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Growth cycles in Latin America and developed countries

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Author Info
Adriana Moreira Amado (UnB)
Marco Flávio da Cunha Resende (Cedeplar-UFMG)
Frederico G. Jayme Jr. (Cedeplar-UFMG)

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Abstract

The Minskyan approach to financial instability and its effects on the real economy have recently been revived in order to explain the exchange rate crises undergone by the so-called emergent economies. Economies of this type are characterized by repeated scarcity of foreign currency, which can be explained by using Neo-Schumpeterian theory. Based on the Minskyan approach and on the Neo-Schumpeterian literature, this study seeks to demonstrate that there is a cyclic recurrence of exchange rate crises in Latin-American (peripheral) economies. By using data on international liquidity, the balance of payments and the increase in production in the G7 economies and in thirteen Latin-American economies, it was found that the Latin-American economies mirror the cycles of international liquidity.

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Publisher Info
Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td327.

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Length: 24 pages
Date of creation: Mar 2008
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Handle: RePEc:cdp:texdis:td327

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Postal: Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil

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Related research
Keywords: financial instability; national innovation system; cycles;

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Find related papers by JEL classification:
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Marco Crocco, 2002. "The concept of degrees of uncertainty in Keynes, Shackle, and Davidson," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 11-28, July-Dece. [Downloadable!]
    Other versions:
  2. Eduardo da Motta e Albuquerque, 1996. "Notas sobre a contribuição de Kenneth Arrow para a fundamentação teórica dos "sistemas nacionais de inovação"," Revista Brasileira de Economia, Graduate School of Economics, Getulio Vargas Foundation (Brazil), vol. 50(2), April.
  3. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
  4. Frederico Gonzaga Jayme Junior, 2001. "Balance-of-payments constrained economic growth in Brazil," Textos para Discussão Cedeplar-UFMG td155, Cedeplar, Universidade Federal de Minas Gerais. [Downloadable!]
  5. Adriana Moreira Amado & Marco Flávio da Cunha Resende, 2005. "Liquidez Internacional E Ciclo Reflexo: Algumas Observações Para A América Latina," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] 070, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
    Other versions:
  6. Bernardes, Americo Tristao & Albuquerque, Eduardo da Motta e, 2003. "Cross-over, thresholds, and interactions between science and technology: lessons for less-developed countries," Research Policy, Elsevier, vol. 32(5), pages 865-885, May. [Downloadable!] (restricted)
  7. Taylor, Lance & O'Connell, Stephen A, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 871-85, Supp.. [Downloadable!] (restricted)
  8. Fagerberg, Jan, 1994. "Technology and International Differences in Growth Rates," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1147-75, September. [Downloadable!] (restricted)
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