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Autoren: 
Razmi, Arslan
Datum: 
2009
Schriftenreihe/Nr.: 
Working Paper No. 2009-10
Zusammenfassung: 
This paper derives the balance of payments-constrained growth (BPCG) model as a special case of a three good framework that incorporates exportables, importables, and non-tradables. The conditions under which the canonical form of the BPCG rate can be derived are made explicit and the assumptions scrutinized. It is shown that the presence of non-tradables, substitutability between exportables and importables, and incomplete specialization in expenditure generally dampen the externally-constrained growth rate. These findings help explain why empirical estimates tend to overestimate the BPCG rate. Overall our findings under-score the observation that tests of the BPCG hypothesis are as much a test of the internal structure of the economy under consideration.
Schlagwörter: 
balance of payments-constrained growth model
non-tradables
demand-led growth
real exchange rates
terms of trade
JEL: 
F41
F43
O41
Dokumentart: 
Working Paper

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