<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672023000400212</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2023.326.86115</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A Thirlwall&#8217;s Law Application to International Trade in Services]]></article-title>
<article-title xml:lang="es"><![CDATA[Aplicación de la Ley de Thirlwall al Comercio Internacional de Servicios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Amado]]></surname>
<given-names><![CDATA[Gonçalo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Universitário de Lisboa  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Portugal</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>82</volume>
<numero>326</numero>
<fpage>212</fpage>
<lpage>239</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672023000400212&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672023000400212&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672023000400212&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The international trade in services has grown exponentially, both in developed and developing countries, outpacing the manufacturing growth. According to the literature, there are two waves of growth in the services sector: A first wave in developing countries specializing in traditional services; a second wave in developed countries and producers of modern services. Using the multisectoral Thirlwall&#8217;s law model for 90 countries, modern services have the highest income-elasticity. The role of relative prices is not significant. Also, the two waves of growth are verified. Countries that are more competitive in international services grow less relative to global growth but have a higher level of development. In less developed countries with a higher share in tourism exports, the higher the surplus of the balance of services, the lower the current account balance.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El comercio internacional de servicios ha crecido exponencialmente, tanto en los países desarrollados como en los países en desarrollo, superando el crecimiento de la manufactura. Según la bibliografía, existen dos olas de crecimiento en el sector servicios: la primera en los países en desarrollo especializados en servicios tradicionales; la segunda en los países desarrollados y productores de servicios modernos. Utilizando un modelo multisectorial de la ley de Thirlwall para 90 países, los servicios modernos tienen una mayor elasticidad-renta. El papel de los precios relativos no es significativo. También se verifican las dos olas de crecimiento. Los países más competitivos en los servicios internacionales crecen menos en términos relativos, pero tienen un mayor desarrollo. En los países menos desarrollados, con mayor participación en las exportaciones turísticas, cuanto mayor es el superávit de la balanza de servicios, menor es el saldo de la balanza por cuenta corriente.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Thirlwall&#8217;s law]]></kwd>
<kwd lng="en"><![CDATA[trade in services]]></kwd>
<kwd lng="en"><![CDATA[competitiveness]]></kwd>
<kwd lng="en"><![CDATA[convergence]]></kwd>
<kwd lng="en"><![CDATA[E12]]></kwd>
<kwd lng="en"><![CDATA[F43]]></kwd>
<kwd lng="en"><![CDATA[O10]]></kwd>
<kwd lng="es"><![CDATA[ley de Thirlwall]]></kwd>
<kwd lng="es"><![CDATA[comercio de servicios]]></kwd>
<kwd lng="es"><![CDATA[competitividad]]></kwd>
<kwd lng="es"><![CDATA[convergencia]]></kwd>
<kwd lng="es"><![CDATA[E12]]></kwd>
<kwd lng="es"><![CDATA[F43]]></kwd>
<kwd lng="es"><![CDATA[O10]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alonso]]></surname>
<given-names><![CDATA[J.A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth and the external constraint: Lessons from the Spanish case]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>1999</year>
<volume>31</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>245-53</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Araujo]]></surname>
<given-names><![CDATA[R.A.]]></given-names>
</name>
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[G.T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A structural economic dynamics approach to balance-of-payments-constrained growth]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2007</year>
<volume>31</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>755-74</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baccaro]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Blyth]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Pontusson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Diminishing Returns: The New Politics of Growth and Stagnation]]></source>
<year>2022</year>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baldwin]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Forslid]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Globotics and development: When manufacturing is jobless and services are tradable]]></source>
<year>2020</year>
<publisher-loc><![CDATA[Cambridge, MA ]]></publisher-loc>
<publisher-name><![CDATA[National Bureau of Economic Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baumol]]></surname>
<given-names><![CDATA[W.J.]]></given-names>
</name>
<name>
<surname><![CDATA[Bowen]]></surname>
<given-names><![CDATA[W.G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Performing Arts, the Economic Dilemma: A Study of Problems Common to Theater, Opera, Music, and Dance]]></source>
<year>1966</year>
<publisher-loc><![CDATA[Cambridge, MA ]]></publisher-loc>
<publisher-name><![CDATA[MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blecker]]></surname>
<given-names><![CDATA[R.A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The debate over &#8220;Thirlwall&#8217;s law&#8221;: Balance-ofpayments-constrained growth reconsidered]]></article-title>
<source><![CDATA[European Journal of Economics and Economic Policies]]></source>
<year>2016</year>
<volume>13</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>275-90</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blecker]]></surname>
