,Essays on Balance of Payments
Constrained Growth
There are many theories of why output growth rates differ between countries.
Mainstream, orthodox growth theory focuses on the supply side of the economy.
An alternative approach is to consider factors of production and productivity
growth as largely endogenous to demand, and to focus on demand constraints.
In open economies, the balance of payments and foreign exchange are often a
serious constraint.
The contributions in this book contain various theoretical papers which develop
the model of balance of payments constrained growth, and then apply it to analyse
the long-run growth performance of several developed and developing countries.
The book will be of interest to all economists and policy makers interested in the
differential growth performance of nations, and the link between trade, the balance
of payments and economic growth.
J. S. L. McCombie is a Fellow in Economics at Downing College, Cambridge,
and the Director of the Centre for Economic and Public Policy at the Department
of Land Economy, the University of Cambridge.
A. P. Thirlwall is Professor of Applied Economics at the University of Kent, UK.
He has been an advisor to several government departments, and a consultant to
many international development organisations.
,Routledge studies in development economics
1 Economic Development in the Middle East
Rodney Wilson
2 Monetary and Financial Policies in Developing Countries
Growth and stabilization
Akhtar Hossain and Anis Chowdhury
3 New Directions in Development Economics
Growth, environmental concerns and government in the 1990s
Edited by Mats Lundahl and Benno J. Ndulu
4 Financial Liberalization and Investment
Kanhaya L. Gupta and Robert Lensink
5 Liberalization in the Developing World
Institutional and economic changes in Latin America, Africa and Asia
Edited by Alex E. Fernández Jilberto and André Mommen
6 Financial Development and Economic Growth
Theory and experiences from developing countries
Edited by Niels Hermes and Robert Lensink
7 The South African Economy
Macroeconomics prospects for the medium term
Finn Tarp and Peter Brixen
8 Public Sector Pay and Adjustment
Lessons from five countries
Edited by Christopher Colclough
9 Europe and Economic Reform in Africa
Structural adjustment and economic diplomacy
Obed O. Mailafia
10 Post-apartheid Southern Africa
Economic challenges and policies for the future
Edited by Lennart Petersson
, 11 Financial Integration and Development
Liberalization and reform in sub-Saharan Africa
Ernest Aryeetey and Machiko Nissanke
12 Regionalization and Globalization in the Modern World Economy
Perspectives on the Third World and transitional economies
Edited by Alex F. Fernández Jilberto and André Mommen
13 The African Economy
Policy, institutions and the future
Steve Kayizzi-Mugerwa
14 Recovery from Armed Conflict in Developing Countries
Edited by Geoff Harris
15 Small Enterprises and Economic Development
The dynamics of micro and small enterprises
Carl Liedholm and Donald C. Mead
16 The World Bank
New agendas in a changing world
Michelle Miller-Adams
17 Development Policy in the Twenty-First Century
Beyond the post-Washington consensus
Edited by Ben Fine, Costas Lapavitsas and Jonathan Pincus
18 State-Owned Enterprises in the Middle East and North Africa
Privatization, performance and reform
Edited by Merih Celasun
19 Finance and Competitiveness in Developing Countries
Edited by José María Fanelli and Rohinton Medhora
20 Contemporary Issues in Development Economics
Edited by B. N. Ghosh
21 Mexico Beyond NAFTA
Edited by Martín Puchet Anyul and Lionello F. Punzo
22 Economies in Transition
A guide to China, Cuba, Mongolia, North Korea and Vietnam at the turn
of the twenty-first century
Ian Jeffries
23 Population, Economic Growth and Agriculture in Less Developed
Countries
Nadia Cuffaro
Constrained Growth
There are many theories of why output growth rates differ between countries.
Mainstream, orthodox growth theory focuses on the supply side of the economy.
An alternative approach is to consider factors of production and productivity
growth as largely endogenous to demand, and to focus on demand constraints.
In open economies, the balance of payments and foreign exchange are often a
serious constraint.
The contributions in this book contain various theoretical papers which develop
the model of balance of payments constrained growth, and then apply it to analyse
the long-run growth performance of several developed and developing countries.
The book will be of interest to all economists and policy makers interested in the
differential growth performance of nations, and the link between trade, the balance
of payments and economic growth.
J. S. L. McCombie is a Fellow in Economics at Downing College, Cambridge,
and the Director of the Centre for Economic and Public Policy at the Department
of Land Economy, the University of Cambridge.
A. P. Thirlwall is Professor of Applied Economics at the University of Kent, UK.
He has been an advisor to several government departments, and a consultant to
many international development organisations.
,Routledge studies in development economics
1 Economic Development in the Middle East
Rodney Wilson
2 Monetary and Financial Policies in Developing Countries
Growth and stabilization
Akhtar Hossain and Anis Chowdhury
3 New Directions in Development Economics
Growth, environmental concerns and government in the 1990s
Edited by Mats Lundahl and Benno J. Ndulu
4 Financial Liberalization and Investment
Kanhaya L. Gupta and Robert Lensink
5 Liberalization in the Developing World
Institutional and economic changes in Latin America, Africa and Asia
Edited by Alex E. Fernández Jilberto and André Mommen
6 Financial Development and Economic Growth
Theory and experiences from developing countries
Edited by Niels Hermes and Robert Lensink
7 The South African Economy
Macroeconomics prospects for the medium term
Finn Tarp and Peter Brixen
8 Public Sector Pay and Adjustment
Lessons from five countries
Edited by Christopher Colclough
9 Europe and Economic Reform in Africa
Structural adjustment and economic diplomacy
Obed O. Mailafia
10 Post-apartheid Southern Africa
Economic challenges and policies for the future
Edited by Lennart Petersson
, 11 Financial Integration and Development
Liberalization and reform in sub-Saharan Africa
Ernest Aryeetey and Machiko Nissanke
12 Regionalization and Globalization in the Modern World Economy
Perspectives on the Third World and transitional economies
Edited by Alex F. Fernández Jilberto and André Mommen
13 The African Economy
Policy, institutions and the future
Steve Kayizzi-Mugerwa
14 Recovery from Armed Conflict in Developing Countries
Edited by Geoff Harris
15 Small Enterprises and Economic Development
The dynamics of micro and small enterprises
Carl Liedholm and Donald C. Mead
16 The World Bank
New agendas in a changing world
Michelle Miller-Adams
17 Development Policy in the Twenty-First Century
Beyond the post-Washington consensus
Edited by Ben Fine, Costas Lapavitsas and Jonathan Pincus
18 State-Owned Enterprises in the Middle East and North Africa
Privatization, performance and reform
Edited by Merih Celasun
19 Finance and Competitiveness in Developing Countries
Edited by José María Fanelli and Rohinton Medhora
20 Contemporary Issues in Development Economics
Edited by B. N. Ghosh
21 Mexico Beyond NAFTA
Edited by Martín Puchet Anyul and Lionello F. Punzo
22 Economies in Transition
A guide to China, Cuba, Mongolia, North Korea and Vietnam at the turn
of the twenty-first century
Ian Jeffries
23 Population, Economic Growth and Agriculture in Less Developed
Countries
Nadia Cuffaro
