The slowing of growth in France: an interpretation based on Thirlwall’s law
Résumé
In this paper, we evaluate the French balance-of-payments
constrained growth rate and we compare it with the effective
growth rate. Empirically, we show that France is experiencing,
simultaneously to its European integration, a substantial increase
in the income elasticity of demand for imports and a collapse in the
growth rate of its exports. Within the balance-of-payments
constrained growth approach, this twofold negative effect is a
major obstacle to true economic recovery and full employment.
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