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Why Foreign Savings Fail to Cause Growth

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Author Info
Paulo Gala
Luiz Carlos Bresser-Pereira

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Abstract

Este Artigo é uma Formalização da Crítica À Estratégia do Crescimento com Poupança Externa que um de seus Autores Vem Sendo Fazendo nos Últimos Anos. Apesar dos Países de Renda Média Serem Pobres de Capital, os Déficits em Conta Corrente (Poupança Externa), Financiado Seja por Empréstimos ou por Investimentos Externos Diretos, não Irá Aumentar a Taxa de Acumulação de Capital ou Terá Pouco Impacto Sobre Ela, uma Vez que os Déficits de Conta Corrente Estarão Associados Taxas de Câmbio Apreciadas, Ordenados e Salários Aumentados Artificialmente e Altos Níveis de Consumo. Consequentemente, a Taxa de Substituição da Poupança Externa Pela Interna Será Relativamente Alta, e o País Será Obrigado não a Investir e Crescer, Mas a Consumir. Apenas Quando Há Grandes Oportunidades de Investimento, Estimuladas por uma Ampla Diferença entre a Taxa de Lucro Esperada e a Taxa de Juros de Longo Prazo, a Propensão Marginal ao Consumo Diminuirá Suficientemente, a Ponto de o Lucro Adicional Originário do Fluxo de Capital Estrangeiro ser Usado para Investimento, ao Invés de para Consumo. neste Caso Especial, a Taxa de Substituição de Poupança Externa Pela Interna Tenderá a ser Menor e a Poupança Externa Contribuirá Positivamente para o Crescimento

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Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 159.

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Date of creation: 16 Oct 2008
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Handle: RePEc:fgv:eesptd:159

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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. Reinhart, Carmen & Leiderman, Leonardo, 1994. "Capital inflows to Latin America," MPRA Paper 13406, University Library of Munich, Germany. [Downloadable!]
  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Fry, Maxwell J, 1978. "Money and Capital or Financial Deepening in Economic Development?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 464-75, November. [Downloadable!] (restricted)
  4. Luiz Carlos Bresser-Pereira And & Carmen Augusta Varela, 2004. "The second Washington consensus and Latin America's quasi-stagnation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 231-250, December. [Downloadable!] (restricted)
  5. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1995. "Capital inflows to Latin America with reference to the Asian experience," MPRA Paper 13840, University Library of Munich, Germany. [Downloadable!]
  6. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1996. "Current Account Solvency and the Feldstein-Horioka Puzzle," Economic Journal, Royal Economic Society, vol. 106(436), pages 620-27, May. [Downloadable!] (restricted)
  7. Reinhart, Carmen & Talvi, Ernesto, 1998. "Capital flows and saving in Latin America and Asia: A reinterpretation," MPRA Paper 13704, University Library of Munich, Germany. [Downloadable!]
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  8. Cohen, Daniel, 1993. "Growth and External Debt," CEPR Discussion Papers 778, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  9. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  10. Schmidt-Hebbel, Klaus & Webb, Steven B. & Corsetti, Giancarlo, 1991. "Household saving in developing countries : first cross-country evidence," Policy Research Working Paper Series 575, The World Bank. [Downloadable!]
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  1. Luiz Carlos Bresser-Pereira, 2008. "National Development Strategy: the Key Growth Institution," Textos para discussão 161, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil). [Downloadable!]
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