The balance-of-payments constraint:from balanced trade to sustainable debt
This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the text shows the growth and real-exchange-rate policy rules consistent with a stable...
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| Format: | Article |
| Language: | English |
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Associazione Economia civile
2001-12-01
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| Series: | PSL Quarterly Review |
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| Online Access: | http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9952/9833 |