Resumen

LANDA DIAZ, Heri Oscar  y  MALDONADO TAFOYA, David. Economic openness, economic growth, and external constraint: a study for Latin America, Europe and Asia, 1990-2019. Anál. econ. [online]. 2022, vol.37, n.96, pp.5-19.  Epub 31-Oct-2022. ISSN 2448-6655.  https://doi.org/10.24275/uam/azc/dcsh/ae/2022v37n96/landa.

The paper´s aim is to empirically analyse the consistency of the balance of payments constrained growth model (BPCGM) in Latin America, Asia and Europe during the period from 1990 to 2019. Following McCombie´s algorithm and Panel autoregressive distributed lag model (ARDL). Our main empirical results show that there exist: i) a process of external restriction in Latin America, linked to the nature of specialization patterns and the high content of foreign added value in production lines; ii) for Europe, the evidence indicates that the growth rate is not restricted by the current account, however, the slowdown in productivity and competitiveness could significantly affect this relationship; iii) estimates in Asia indicate that the rate of expansion of the product is not conditioned by the balance of payments.

Palabras llave : Balance of payments; real exchange rate; economic growth; dynamic model.