The Balance-of-Payments Constraint as an Explanation of International Growth Rate Differences

1994 ◽  
pp. 232-261 ◽  
Author(s):  
J. S. L. McCombie ◽  
A. P. Thirlwall
Keyword(s):  
Growth Rate ◽  
Balance Of Payments ◽  
International Growth

scholarly journals NOTA EDITORIAL

2019 ◽  
Vol 78 (308) ◽  
pp. 3
Author(s):  
Ignacio Perrotini Hernández
Keyword(s):  
Growth Rate ◽  
Albert Einstein ◽  
Balance Of Payments ◽  
International Growth ◽  
Quarterly Review ◽  
Sobre Todo

<p>Albert Einstein solía decir que la única raison d'être del tiempo es para que no ocurra todo a la vez. No obstante, en esta ocasión el tiempo sidéreo se ha aconsonantado para celebrar dos efemérides a la vez: el 78 aniversario de la revista<em> Investigación Económica</em> y el cuadragésimo aniversario de la aparición del artículo de Anthony P. Thirlwall “The balance of payments constraint as an explanation of international growth rate differences”, en el número de marzo de 1979 de <em>Banca Nazionale del Lavoro Quarterly Review</em>. </p><p>El artículo de Tony Thirlwall ha ejercido una notable influencia, difícil de exagerar, en el análisis teórico y empírico de los determinantes del crecimiento económico de los países desarrollados y, sobre todo, de los no industrializados. A<br />pesar de esa influencia, nunca antes fue vertido a la lengua de Cervantes, hasta donde sabemos. Es un honor y una distinción que por primera vez aparezca en castellano en las páginas de <em>Investigación Económica</em>. Agradezco a Carlo D’Ippoliti, Editor de <em>PSL Quarterly Review</em> (sucesora de <em>BNL Quarterly Review</em>), y a Tony Thirlwall por autorizarme a traducirlo y publicarlo...</p>

scholarly journals International Trade and Economic Misery in African Countries with Low Human Development

2021 ◽  
Vol 2 (4) ◽  
pp. 212-243
Author(s):  
Uchechukwu C. Nwogwugwu ◽  
Collins C. Umeghalu
Keyword(s):  
Growth Rate ◽  
International Trade ◽  
Exchange Rate ◽  
Trade Agreements ◽  
Balance Of Payments ◽  
Total Export ◽  
Manufacture Export ◽  
African Countries ◽  
Gdp Growth Rate ◽  
Per Capita

Puzzled by the demeaning level of poverty most African countries continue to grapple with despite their extensive participation in international trade, the study attempts to examine the encumbrances that tend to impede African countries from optimally reaping the developmental gains inherent in partaking in international trade, which seems to also worsen the economic misery the inhabitants endlessly contend with. The System Generalized Method of Moments (System-GMM) estimation technique was used in the study which involves 17 African countries and spans from 1995 - 2018. While misery index is used to measure economic misery, the impact of international trade on economic misery is captured by means of its effect via economic misery, economic growth rate, balance of payment, total export, manufacture export and exchange rate. The results of the study reveal that balance of payments, total export, manufacture export, per capita GDP growth rate, exchange rate and lagged form of economic misery all have positive effect on economic misery. While the effects of total export, manufacture export, per capita GDP growth rate, and exchange rate on economic misery are significant, those of balance of payments and lagged form of economic misery are insignificant. While the study recommends that international trade be engaged strategically such that it results in favourable balance of payments, it also encourages the discarding of obsolete trade policies such as outright bans on importation of certain commodities. Bilateral trade agreements are recommended over multilateral trade agreements, since they are more mutually beneficial and binding on the parties involved

Chapter I. The Home Economy

1987 ◽  
Vol 121 ◽  
pp. 6-20
Keyword(s):  
Growth Rate ◽  
Current Account ◽  
Peak Level ◽  
Balance Of Payments ◽  
Capacity Utilisation ◽  
The Uk ◽  
First Time ◽  
The Current Account

