Abstract

GARCIA MOLINA, Mario  and  QUEVEDO CARO, Andrés. ECONOMIC GROWTH AND BALANCE OF PAYMENTS: EMPIRICAL EVIDENCE FOR COLOMBIA. Cuad. Econ. [online]. 2005, vol.24, n.43, pp.83-104. ISSN 0121-4772.

The article characterises the link between the foreign sector and growth in Colombia 1952-2000. Thirlwall’s law was tested and found to be valid for this period. There was a long-term relationship between GDP and export growth, income and price elasticity of demand for imports and the real exchange rate. The country gravitated towards a 4.4% growth rate in the long run.

Keywords : Colombia; Keynesian models; Thirlwall law; foreign trade.

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