Endogeneity of the elasticities and the real exchange rate in a balance of payments constrained growth model: cross-country empirical evidence
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , |
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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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 |
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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 |
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Universidade Federal de Minas Gerais |
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reponame:Repositório Institucional da UFMG instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
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UFMG |
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Repositório Institucional da UFMG |
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