<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422018000400005</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1260</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La acumulación de capital como un determinante de la tasa de crecimiento de la ley de Thirlwall]]></article-title>
<article-title xml:lang="en"><![CDATA[Capital accumulation as a determinant of the rate of growth of the Thirlwall&#8217;s law]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez-Muñoz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2018</year>
</pub-date>
<volume>63</volume>
<numero>3</numero>
<fpage>0</fpage>
<lpage>0</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422018000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422018000400005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422018000400005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En el presente artículo se desarrolla una extensión del modelo de la restricción externa al crecimiento a través de la incorporación de la tasa de acumulación de capital y de la tasa de crecimiento de la productividad del capital como determinantes de la tasa de crecimiento de las importaciones en una primera versión, y de las tasas de crecimiento de las importaciones y de las exportaciones en una segunda versión. En la primera versión se argumenta que, además de la tasa de crecimiento de las exportaciones, la acumulación de capital y la tasa de crecimiento de la productividad del capital determinan la tasa de crecimiento consistente con el equilibrio dinámico de la balanza comercial. El efecto de la acumulación del capital puede ser positivo, nulo o negativo dependiendo de si los requerimientos de importación para generar la acumulación de capital son menores, iguales o mayores que la sustitución de importaciones que se genera a través de la modificación de la estructura productiva de la economía. Asimismo, si la tasa de crecimiento de la productividad del capital es en parte exógena y en parte endógena a la acumulación de capital, ésta última puede afectar a la tasa de crecimiento de largo plazo tanto de forma directa como indirecta a través de su efecto en la productividad del capital. En la segunda versión se muestra que las diferencias internacionales de las tasas de crecimiento no solo se deben a los patrones de especialización internacional, sino que también a las disparidades internacionales de las tasas de acumulación de capital.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In this paper it is developed an extension of the external constraint growth model through the inclusion of the rate of capital accumulation and of the capital productivity growth rate as determinants of the imports growth rate in a first version, and of the imports and exports growth rates in a second version. In the first version, it is argued that, apart from the exports growth rate, the rate of capital accumulation and the capital productivity growth rate determine the growth rate consistent with a dynamic equilibrium of the trade balance. The effect of the rate of capital accumulation could be positive, null or negative, depending on whether import requirements to carry it out are lower, equal or higher than the import substitution that is generated via the change in the production structure of the economies. Moreover, if capital productivity is both partly endogenous, the rate of capital accumulation could directly affect the growth rate consistent with a dynamic equilibrium of the trade balance, as well as indirectly through its further effect on the capital productivity growth rate. In the second version, it is shown that international growth rate differences rates are not only due to different specialization patterns, but also to international rate of capital accumulation differences.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Ley de Thirlwall]]></kwd>
<kwd lng="es"><![CDATA[Acumulación de capital]]></kwd>
<kwd lng="es"><![CDATA[Productividad del capital]]></kwd>
<kwd lng="es"><![CDATA[Sustitución de importaciones]]></kwd>
<kwd lng="es"><![CDATA[Tasa de crecimiento]]></kwd>
<kwd lng="es"><![CDATA[F43]]></kwd>
<kwd lng="es"><![CDATA[O14]]></kwd>
<kwd lng="es"><![CDATA[O40]]></kwd>
<kwd lng="en"><![CDATA[Thirlwall&#8217;s law]]></kwd>
<kwd lng="en"><![CDATA[Capital accumulation]]></kwd>
<kwd lng="en"><![CDATA[Capital productivity]]></kwd>
<kwd lng="en"><![CDATA[Import substitution]]></kwd>
<kwd lng="en"><![CDATA[Rate of growth]]></kwd>
<kwd lng="en"><![CDATA[F43]]></kwd>
<kwd lng="en"><![CDATA[O14]]></kwd>
<kwd lng="en"><![CDATA[O40]]></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>
<name>
<surname><![CDATA[Garcimartín]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A New Approach to Balance-of-Payments Constraint: Some Empirical Evidence]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>1998</year>
<volume>21</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>259-82</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aricioglu]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Ucan]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarac]]></surname>
<given-names><![CDATA[T. B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Thirlwall&#8217;s Law: The Case of Turkey, 1987-2011]]></article-title>
<source><![CDATA[International Journal of Economics and Finance]]></source>
<year>2013</year>
<volume>5</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>59-68</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bairam]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Dempster]]></surname>
<given-names><![CDATA[G. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Harrod foreign trade multiplier and economic growth in Asian countries]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>1991</year>
<volume>23</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>1719-24</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bértola]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Higachi]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Porcile]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Balance-of-Payments-Constrained Growth in Brazil: A Test of Thirlwall&#8217;s Law, 1890-1973]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>2002</year>
<volume>25</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>123-40</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clavijo]]></surname>
<given-names><![CDATA[P. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ros]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La Ley de Thirlwall: una lectura crítica]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2015</year>
<volume>LXXIV</volume>
<numero>292</numero>
<issue>292</issue>
<page-range>11-40</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harrod]]></surname>
