Unveiling the Key to Global Economic Growth Disparities
The article explores how differences in international growth rates can be explained by the balance of payments constraint. Researchers analyze the relationship between economic growth, trade interlinkages, and competitiveness in both developed and developing countries. They find that the balance of payments constraint plays a significant role in shaping growth patterns, with various regions experiencing different levels of growth due to this constraint. The study provides insights into how countries can navigate these constraints to achieve sustainable economic development.