constraint Approach, " Journal of Post Keynesian Economics, Spring 2008, 30(3), 409-433.
26. Hussain, M. "The Balance-of-Payments Constraint and Growth Rate Differences Among African and East Asian Economies." African Development Review, June 1999, 11(1), 103-137. (Pubitemid 30263963)
27. Lane, P., and Milesi-Ferreti, G. "The External Wealth of Nations Mark II: Revised and Expanded Estimates of Foreign Assets and Liabilities, 1970-2004." Working Paper 06/69, International Monetary Fund, Washington, DC, 2006.
28. Martinez-Mongay, C. "Spain and Portugal in the Euro Area: Lessons for Cyprus." Cyprus Economic Policy Review, 2008, 2(1), 33-62.
29. Mauleón, I., and Sastre, L. "El saldo comercial en 1993: un análisis econométrico" [Trade Balance in 1993: An Econometric Analysis]. Información Comercial Española, 1994, 735, 167-172.
30. McCombie, J. S. L. '"Thirlwall's Law' and Balance of Payments Constrained Growth-A Comment on the Debate." Applied Economics, 1989, 21(5), 611-629.
31. -. "Thirlwall's Law' and Balance of Payments Constrained Growth, More on the Debate." Applied Economics, 1992, 5(1), 611-629.
32. McGregor, P. G., and Swales, J. K. "Professor Thirlwall and Balance of Payments Constrained Growth." Applied Economics, 1985, 17(5), 17-32.
33. -. "Balance of Payments Constrained Growth: A Rejoinder to Professor Thirlwall." Applied Economics, 1986, 18(12), 1265-1274.
34. -. "Thirlwall's Law and Balance of Payments Constrained Growth: Further Comment on the Debate." Applied Economics, 1991, 23(1), 9-20.
35. Moreno-Brid, J. C. "On Capital Flows and the Balance-of-Payments- Constrained Growth Model." Journal of Post Keynesian Economics, Winter 1998-99, 21(2), 283-298. (Pubitemid 128344399)
36. -. "Capital Flows, Interest Payments and the Balance-of-Payments Constrained Growth Model: A Theoretical and Empirical Analysis." Metroeconomica, 2003, 54 (2-3), 346-365.
37. Senhadji, A., and Montenegro, C. "Time Series Analysis of Export Demand Equations: A Cross-Country Analysis." IMF Staff Papers, 1999, 43(3), 259-273.
38. Thirlwall, A. P "Balance of Payments Constraint as an Explanation of International Growth Rate Differences." Banca Nazionale del Lavoro Quarterly Review, 1979, 128(1), 45-53.
39. Thirlwall, A. P, and Hussain, M. N. "The Balance of Payments Constraint, Capital Flows and Growth Rate Differences Between Countries." Oxford Economic Papers, 1982, 34(3), 498-510.