MEYRELLES FILHO, S. F.; JAYME JR. F. G. ; LIBÂNIO, G.. Balance-of-payments constrained growth: a post Keynesian model with capital inflows. Journal of Post Keynesian Economics, v. 35, p. 373-398, 2013.
Abstract: This paper proposes a brief theoretical analysis of the relationship between international capital mobility and economic growth, seen in the perspective of demand-led growth. The study presents the central propositions that constitute the so-called demand-led growth perspective. It reviews the balance-of-payments constrained growth model, as originally proposed by Thirlwall (1979), as well as subsequent efforts to incorporate capital flows into this analytical framework. Building on this theoretical structure, a model is proposed in order to study the connections between balance-of-payments constrained growth and capital controls, which is formally introduced as a macroeconomic policy variable.
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