<given-names><![CDATA[R.A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[New advances and controversies in the framework of balance-of-payments-constrained growth]]></article-title>
<source><![CDATA[Journal of Economic Surveys]]></source>
<year>2022</year>
<volume>36</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>429-67</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bottega]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Romero]]></surname>
<given-names><![CDATA[J.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Innovation, export performance and trade elasticities across different sectors]]></article-title>
<source><![CDATA[Structural Change and Economic Dynamics]]></source>
<year>2021</year>
<volume>58</volume>
<page-range>174-84</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Buera]]></surname>
<given-names><![CDATA[F.J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kaboski]]></surname>
<given-names><![CDATA[J.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The rise of the service economy]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2012</year>
<volume>102</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>2540-69</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Burgisser]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Di Carlo]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Blessing or curse? The rise of tourism-led growth in Europe&#8217;s Southern periphery]]></article-title>
<source><![CDATA[Journal of Common Market Studies]]></source>
<year>2023</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>236-58</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caglayan]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Demir]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange rate movements, export sophistication and direction of trade: The development channel and North-South trade flows]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2019</year>
<volume>43</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1623-52</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cevik]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dirty dance: tourism and environment]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>2023</year>
<volume>37</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>168-85</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gupta]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The two waves of service-sector growth]]></article-title>
<source><![CDATA[Oxford Economic Papers]]></source>
<year>2011</year>
<volume>65</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>96-123</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Flaaen]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ghani]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Mishra]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[How to avoid middle income traps? Evidence from Malaysia]]></source>
<year>2013</year>
<numero>6427</numero>
<issue>6427</issue>
<publisher-loc><![CDATA[Washington, DC ]]></publisher-loc>
<publisher-name><![CDATA[World Bank]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcimartin]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kvedaras]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Rivas]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Business cycles in a balance-of-payments constrained growth framework]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2016</year>
<volume>57</volume>
<page-range>120-32</page-range><publisher-name><![CDATA[Elsevier B.V.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gouvêa]]></surname>
<given-names><![CDATA[R.R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[G.T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Structural change, balance-of-payments constraint, and economic growth: Evidence from the multisectoral Thirlwall&#8217;s law]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>2010</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>169-204</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gouvêa]]></surname>
<given-names><![CDATA[R.R.]]></given-names>
</name>
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[G.T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Balance-of-payments-constrained growth in a multisectoral framework: A panel data investigation]]></article-title>
<source><![CDATA[Journal of Economic Studies]]></source>
<year>2013</year>
<volume>40</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>240-54</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaldor]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Causes of the Slow Rate of Economic Growth of the United Kingdom]]></source>
<year>1966</year>
<publisher-loc><![CDATA[Cambridge ]]></publisher-loc>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaldor]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Strategic Factors in Economic Development]]></source>
<year>1967</year>
<publisher-loc><![CDATA[Ithaca, NY ]]></publisher-loc>
<publisher-name><![CDATA[New York State School of Industrial and Labour Relations, Cornell University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Differences in income elasticities and trends in real exchange rates]]></article-title>
<source><![CDATA[European Economic Review]]></source>
<year>1989</year>
<volume>33</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1031-46</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kuznets]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Quantitative aspects of the economic growth of nations: II, Industrial distribution of national product and labor force]]></article-title>
<source><![CDATA[Economic Development and Cultural Change]]></source>
<year>1957</year>
<volume>5</volume>
<numero>54</numero>
<issue>54</issue>
<page-range>1-111</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loungani]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Mishra]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Not your father&#8217;s service sector]]></article-title>
<source><![CDATA[Finance and Development]]></source>
