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The Origins and Development of the Latin American Structuralist Approach to the Balance of Payments, 1944-1964

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  • Mauro Boianovsky
  • Ricardo Sol�s

Abstract

The paper offers an historical account of the origins and development of the Latin American structuralist approach to the balance of payments between 1944 and 1964. We focus on the contributions by Raul Prebisch, Celso Furtado and Juan Noyola, all of them members of the United Nations Economic Commission for Latin America (CEPAL) during the 1950s. Prebisch used the foreign trade multiplier concept to distinguish the business cycle mechanisms at the 'centre' and at the 'periphery'. Noyola introduced the notion of external disequilibrium as a feature of the industrialization process. This was further elaborated by Prebisch's formula connecting the relative rates of growth to the ratio of income-elasticities of import. Furtado examined the implications of the external demand constraint for economic growth, an important element of the two-gap models of the 1960s. The main piece of empirical structuralist research was the CEPAL 1957 report about Mexican external disequilibrium elaborated by Furtado and Noyola, not published at the time; we discuss that report in the context of the Mexican devaluation of 1954.

Suggested Citation

  • Mauro Boianovsky & Ricardo Sol�s, 2014. "The Origins and Development of the Latin American Structuralist Approach to the Balance of Payments, 1944-1964," Review of Political Economy, Taylor & Francis Journals, vol. 26(1), pages 23-59, January.
    • Handle: RePEc:taf:revpoe:v:26:y:2014:i:1:p:23-59
    DOI: 10.1080/09538259.2013.874191
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    1. Prebisch, Raúl, 1950. "The economic development of Latin America and its principal problems," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 29973, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Cícero, Vinicius Curti & Lima, Gilberto Tadeu, 2023. "Functional distribution of income as a determinant of importing behavior: An empirical analysis," Structural Change and Economic Dynamics, Elsevier, vol. 65(C), pages 393-405.
    2. Vinicius Curti Cícero & Daniele Tavani, 2024. "Institutional changes, effective demand and inequality: a structuralist model of secular stagnation," Working Papers PKWP2410, Post Keynesian Economics Society (PKES).
    3. Irwin, Douglas A., 2021. "The rise and fall of import substitution," World Development, Elsevier, vol. 139(C).

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