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Ajustamento externo, financeirização dos preços e inflação [External adjustment, 'financially-based price formation', and inflation]

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Author Info

  • Otaviano Canuto

    ()
    (Universidade de São Paulo - USP)

  • Antonio José Meirelles

    ()
    (Universidade Estadual de Campinas - Unicamp)

Abstract

This paper develops a simple structuralist model to deal with the relationships between inflation and external adjustment policies in foreign-indebted economies facing strong reversals in capital inflows. Taking Latin American experiences in the eighties as a reference, the model attempts to systematize the so-called hypothesis of 'financially- based price formation', namely, the regime of price formation through which both real interest rates and inflation rates moved together upwards as a response to increasing pressures for transfer abroad of real resources as a means of debt servicing.

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File URL: http://www.face.ufmg.br/novaeconomia/sumarios/v11n2/OTAVIANO.pdf
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Bibliographic Info

Article provided by Economics Department, Universidade Federal de Minas Gerais (Brazil) in its journal Nova Economia.

Volume (Year): 11 (2001)
Issue (Month): 2 (December)
Pages: 31-50

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Handle: RePEc:nov:artigo:v:11:y:2001:i:2:p:31-50

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Related research

Keywords: structuralist macroeconomics; inflation; external adjustment;

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  1. Otaviano Canuto & Márcio Holland & Clésio Xavier, 1998. "Taxas de Câmbio, Elasticidades-renda e Saldo Comercial na Economia Brasileira," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 52(2), pages 323-334, April.
  2. Blecker, Robert A, 1989. "International Competition, Income Distribution and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 395-412, September.
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