<year>2014</year>
<volume>51</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>51-4</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loungani]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[World trade in services: Evidence from a New Dataset]]></article-title>
<source><![CDATA[IMF Working Papers]]></source>
<year>2017</year>
<volume>17</volume>
<numero>77</numero>
<issue>77</issue>
<page-range>1</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McCombie]]></surname>
<given-names><![CDATA[J.S.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The dynamic Harrod foreign trade multiplier and the demand-orientated approach to economic growth: An evaluation]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>1997</year>
<volume>11</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>5-26</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McCombie]]></surname>
<given-names><![CDATA[J.S.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth in an international context: A Post Keynesian view]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Deprez]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Harvey]]></surname>
<given-names><![CDATA[J.T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Foundations of International Economics - Post-Keynesian Perspectives]]></source>
<year>1999</year>
<page-range>35-90</page-range><publisher-loc><![CDATA[London ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McGregor]]></surname>
<given-names><![CDATA[P.G.]]></given-names>
</name>
<name>
<surname><![CDATA[Swales]]></surname>
<given-names><![CDATA[J.K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Balance of payments constrained growth: A rejoinder to Professor Thirlwall]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>1986</year>
<volume>18</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>1265-74</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Di Meglio]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Services in developing economies: A new chance for catching-up?]]></source>
<year>2015</year>
<publisher-loc><![CDATA[Brighton, UK ]]></publisher-loc>
<publisher-name><![CDATA[Science Policy Research Unit]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perraton]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Balance of payments constrained growth and developing countries: An examination of Thirlwall&#8217;s hypothesis]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>2003</year>
<volume>17</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Razmi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Correctly analyzing the balance of payments constraint on growth]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The manufacturing imperative]]></article-title>
<source><![CDATA[Project Syndicate]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Romero]]></surname>
<given-names><![CDATA[J.P.]]></given-names>
</name>
<name>
<surname><![CDATA[McCombie]]></surname>
<given-names><![CDATA[J.S.L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The multi-sectoral Thirlwall&#8217;s law: Evidence from 14 developed European countries using product-level data]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>2016</year>
<volume>30</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>301-25</page-range><publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Romero]]></surname>
<given-names><![CDATA[J.P.]]></given-names>
</name>
<name>
<surname><![CDATA[McCombie]]></surname>
<given-names><![CDATA[J.S.L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Thirlwall&#8217; s law and the specification of export and import demand functions]]></article-title>
<source><![CDATA[Metroeconomica]]></source>
<year>2018</year>
<volume>69</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>366-95</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Soukiazis]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Muchová]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Le&#353;ko]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are the transition economies balance-of-payments constrained? An aggregate and multisector approach applied to Central and Eastern Europe]]></article-title>
<source><![CDATA[Eastern European Economics]]></source>
<year>2017</year>
<volume>55</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>453-76</page-range><publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The balance of payments constraint as an explanation of international growth rate differences]]></article-title>
<source><![CDATA[Banca Nazionale del Lavoro Quarterly Review]]></source>
<year>1979</year>
<volume>128</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>45-53</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Balance of payments constrained growth models: History and overview]]></article-title>
<source><![CDATA[PSL Quarterly Review]]></source>
<year>2011</year>
<volume>64</volume>
<numero>259</numero>
<issue>259</issue>
<page-range>307-51</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A.P.]]></given-names>
</name>
<name>
<surname><![CDATA[Hussain]]></surname>
<given-names><![CDATA[M.N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The balance of payments constraint, capital flows and growth rate differences between developing countries]]></article-title>
<source><![CDATA[Oxford Economic Papers]]></source>
<year>1982</year>
<volume>34</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>498-510</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="">
<collab>United Nations</collab>
<source><![CDATA[World Economic Situation and Prospects 2021, United Nations]]></source>
<year>2021</year>
<publisher-loc><![CDATA[New York: United States ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wooldridge]]></surname>
<given-names><![CDATA[J.M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introductory Econometrics, a Modern Approach]]></source>
<year>2020</year>
<edition>7</edition>
<publisher-name><![CDATA[Cengage]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
