Economic growth and structural change in a multi-sector and multilateral approach to balance-of-payments constrained growth

Abstract

RESUMO: Este artigo tem por objetivo desenvolver um modelo multissetorial e multilateral de crescimento restrito pelo balanço de pagamentos. Para tanto, utiliza-se como base os modelos propostos por Araujo e Lima (2007) e Nell (2003). Além disso, o artigo apresenta algumas simulações computacionais a fim de ilustrar como a mudança estrutural no sentido de Pasinetti-Kaldor (1993) afeta o crescimento econômico de longo prazo. Essa contribuição torna-se relevante por tornar viável a identificação de quais os setores e parceiros comerciais que mais contribuem para o crescimento de longo prazo da economia doméstica, bem como propor políticas econômicas e industriais que melhorem as relações comerciais e a competitividade da economia. PALAVRAS-CHAVE: Mudança estrutural; crescimento restrito pelo balanço de pagamentos; parceiros comerciais.ABSTRACT: This study aims to develop a multi-sector and multilateral model of balance-ofpayments constrained growth. As a starting point, we adopted the models proposed by Araujo and Lima (2007) and Nell (2003). The paper also presents computer simulations to test how structural changes in the Pasinetti-Kaldor sense affect long-term economic growth. This approach is relevant insofar as it enables the identification of sectors and trading partBrazilian Journal of Political Economy, vol 37, nº 4 (149), pp 894-915, October-December/2017 ners that contribute the most to long-term growth, as well as proposing economic and industrial policies that improve trade relations and economic competitiveness.

Fiscal Policy from a Structural Economic Dynamics Approach with General Macroeconomica Constraint

“…This theory, originally proposed by Thirlwall (1979), has been generalized in several ways. Among others, we note the incorporation of capital flows [`], the possibility of external debt [McCombie and Thirlwall (1997) and Moreno-Brid (1998-99)], interest payments [Moreno-Bridd (2003)], sector disaggregation [Araujo and Lima (2007)], commercial disaggregation [Nell (2003)] and, more recently, the conjunction of sector disaggregation and commercial disaggregation [Araujo, Paiva, Santos and Silva (2017)].…”

Structural Changes in Foreign Trade as a Factor of Competitiveness of the Republic of Serbia

“…The structure of world exports and imports indicates that industrial products have the largest share in trade. Additionally, Araujo et al (2017) argue, when analysing Brazilian economic growth and structural changes that countries should shift from exporting primary products to goods with greater elasticity of demand because it is less under the pressure of changes in foreign markets and by doing this they would have higher growth rates.…”