Garcia, Mario and Quevedo, Andres. “Economic growth and balance of payments: empirical evidence for Colombia”, Cuadernos de Economia, v. XXIV, n. 43, Bogota, 2005, pages 83-104 The article characterises the link between the foreign sector and growth in Colombia 1952-2000. Thirlwall’s law was tested and found to be valid for this period. There was a long-term relationship between GDP and export growth, income and price elasticity of demand for imports and the real exchange rate. The country gravitated towards a 4.4% growth rate in the long run.
