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Determinants of the rates of profit and accumulation in Brazil: the structural factors of the cyclical deterioration of 2014-2015

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  • Miguel Antonio Pinho Bruno
  • Antonio Ricardo Dantas Caffe

Abstract

The trends in profit and accumulation rates are key indicators in the analysis of economic crises. These variables account for the trajectories of economic growth and they are conditioned by the functional distribution of income. The deterioration of the macroeconomic conjuncture from 2014, in Brazil, has often been attributed, by mainstream analysis, to the errors inherent in the so-called "new matrix of economic policy”. However, the analysis of profit and accumulation rates, immediately after the impact of the US crisis in Brazil, in 2009, shows the existence of structural factors that are characteristic of the current Brazilian economy, which could not be overcome by countercyclical fiscal and monetary policies. JEL Classification: E1; E12; E25; E32; O4; O47.

Suggested Citation

  • Miguel Antonio Pinho Bruno & Antonio Ricardo Dantas Caffe, 2018. "Determinants of the rates of profit and accumulation in Brazil: the structural factors of the cyclical deterioration of 2014-2015," Brazilian Journal of Political Economy, Center of Political Economy, vol. 38(2), pages 237-260.
    • Handle: RePEc:ekm:repojs:v:38:y:2018:i:2:p:237-260:id:64
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    Keywords

    Profit rate; capital accumulation; development; economic policy; cycles and crises;
    All these keywords.

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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