Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence

Detalhes bibliográficos
Autor(a) principal: Renato Silverio Campos
Data de Publicação: 2020
Outros Autores: Frederico Gonzaga Jayme jr, Gustavo Britto
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional da UFMG
Texto Completo: http://hdl.handle.net/1843/59476
Resumo: Balance of payments constrained growth models are notable for their longevity. This is especially true for the case of Thirlwall»s Law, which defines that a country»s sustainable growth rate is given by the ratio between the income elasticity of exports and that of imports. In light of this, the current paper explores the hypothesis that the income elasticities of this type of models are endogenous. The debate on the latter is resurgent in the literature. The results provide evidence that the ratio is, indeed, exogenous, and that the level of the real exchange rate influences economic growth as it determines such ratio. In other words, the real exchange rate is important for improving non-price competitiveness without, however, making the ratio between elasticities endogenous
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spelling 2023-10-16T20:20:11Z2023-10-16T20:20:11Z20205221423810.33834/bkr.v5i2.1932446-8509http://hdl.handle.net/1843/59476Balance of payments constrained growth models are notable for their longevity. This is especially true for the case of Thirlwall»s Law, which defines that a country»s sustainable growth rate is given by the ratio between the income elasticity of exports and that of imports. In light of this, the current paper explores the hypothesis that the income elasticities of this type of models are endogenous. The debate on the latter is resurgent in the literature. The results provide evidence that the ratio is, indeed, exogenous, and that the level of the real exchange rate influences economic growth as it determines such ratio. In other words, the real exchange rate is important for improving non-price competitiveness without, however, making the ratio between elasticities endogenousOs modelos de crescimento limitados pela balança de pagamentos são notáveis pela sua longevidade. Isto é especialmente verdadeiro no caso da Lei de Thirlwall, que define que a taxa de crescimento sustentável de um país é dada pela razão entre a elasticidade do rendimento das exportações e a das importações. À luz disto, o presente artigo explora a hipótese de que as elasticidades-renda deste tipo de modelos são endógenas. O debate sobre este último ressurge na literatura. Os resultados fornecem evidências de que o rácio é, de facto, exógeno e que o nível da taxa de câmbio real influencia o crescimento económico, uma vez que determina esse rácio. Por outras palavras, a taxa de câmbio real é importante para melhorar a competitividade não-preço sem, no entanto, tornar endógena a relação entre elasticidadesengUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS ECONÔMICASBrazilian Keynesian ReviewBalanço de pagamentosDesenvolvimento econômicoThirwall»s LawIncome elasticityReal exchange rateEndogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidenceinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttps://www.braziliankeynesianreview.org/BKR/article/view/193/128Renato Silverio CamposFrederico Gonzaga Jayme jrGustavo Brittoinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGORIGINALEndogeneity of the elasticities and the real exchange rate in a balance.pdfEndogeneity of the elasticities and the real exchange rate in a balance.pdfapplication/pdf577799https://repositorio.ufmg.br/bitstream/1843/59476/2/Endogeneity%20of%20the%20elasticities%20and%20the%20real%20exchange%20rate%20in%20a%20balance.pdffee6811ece9ed64acea38be91c3e93dfMD52LICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/59476/1/License.txtfa505098d172de0bc8864fc1287ffe22MD511843/594762023-10-16 18:02:36.593oai:repositorio.ufmg.br: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Repositório de PublicaçõesPUBhttps://repositorio.ufmg.br/oaiopendoar:2023-10-16T21:02:36Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
dc.title.pt_BR.fl_str_mv Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
title Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
spellingShingle Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
Renato Silverio Campos
Thirwall»s Law
Income elasticity
Real exchange rate
Balanço de pagamentos
Desenvolvimento econômico
title_short Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
title_full Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
title_fullStr Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
title_full_unstemmed Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
title_sort Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
author Renato Silverio Campos
author_facet Renato Silverio Campos
Frederico Gonzaga Jayme jr
Gustavo Britto
author_role author
author2 Frederico Gonzaga Jayme jr
Gustavo Britto
author2_role author
author
dc.contributor.author.fl_str_mv Renato Silverio Campos
Frederico Gonzaga Jayme jr
Gustavo Britto
dc.subject.por.fl_str_mv Thirwall»s Law
Income elasticity
Real exchange rate
topic Thirwall»s Law
Income elasticity
Real exchange rate
Balanço de pagamentos
Desenvolvimento econômico
dc.subject.other.pt_BR.fl_str_mv Balanço de pagamentos
Desenvolvimento econômico
description Balance of payments constrained growth models are notable for their longevity. This is especially true for the case of Thirlwall»s Law, which defines that a country»s sustainable growth rate is given by the ratio between the income elasticity of exports and that of imports. In light of this, the current paper explores the hypothesis that the income elasticities of this type of models are endogenous. The debate on the latter is resurgent in the literature. The results provide evidence that the ratio is, indeed, exogenous, and that the level of the real exchange rate influences economic growth as it determines such ratio. In other words, the real exchange rate is important for improving non-price competitiveness without, however, making the ratio between elasticities endogenous
publishDate 2020
dc.date.issued.fl_str_mv 2020
dc.date.accessioned.fl_str_mv 2023-10-16T20:20:11Z
dc.date.available.fl_str_mv 2023-10-16T20:20:11Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1843/59476
dc.identifier.doi.pt_BR.fl_str_mv 10.33834/bkr.v5i2.193
dc.identifier.issn.pt_BR.fl_str_mv 2446-8509
identifier_str_mv 10.33834/bkr.v5i2.193
2446-8509
url http://hdl.handle.net/1843/59476
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartof.none.fl_str_mv Brazilian Keynesian Review
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Universidade Federal de Minas Gerais
dc.publisher.initials.fl_str_mv UFMG
dc.publisher.country.fl_str_mv Brasil
dc.publisher.department.fl_str_mv FCE - DEPARTAMENTO DE CIÊNCIAS ECONÔMICAS
publisher.none.fl_str_mv Universidade Federal de Minas Gerais
dc.source.none.fl_str_mv reponame:Repositório Institucional da UFMG
instname:Universidade Federal de Minas Gerais (UFMG)
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instname_str Universidade Federal de Minas Gerais (UFMG)
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institution UFMG
reponame_str Repositório Institucional da UFMG
collection Repositório Institucional da UFMG
bitstream.url.fl_str_mv https://repositorio.ufmg.br/bitstream/1843/59476/2/Endogeneity%20of%20the%20elasticities%20and%20the%20real%20exchange%20rate%20in%20a%20balance.pdf
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