Abstract
We outline in this chapter the concept of the balance-of-payments equilibrium growth rate, as originally developed by Thirlwall (1979, 1982a), and then show its empirical application to a wide range of developed and less developed countries, drawing also on the recent work of Bairam (1988, 1990). The two original papers by Thirlwall are presented here basically in their original form, but with some modifications.
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© 1994 J. S. L. McCombie and A. P. Thirlwall
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McCombie, J.S.L., Thirlwall, A.P. (1994). The Balance-of-Payments Constraint as an Explanation of International Growth Rate Differences. In: Economic Growth and the Balance-of-Payments Constraint. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23121-8_3
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DOI: https://doi.org/10.1007/978-1-349-23121-8_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-60112-9
Online ISBN: 978-1-349-23121-8
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