For the first time in more than a decade the question is being asked whether the growth of the UK economy this year may be, in some sense, too rapid. Fears have been expressed of ‘overheating’ leading to a rise in inflation and excessive growth in imports. Comparisons have been made with the ‘boom’ conditions of 1972 and 1973. In our view these fears are exaggerated and the comparisons misleading. Nevertheless some increase in the rate of inflation is to be expected, and the underlying position on the current account of the balance of payments seems already to have moved from surplus into deficit. We now expect the rate of the economy this year to be around 3½ per cent, compared with about 3 per cent in 1986. Thus, if we are correct, the acceleration year on year is very slight, well within the error margins of measurement. This contrasts with 1972 and 1973 when the growth rate averaged 4½ per cent for two years. Moreover unemployment was only about 1 million at the beginning of 1972 and about 1/2 million at the end of 1973 whilst last year it at over 3 million and is not expected to fall as low as 2½ million even next year. Even if inflation next year does rise from about 3½ per cent a year to about 5 per cent, as we expect, this is still not comparable with the rates of 7½ and 9 per cent experienced in 1972 and 1973. The CBI index of capacity utilisation is now not far below its peak level in 1973, but we doubt whether an index of this kind is reliable for comparision between periods so far apart in time.

Technological progress, non-price factors competitiveness, and changes in trade income elasticities: empirical evidence from South Korea and Hong Kong

2020 ◽  
pp. 1-26
Author(s):  
Marco Flávio Cunha Resende ◽  
Vitor Leone ◽  
Daniele Almeida Raposo Torres ◽  
Simeon Coleman
Keyword(s):  
Growth Rate ◽  
Hong Kong ◽  
South Korea ◽  
Empirical Evidence ◽  
Technological Progress ◽  
Innovation System ◽  
Balance Of Payments ◽  
Income Elasticities ◽  
Long Run ◽  
Catch Up

In the balance-of-payments-constrained growth model literature, income elasticities (IEs) are considered as the crucial element determining a country's long-run growth rate. Although the extant literature accepts that technology matters for IEs magnitude, explanations linking technology and IEs magnitude are limited. In this paper, we make use of the National Innovation System (NIS) concept from the Evolutionary School to explain the channels through which the size of a country's IEs is influenced by the level of development of its NIS, which in turn is a channel through which the non-price competitiveness factors work. Additionally, we empirically test the hypothesis that the catch-up allowed by NIS developments achieved in South Korea and Hong Kong improved their IEs over the 1980–1995 period. Our empirical results suggest a link between the level of NIS development and the size of the IEs.

Chapter I. The Home Economy

1988 ◽  
Vol 124 ◽  
pp. 7-20
Keyword(s):  
Growth Rate ◽  
Current Account ◽  
Business School ◽  
Balance Of Payments ◽  
Fourth Quarter ◽  
Conflicting Evidence ◽  
The Face ◽  
The Current Account

The forecasts published by ourselves in February, and by the Treasury and the London Business School in March, showed remarkable unanimity about the prospects for the economy in 1988. We all said that the growth rate year on year would be about 3 per cent, that the rate of inflation would be about 4 per cent by the fourth quarter, and that the current account of the balance of payments would be in deficit by about £4 billion. It remains to be seen whether this solidarity can be maintained in the face of the conflicting evidence about the recent performance of the economy from the indicators which have been published in the last three months.

scholarly journals Analysis of myanmar’s macroeconomic development

2021 ◽  
Vol 235 ◽  
pp. 01022
Author(s):  
Qiming Tang ◽  
Meijuan Li
Keyword(s):  
Growth Rate ◽  
Foreign Investment ◽  
Current Account Deficit ◽  
Import Demand ◽  
Balance Of Payments ◽  
Export Trade ◽  
Low Level ◽  
Gdp Growth Rate ◽  
High Inflation ◽  
Import And Export

In recent years, the total GDP of myanmar has been increasing year by year. The year of 2018, the CPI growth rate reached 6.9%, although, the GDP growth rate of myanmar has increased to 6.8%, High economic growth and high inflation coexist. Myanmar’s unemployment rate is at a low level, stable at less than 2 percent. The import and export trade is in deficit. The net inflow of FDI is at a relatively stable low level. But there has been a big increase since 2010.In terms of international balance of payments, since 2012, with a large influx of foreign investment into myanmar’s infrastructure and other industries, the import demand for machinery and equipment has expanded significantly, and myanmar’s current account deficit has significantly expanded.

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