Balance-of-Payments-Constrained Growth: Evidence from the United States

Balance-of-payments-constrained growth: the case of Turkey

“…The stability of coefficients in the error correction model was also tested 2 . The validity of testing of Thirlwall's law for the Turkish economy is conducted according to the procedure outlined in Atesoglu (1993Atesoglu ( , 1994). Thirlwall's law states that there is a long-run relationship between the balance of payments and the growth rate of income.…”

“…Examples of cross-section country evidence include Bairam (1988) for eighteen European and North American countries, plus Turkey; and Bairam and Dempster (1991) for eleven Asian countries, inclusive of Turkey. The traditional time series evidences obtained from the OLS and TSLS techniques for the law can be found in the following studies: Thirlwall and Hussain for twenty developing countries including Turkey; Bairam (1990) for fifteen oil exporting and other developing countries including Turkey; Atesoglu (1993) for the USA; Atesoglu (1994) for Germany; Leon-Ledesma (1999) for Spain; Perraton (2003) for fifty-one developing countries including Turkey; and Elitok and Campbell (2008) for Turkey. The applications of different cointegration techniques to test the validity of the law started in the 1990s.…”

Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil

“…The second series was based on Atesoglu (1993Atesoglu ( , 1994 and used moving averages (five years) to smooth the hypothetical growth rate series. Here, the idea was to eliminate the sharp short-term fluctuations of the growth rates that can be found for exports and interest payments growth throughout the series.…”

“…This is, however, only a partial solution. A second and potentially more serious problem stems from biased samples of countries included in the pooled regression, which can lead to the rejection of the balance-of-4 See, for instance, Atesoglu (1993Atesoglu ( , 1994 and Alonso (1999). 5 One way to avoid the influence of short-run fluctuation can be found in Atesoglu (1993-4).…”

Équilibre extérieur et taux de change réel : apport du modèle de croissance contrainte par la balance des paiements

“…Les nations qui adoptent des rythmes de croissance domestique réels inférieurs à ce que prédit la loi fondamentale dégagent des excédents commerciaux, comme ce fut le cas pour le Japon et la rFA durant les années quatre-vingt. Ceux dont le rythme de croissance excède celui que prédit la loi fondamentale subissent un déficit courant, comme les états-unis (Atesoglu, 1993;McCombie, 1997).…”