<given-names><![CDATA[R. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An Essay in Dynamic Theory]]></article-title>
<source><![CDATA[The Economic Journal]]></source>
<year>1939</year>
<volume>49</volume>
<numero>193</numero>
<issue>193</issue>
<page-range>14-33</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ibarra]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comentario a &#8216;La Ley de Thirlwall: una lectura crítica&#8217; de Pedro Clavijo y Jaime Ros]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2015</year>
<volume>LXXIV</volume>
<numero>292</numero>
<issue>292</issue>
<page-range>41-5</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lewis]]></surname>
<given-names><![CDATA[W. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic Development with Unlimited Supplies of Labour]]></article-title>
<source><![CDATA[The Manchester School]]></source>
<year>1954</year>
<volume>22</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>139-91</page-range></nlm-citation>
</ref>
<ref id="B9">
<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>
</person-group>
<article-title xml:lang=""><![CDATA[On the Empirics of Balance-of-Payments-Constrained Growth]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>1997</year>
<volume>19</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>345-75</page-range></nlm-citation>
</ref>
<ref id="B10">
<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>
</person-group>
<article-title xml:lang=""><![CDATA[Criticism and Defences of the Balance-of-Payments Constrained Growth Model: some old, some new]]></article-title>
<source><![CDATA[PSL Quarterly Review]]></source>
<year>2011</year>
<volume>64</volume>
<numero>259</numero>
<issue>259</issue>
<page-range>353-92</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moudud]]></surname>
<given-names><![CDATA[J. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Harrod versus Thirlwall: A Reassessment of Export-Led-Growth]]></article-title>
<source><![CDATA[Working Paper, Jerome Levy Economics Institute]]></source>
<year>2000</year>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nurkse]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Problems of Capital Formation in Underdeveloped Countries]]></source>
<year>1953</year>
<edition>2</edition>
<publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Basil Blackwell]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Palley]]></surname>
<given-names><![CDATA[T. I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pitfalls in the Theory of Growth: an application to the balance of payments constrained growth model]]></article-title>
<source><![CDATA[Review of Political Economy]]></source>
<year>2003</year>
<volume>15</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>75-84</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pérez]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Una lectura crítica de la &#8216;lectura crítica&#8217; de la Ley de Thirlwall]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2015</year>
<volume>LXXIV</volume>
<numero>292</numero>
<issue>292</issue>
<page-range>47-65</page-range></nlm-citation>
</ref>
<ref id="B15">
<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="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Prebisch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Economic Development of Latin America and its Principal Problems]]></source>
<year>1950</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[ECLAC, UN Department of Economic Affairs]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Prebisch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Commercial Policy in the Underdeveloped Countries]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1959</year>
<volume>49</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>251-73</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Prebisch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Economic Development of Latin America and its Principal Problems]]></article-title>
<source><![CDATA[Economic Bulletin for Latin America]]></source>
<year>1962</year>
<volume>VII</volume>
<numero>1</numero>
<issue>1</issue>
<publisher-loc><![CDATA[Santiago, Chile ]]></publisher-loc>
<publisher-name><![CDATA[ECLAC]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pugno]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Stability of Thirlwall&#8217;s Model of Economic Growth and the Balance-of-Payments Constraint]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>1998</year>
<volume>20</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>559-81</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ros]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Rethinking Economic Development, Growth, and Institutions]]></source>
<year>2013</year>
<publisher-loc><![CDATA[Oxford ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ros]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Clavijo]]></surname>
<given-names><![CDATA[P. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Respuesta a Ibarra, Pérez y Vernengo]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2015</year>
<volume>LXXIV</volume>
<numero>292</numero>
<issue>292</issue>
<page-range>81-90</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shaikh]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Moudud]]></surname>
<given-names><![CDATA[J. K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Measuring Capacity Utilization in OECD Countries: A Cointegration Method]]></source>
<year>2004</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<source><![CDATA[Working Paper, The Levy Economics Institute]]></source>
<year></year>
<page-range>1-19</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Syrquin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Patterns of Structural Change]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Chenery]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Srinivasan]]></surname>
<given-names><![CDATA[T. N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Development Economics]]></source>
<year>1988</year>
<volume>1</volume>
<page-range>203-73</page-range><publisher-loc><![CDATA[Amsterdam ]]></publisher-loc>
<publisher-name><![CDATA[Elsevier Science Publishers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<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 de Lavoro]]></source>
<year>1979</year>
<volume>32</volume>
<numero>128</numero>
<issue>128</issue>
<page-range>45-53</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A. P.]]></given-names>
</name>
</person-group>
<source><![CDATA[La naturaleza del crecimiento económico]]></source>
<year>2003</year>
<edition>1</edition>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<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-list>
</back>
</article>
