Lima, Gilberto Tadeu Carvalho, Veridiana Ramos da Silva
Abstract
Productive structure, external constraint and economic growth: the Brazilian experience - We analyze the sharp drop in the growth rate that has been experienced by the Brazilian economy since the 1980s, using the balance-of-payments-constrained growth approach. Empirical results show that growth in the 1930-2004 period was balance-of-payments-constrained, with terms of trade and capital flows playing quite a minor role in the reaching of external equilibrium. The sharp drop in growth that has experienced since the 1980s, however, can be explained by a tighter external constraint, given the behavior of the terms of trade and capital flows. In the 1990s, on the other hand, a new development strategy made for a structural break in the income elasticity of imports, thus leading to a lower growth rate compatible with balance-of-payments equilibrium.
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Publisher Info
Article provided by Instituto de Economia, Universidade Estadual de Campinas (UNICAMP) in its journal Revista Economia e Sociedade.
Find related papers by JEL classification: E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development