The article analyses a development of the external balance in five Central and Eastern European countries: the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia. The main idea of the article is to apply, expand, and empirically verify the ideas of life cycle theory in the area...

The Author looks at the difference in growth rates among countries and argues that they can be traced to the strength of the balance of payments position, determined largely by the propensity to export relative to the propensity to import. Relative growth performance, thus, can be understood by...

The Author looks at the difference in growth rates among countries and argues that they can be traced to the strength of the balance of payments position, determined largely by the propensity to export relative to the propensity to import. Relative growth performance, thus, can be understood by...

This paper attempts to emphasize the role of the rate of profit on the balance of payments by integrating the Marxian rate of profit with the post-Keynesian balance-of-payments-constrained growth model (Thirlwall’s Law). In this regard, the domestic rate of profit determines the direction...

The classical argument for free trade stressed the possibilities of economic growth by exploiting the gains from trade. A trade surplus per se was not the main objective; presumably the argument was that trade would be balanced at the new higher growth rate. Moreover, the arguments for free trade...

In economies of overlapping generations, competitive equilibrium allocations and interest rates may be indeterminate. In a world economy with multiple countries, a competitive equilibrium need not satisfy the condition that the balance of payments be in equilibrium. In a stationary economy with...

This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls. In 2004,...

The global financial crisis has slowed the Burundian economy and a significant decline in inflation. Against the background of the East African Community (EAC) integration, the Article IV Consultation discussions focused on three fundamental themes. IMF staff and authorities agreed on the need...

Iran's 2005 Article IV Consultation highlights Fourth Five-Year Development Plan (FFYDP) and the Twenty-Year Vision. The country's real GDP growth reached 5½ percent a year on average, unemployment declined, and macroeconomic indicators improved significantly, supported by favorable oil...