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Investment and Capital Accumulation in Brazil from 1970 to 2000: A Neoclassical View

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  • Roberto Ellery Júnior

    ()
    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

  • Mirta N. S. Bugarin

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

  • Victor Gomes

    (Universidade Católica de Brasília)

  • Arilton Teixeira

    (IBMEC)

Abstract

In this paper we study the behavior of aggregate investment in the Brazilian economy from 1970-1998. There are two periods when investment has a big increment in Brazil. The second half of the 70s, when investment grew faster than before mainly due to the increment of public investment (government plus public enterprises). The second is the second half of the 80s. In this second case it goes up mainly as a result of the increment of relative price of capital. This is in clear contradiction with the neoclassical growth model (Cass-Koopmans) since in the 70s as well as in the he 80s the technological progress (measure by the growth rate of TFP) is declining or even getting negative. Once the investment series is adjust for this government behavior as well as the relative price changes, the neoclassical theory is able to fairly describe the investment behavior, hence the Brazilian capital accumulation dynamics during the period under study.

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Bibliographic Info

Paper provided by Departamento de Economia da Universidade de Brasilia in its series Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia with number 316.

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Length: 27 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:brs:wpaper:316

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  1. Timothy J. Kehoe & Edward C. Prescott (), 2007. "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott.
  2. Finn E. Kydland & Edward C. Prescott, 1990. "The econometrics of the general equilibrium approach to business cycles," Staff Report 130, Federal Reserve Bank of Minneapolis.
  3. Timothy Kehoe & Edward Prescott, 2002. "Data Appendix to Great Depressions of the Twentieth Century," Technical Appendices kehoe02, Review of Economic Dynamics.
  4. Stephen L. Parente & Edward C. Prescott, 2002. "Barriers to Riches," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661306, December.
  5. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
  6. Pritchett, Lant, 2000. " The Tyranny of Concepts: CUDIE (Cumulated, Depreciated, Investment Effort) Is Not Capital," Journal of Economic Growth, Springer, vol. 5(4), pages 361-84, December.
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Cited by:
  1. Victor Gomes & Arilton Teixeira & Benjamin Bridgman, 2008. "The Threat of Competition Enhances Productivity," 2008 Meeting Papers 302, Society for Economic Dynamics.
  2. Bridgman, Benjamin & Gomes, Victor & Teixeira, Arilton, 2010. "Threatening to increase productivity," MPRA Paper 33024, University Library of Munich, Germany.

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