“…In this framework, four possible economic growth patterns for the South economy are presented, following Fajnzylberg (2000): 1) dynamic and disarticulated, i.e., with a high rate of economic growth but high income inequality; 2) integrated and stagnant, in other words, with a low economic growth rate but high income distribution; 3) disarticulated and stagnant, i.e., with a low rate of economic growth and income distribution; and, finally, 4) dynamic with social equity, in other words, with a high rate of economic growth and, also, with wide income distribution. To the best of our knowledge, there is no balance of payment constrained growth model (bpcg) that explores these four possible patterns according to Fajnzylberg's (2000) arguments about economic development in a North-South framework.…”