Abstract

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.

中文翻译：

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法国增长放缓：基于瑟尔沃尔定律的解释

摘要

在本文中，我们评估了法国国际收支约束的增长率，并将其与有效增长率进行了比较。根据经验，我们表明，在法国融入欧洲的同时，进口需求的收入弹性大幅增加，出口增长率下降。在国际收支约束增长方法中，这种双重负面影响是真正的经济复苏和充分就业的主要障碍。