Edited by Thomas Palley, Founding Editor of the Review of Keynesian Economics and Principal at Economics for Democratic and Open Societies, US, Esteban Pérez Caldentey, Editor of the Review of Keynesian Economics and Chief of the Financing for Development Unit at the Economic Commission for Latin America and the Caribbean (CEPAL), Chile and Matías Vernengo, Founding Editor of the Review of Keynesian Economics and Professor, Bucknell University, US

• Contents:Symposium: Thirlwall’s Law at 40Thirlwall’s law at 40 1Esteban Pérez Caldentey and Matías VernengoWhy Thirlwall’s law is not a tautology: more on the debate over the law 3J.S.L. McCombieEndogenous growth, capital accumulation and Thirlwall’s dynamics: thecase of Latin America 18Ignacio Perrotini-Hernández and Juan Alberto Vázquez-MuñozThirlwall’s law and the terms of trade: a parsimonious extension of thebalance-of-payments-constrained growth model 37Esteban Pérez Caldentey and Juan Carlos Moreno-BridThirlwall’s law, external debt sustainability, and the balance-ofpayments-constrained level and growth rates of output 60Gustavo Bhering, Franklin Serrano and Fabio FreitasGrowth transitions and the balance-of-payments constraint 72Excellent Mhlongo and Kevin S. NellNew Structuralism and the balance-of-payments constraint 91Gabriel Porcile and Giuliano Toshiro YajimaIs Indonesia’s growth rate balance-of-payments-constrained? A timevaryingestimation approach 111Jesus Felipe, Matteo Lanzafame and Gemma EstradaThoughts on balance-of-payments-constrained growth after 40 years 128A.P. Thirlwall