Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model

Detalhes bibliográficos
Autor(a) principal: SANTANA,BERNARDO MATTOS
Data de Publicação: 2018
Outros Autores: OREIRO,JOSÉ LUIS
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista de Economia Política
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000100048
Resumo: ABSTRACT The objective of the present article is to develop a Kaldorian Growth model that (i) had a balance of payments constraint, in order to eliminate the inconsistency of balance of payments growth models; and (ii) defines a precise mechanism by which the level of real exchange rate can affect long-term growth. An important innovation introduced in the model is the idea that Kaldor-Verdoorn coefficient - that measures the sensibility of growth rate of labor productivity to output growth - depends on the share of manufacturing output on GDP. This hypothesis allowed us to introduce the possibility of structural change, defined as a dynamic process by which the share of manufacturing industry on real output could change over time. In this case, it will be possible to analyze the dynamic properties of the model either in the case where productive structure is kept constant (case with no structural change), as in the case where it evolves over time as a result of some economic process (case with structural change).
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spelling Real exchange rate and structural change in a Kaldorian balance of payments constrained growth modelDemand-led GrowthReal Exchange RateStructural ChangeABSTRACT The objective of the present article is to develop a Kaldorian Growth model that (i) had a balance of payments constraint, in order to eliminate the inconsistency of balance of payments growth models; and (ii) defines a precise mechanism by which the level of real exchange rate can affect long-term growth. An important innovation introduced in the model is the idea that Kaldor-Verdoorn coefficient - that measures the sensibility of growth rate of labor productivity to output growth - depends on the share of manufacturing output on GDP. This hypothesis allowed us to introduce the possibility of structural change, defined as a dynamic process by which the share of manufacturing industry on real output could change over time. In this case, it will be possible to analyze the dynamic properties of the model either in the case where productive structure is kept constant (case with no structural change), as in the case where it evolves over time as a result of some economic process (case with structural change).Centro de Economia Política2018-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000100048Brazilian Journal of Political Economy v.38 n.1 2018reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31572018v38n01a03info:eu-repo/semantics/openAccessSANTANA,BERNARDO MATTOSOREIRO,JOSÉ LUISeng2018-03-15T00:00:00Zoai:scielo:S0101-31572018000100048Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2018-03-15T00:00Revista de Economia Política - EDITORA 34false
dc.title.none.fl_str_mv Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
title Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
spellingShingle Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
SANTANA,BERNARDO MATTOS
Demand-led Growth
Real Exchange Rate
Structural Change
title_short Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
title_full Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
title_fullStr Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
title_full_unstemmed Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
title_sort Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model
author SANTANA,BERNARDO MATTOS
author_facet SANTANA,BERNARDO MATTOS
OREIRO,JOSÉ LUIS
author_role author
author2 OREIRO,JOSÉ LUIS
author2_role author
dc.contributor.author.fl_str_mv SANTANA,BERNARDO MATTOS
OREIRO,JOSÉ LUIS
dc.subject.por.fl_str_mv Demand-led Growth
Real Exchange Rate
Structural Change
topic Demand-led Growth
Real Exchange Rate
Structural Change
description ABSTRACT The objective of the present article is to develop a Kaldorian Growth model that (i) had a balance of payments constraint, in order to eliminate the inconsistency of balance of payments growth models; and (ii) defines a precise mechanism by which the level of real exchange rate can affect long-term growth. An important innovation introduced in the model is the idea that Kaldor-Verdoorn coefficient - that measures the sensibility of growth rate of labor productivity to output growth - depends on the share of manufacturing output on GDP. This hypothesis allowed us to introduce the possibility of structural change, defined as a dynamic process by which the share of manufacturing industry on real output could change over time. In this case, it will be possible to analyze the dynamic properties of the model either in the case where productive structure is kept constant (case with no structural change), as in the case where it evolves over time as a result of some economic process (case with structural change).
publishDate 2018
dc.date.none.fl_str_mv 2018-03-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000100048
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dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/0101-31572018v38n01a03
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Centro de Economia Política
publisher.none.fl_str_mv Centro de Economia Política
dc.source.none.fl_str_mv Brazilian Journal of Political Economy v.38 n.1 2018
reponame:Revista de Economia Política
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reponame_str Revista de Economia Política
collection Revista de Economia Política
repository.name.fl_str_mv Revista de Economia Política - EDITORA 34
repository.mail.fl_str_mv ||cecilia.heise@bjpe.org.br
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