5th International Workshop on Demand-Led Growth




July 10-11, 2024 



Schedule: TBA

Invited Speakers: Ricardo Bielschowsky (UFRJ), Franklin Serrano (UFRJ), Robert Blecker (American University), Laura Carvalho (OSF/USP), Steven Fazzari (Washington University), Carlos Medeiros (UFRJ), Florencia Medici (CONICET/UNM), Juan Carlos Moreno-Brid (UNAM), Esteban Perez Caldentey (ECLAC), Ramaa Vasudevan (Colorado State University), Matias Vernengo (Bucknell University)


(co-organized with Centro Celso Furtado and YSI)  

July 08-09, 2024 The Workshop and the Pre-Conference will be held in person at the Instituto de Economia - Federal University of Rio de Janeiro  







April 30: submission deadline

May 15: notification of selected papers.




2024 marks the 45th anniversary of Thirlwall’s classic 1979 paper that introduced Thirlwall’s law as well as the 75th anniversary of Prebisch’s manifesto on the main development problems of Latin America. These seminal works were key, for post-Keynesian and structuralist literatures, to put the balance of payments constraint at the center and as one of the main problems of long run growth and development. Furthermore, it was an important critique and alternative to the mainstream view that highlights factors of production scarcity as the only explanation to long run growth. As a result, many demand-led growth theories often emphasize the balance of payments as the main constraint that an economy faces in the long-run. Among the various subjects that balance of payments constraint literature treat, we can name: The role of financial flows in the long run; External indebtedness; Solvency and liquidity problems; Currency hierarchy; The role of the exchange rate; The relation between balance of payments constraint and economic policy, and many others. All these themes are related with the research lines of the Group in Political Economy at the Institute of Economics of the Federal University of Rio de Janeiro, which follows the Sraffian framework proposed by Garegnani to make the Keynesian-Kaleckian principle of effective demand compatible with the classical surplus approach. For our Group, growth is demand-led and policy (often balance of payments) constrained. In succession, inflation is a cost-push political economy phenomenon dependent upon conflicting claims over income distribution. Within this framework, macroeconomic policies are fundamental to growth, inflation, and income distribution. In capitalist economies, these policies arise from institutional arrangements as well as political power relations. The Research Group in Political Economy considers that constructing policy-relevant analysis and theoretical and applied models to better understand advanced and developing countries’ actual performance demonstrates this theoretical approach’s soundness. Given the approach taken by the Group and in the context of the intensification of dialogue and convergence among some Post-Keynesians, Kaleckians, Kaldorians, practitioners of Modern Monetary Theory, and Sraffians, the goal of the 2024 Edition of the Workshop is to strengthen this promising trend by promoting a constructive and policy-relevant debate among these strands of critical thought. Other heterodox approaches to economics are also welcome and encouraged in fostering new contributions concerning demand-led growth analyses, models, their multiplicity of relations with monetary and financial elements and external constraints to growth.

Centro Celso Furtado is sponsoring the workshop and will co-organize a Pre-Conference. Review of Keynesian Economics (ROKE) and Review of Political Economy (ROPE) are also sponsoring the workshop and encourage presented papers to be submitted to the journals. The National Council for Scientific and Technological Development (CNPq) from Brazil is also sponsoring the workshop with a grant received by Carlos Pinkusfeld (Centro Celso Furtado). YSI are also sponsoring the workshop and will co-organize a Pre-Conference, and will provide partial travel stipends for selected young scholars. Check here for more information:  https://ysi.ineteconomics.org/event/ysi-international-workshop-on-demand-led-growth-capital-flows-and-external-constraints/2024-07-08/ 


• Endogenous money, capital flows, external debt and balance-of-payment constraints to growth.

• The floating dollar standard, the international monetary hierarchy and asymmetries;

• Monetary and fiscal policy, Central Banking, monetary and financial channels in an open economy;

• Speculation, bubbles, financial fragility, and financial in/stability;

• Growth regimes, growth drivers, growth models and autonomous demand: debates between Post-Keynesians and Comparative Political Economy;

• Conflict Inflation, personal and functional income distribution.

• Structuralism, classical political economy and demand led-growth

• Demand-led growth, stagnation theories and stagnation policies.

• Demand-led Growth, capacity utilization and labor unemployment.

• Demand-led growth and macroeconomic policies;

• Functional Finance and Modern Monetary Theory: implications for monetary and fiscal policies.

• Stock-Flow and the Monetary Circuit approaches to money and finance.

• Monetary policy, monetary and financial channels, and its relationship with 'Autonomous Demand'.

• Monetary and financial determinants and constraints of demand-led growth;

• Climate change and the analysis of the Decarbonization of the economy;

• Structural change and input-output analysis.


Papers must be written in English and contain title, short abstract (maximum 200 words), author's name, institutional affiliation and email address.

We recommend submitted papers to have a maximum number of 8000 words.




Gustavo Bhering (UFRJ), Julia Braga (UFF), Lídia Brochier (UFRJ), Carlos Pinkusfeld (UFRJ/Centro Celso Furtado), Nathalie Marins (Boston University), Guilherme Morlin (University of Pisa), Ricardo Summa (UFRJ), Matias Vernengo (Bucknell University).



Gustavo Bhering (UFRJ), Julia Braga (UFF), Lídia Brochier (UFRJ), Carlos Pinkusfeld (UFRJ/Centro Celso Furtado), Nathalie Marins (Boston University), Guilherme Morlin (University of Pisa), Ricardo Summa (UFRJ), Matias Vernengo (Bucknell University), Letícia Inácio (IE/UFRJ), João Vaz (IE/UFRJ), Nikolas Passos (European University Institute), Manuel Valencia (Università degli Studi di Siena).  


CONTACT: demandledgw@ie.ufrj.br 


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