Crescimento com Restrições de Balanço de Pagamentos e Déficits Gêmeos no Brasil a Partir dos Anos Noventa
AbstractThe economic literature contains extensive discussions on relationship between foreign constraints and economic growth. Since the beginning of the 1990’s one debate concentrates on the nature of macroeconomic policies to expand domestic demand in Brazil in an environment of capital flows liberalization. An important analysis on export-led growth hypothesis has followed. The validity of such approach depends on the response of the current account to the policy regime, as well as the impact on investment coming from demand, as indicated by the Verdoorn Law. We contribute to this line of enquiry in two ways. First, we provide an assessment on the Thirlwall Law and introduce some specifications applied, mainly, to developing countries. The reverse causality for the so-called twin deficits is also examined. Our second contribution is to apply time series methods – impulse-response function in vector auto-regression (VAR) and dynamic regressions – to test some assumptions. We argue that Brazil will nor succeed to attain the required demand for sustained growth without gains in international competitiveness and the opening of new markets. The results suggest that favourable interest and exchange rate depend on reductions, to a certain extent, of speculative capital movements, as recommended by a representative number of distinguished scholars and policy makers.
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Bibliographic InfoPaper 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 318.
Length: 24 pages
Date of creation: Aug 2004
Date of revision:
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Postal: Universidade de Brasília UnB - Campus Universitário Darcy Ribeiro Asa Norte CEP 70910-900, Brasília, Brasil
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Web page: http://e-groups.unb.br/face/eco/
More information through EDIRC
Foreign constraints; Speculative capital; Demand constraints; Twin deficits; Time series;
Other versions of this item:
- Fernando de Aquino Fonseca Neto & Joanílio Rodolpho Teixeira, 2004. "Crescimento Com Restrições De Balanço De Pagamentos E Déficits Gêmeos No Brasil A Partir Dos Anos Noventa," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 073, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
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