The purpose of this study is to assess, from a Balance of Payment Constraint Growth (BPCG) theoretical perspective, current key challenges of developing countries that spring from two broad exogenous factors. These factors are: i) global shocks that affect the world economy, and ii) major...

The analytical framework known as the balance-of-payments constrained growth model introduced by Anthony P. Thirlwall more than two decades ago, and further developed by him and N. Hussain, was a major contribution to understanding the relevance of a foreign exchange constraint on the long-run...