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Applied Economics Letters Volume 13, 2006 - Issue 12
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Original Articles

Balance of payments constrained growth model: an examination of Thirlwall's Hypothesis using McCombie's Individual Country Method

Gairuzazmi M. Ghani Department of Economics, Kuliyyah of Economics and Management Sciences, IIUM, Jalan Gombak, 53100 Kuala Lumpur, Malaysia E-mail: [email protected]
Pages 763-768 | Published online: 24 Nov 2006

References

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  • Hussain , MN . 1999 . The balance-of-payments constraints and growth rate differences among African and East Asian economies . African Development Review , 11 : 103 – 37 .
  • Johansen , S . 1991 . Estimation and hypothesis of cointegration vectors in Gaussian vector autoregression models . Econometrica , 59 : 1551 – 80 .
  • McCombie , JSL . 1989 . Thirlwall's law and balance of payments constrained growth – a comment on the debate . Applied Economics , 21 : 611 – 29 .
  • McGregor , PG and Swales , JK . 1985 . Professor Thirlwall and balance of payments constrained growth . Applied Economics , 17 : 17 – 32 .
  • Newey , WK and West , KD . 1987 . A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix . Econometrica , 55 : 703 – 8 .
  • Perraton , J and Turner , P . 1999 . Estimates of industrial country export and import demand functions: implications for Thirlwall's Law . Applied Economics Letters , 6 : 723 – 7 .
  • Phillips , PCB and Hansen , B . 1990 . Statistical inference in instrumental variables regression with I(1) processes . Review of Economic Studies , 57 : 99 – 125 .
  • Stock , JH and Watson , MW . 1993 . A simple estimator of cointegrating vectors in higher order integrated systems . Econometrica , 61 : 783 – 820 .
  • Thirlwall , AP . 1979 . Balance of payments constraint as an explanation of international growth rate differences . Banca Nazionale del Lavoro Quarterly Review , 128 : 44 – 53 .
  • Thirlwall , AP and Hussain , MN . 1982 . The balance of payments constraint, capital flows and growth rate differences between developing countries . Oxford Economic Papers , 34 : 498 – 510 .
  • Wu , Y . 2003 . Growth, expansion of markets and income elasticities in world trade , Georgetown University Working Paper .

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