O sistema de crédito internacional e a instabilidade financeira dos países da periferia capitalista
AbstractThe paper assesses the consequences of the structure of the international credit system upon the balance of payments of the periphery countries, in the form of increasing chronic current account deficit, under conditions of liberalized external relations. The attempt has been made to demonstrate that the trade balance tends to be in deficit and that a continuous surplus cannot be generated by the inflow of foreign capital of any sort. They are, on the contrary, one of the causes of the deficit and cause it to increase. Since these features are the outcome of the normal working of market forces, the solution would seem to be to restrain the latter through defensive regulation of foreign transactions, which is in effect supported by ample and recent historical evidence. However, regulation cannot be relied upon as a long run solution, since the chronic deficit of the periphery countries derives from a structural backwardness, as expressed in low levels of productivity. The effective solution would consist, in theory, of a structural upgrading of the economy, supported by offensive regulation, but the historical viability of such a process is doubtfull.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Instituto de Economia, Universidade Estadual de Campinas (UNICAMP) in its journal Revista Economia e Sociedade.
Volume (Year): 15 (2000)
Issue (Month): (January)
Contact details of provider:
Postal: Caixa Postal: 6135 - CEP 13083-970, Campinas - SP - Brasil
Phone: (019) 788-5726
Fax: (019) 289-1512
Web page: http://www.eco.unicamp.br/
More information through EDIRC
International monetary system; Globalization; Peripheral economies; Liberalization of trade and fina;
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Antonio Carlos Macedo e Silva).
If references are entirely missing, you can add them using this form.