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1 décembre 2023
- handle: 10670/1.i12c6g
Ce document est lié à :
10.22201/fe.01851667p.2023.326.86496
info:eu-repo/semantics/openAccess
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Economic growth Growth, Economic Development, EconomicCiter ce document
José Luis Oreiro, « Thirlwall’s Law And New-Developmentalism: What Are The Limits For Long-Run Growth? », Investigación económica, ID : 10670/1.i12c6g
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Résumé
The aim of this article is to argue that New-Developmentalism -understood as an approach to the deep determinants of economic development in which macroeconomic policy regime has a key role in explaining the long-term growth differentials among countries, notably middle-income countries- is not incompatible with Balance of Payments Constrained Growth models pioneered and developed by Professor Thirlwall, but can be considered an extension and improvement of such a class of models in order to incorporate structural change induced by exchange rate overvaluation as the main limit of long-run growth for middle-income dual economies, thereby explaining the so-called middle-income trap.