Essays on Balance of Payments Constrained Growth: Theory and Evidence [Hardcover]

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.This impressive collection explores the relationship between a country's balance of payments and their rate of economic growth.J.S.L. McCombie is a Fellow in Economics at Downing College, Cambridge, UK. A.P. Thirlwall is Professor of Applied Economics at the University of Kent, UK. He has been an advisor to various government departments, and a consultant to many international development organisations.1. Introduction Part One: Theory 2. The Balance of Payments Constraint as an Explanation of International Growth Rate Differences A. P. Thirlwall 3. The Balance of Payments Constraint, Capital Flows and Growth Rate Differences Between Developing Countries A. P. Thirlwall and M. Nureldin-Hussain 4. Economic Growth, the Harrod Foreign Trade Multiplier and the Hicks' Super-Multiplier John McCombie 5. Economic Growth, Trade Interlinkages and the Balance of Payments Constraint John McCombie 6. International Competitiveness, Relative Wages and the Balance of Payments Constraint R. Blecker 7. The Stability of Thirlwall's Model of Economic Growth and the Balance of Payments Constraint M. Pugno 8. The Balance of Payments Constraint: from Balanced Trade to Sustainable Debt N. Barbosa-Filho Part Two: Developed Countries 9. On the Empirics of Balance of Payments Constrained Growth John McCombie 10. The 45-Degree Rule Revisited P. Anderson 11. A New Approach to Balance of Payments Constraint: Some Empirical Evidence J. A. Alonso 12. An Application of Thirlwall's Law to the Spanish Economy M. Leon-Ledesma Part Three: Developing Col#­