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Brazil's Long-Term Growth Performance

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Author Info

  • Ricardo Adrogué
  • Martin Cerisola
  • Gaston Gelos

Abstract

This paper assesses Brazil''s growth performance from a long-term perspective, using crosscountry and panel estimation techniques, building on the vast empirical literature on growth. The empirical evidence presented in this paper confirms that macroeconomic stability and several reforms have helped raise per capita growth in Brazil since the mid-1990s. The results also show that some long-standing structural weaknesses continue to weigh negatively on per capita growth. Reducing the high level of government consumption would help lower the overall consumption level in the economy and lower its intertemporal price-the real interest rate-thus helping to foster investment and growth.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/282.

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Length: 21
Date of creation: 01 Dec 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/282

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Related research

Keywords: Brazil; Economic growth; Economic reforms; Economic models; cost of capital; relative price; capital goods; inflation; macroeconomic stability; real interest rates; terms of trade; price stability; capital formation; capital accumulation; real interest rate; global capital markets; inflation rate; capital markets; capital flows; terms of trade shocks; inflation targeting; speculative attacks; short-term capital; average inflation; average inflation rate; real exchange rates; investor confidence; gdp deflator; low inflation; stabilization policies; high inflation;

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References

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  1. Norman Loayza & Pablo Fajnzylber & César Calderón, 2004. "Economic Growth in Latin America and The Caribbean: Stylized Facts, Explanations, and Forecasts," Working Papers Central Bank of Chile 265, Central Bank of Chile.
  2. Harold L. Cole & Lee E. Ohanian & Alvaro Riascos & James A. Schmitz, Jr., 2004. "Latin America in the rearview mirror," Staff Report 351, Federal Reserve Bank of Minneapolis.
  3. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
  4. Gerhard Glomm & Jürgen Jung & Changmin Lee & Chung Tran, 2005. "Public Pensions and Capital Accumulation: The Case of Brazil," CESifo Working Paper Series 1539, CESifo Group Munich.
  5. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  6. Florian Pelgrin & Sebastian Schich & Alain de Serres, 2002. "Increases in Business Investment Rates in OECD Countries in the 1990s: How Much Can be Explained by Fundamentals?," OECD Economics Department Working Papers 327, OECD Publishing.
  7. repec:rus:hseeco:70719 is not listed on IDEAS
  8. Caballero, Ricardo J, 1994. "Small Sample Bias and Adjustment Costs," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 52-58, February.
  9. Antonio Fatás & Ilian Mihov, 2003. "The Case For Restricting Fiscal Policy Discretion," The Quarterly Journal of Economics, MIT Press, vol. 118(4), pages 1419-1447, November.
  10. Xavier Sala-I-Martin & Gernot Doppelhofer & Ronald I. Miller, 2004. "Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach," American Economic Review, American Economic Association, vol. 94(4), pages 813-835, September.
  11. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
  12. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
  13. Nelson H. Barbosa Filho, 2001. "International Liquidity and Growth in Brazil," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2001-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  14. Caprio, Gerard Jr. & Klingebiel, Daniela, 1996. "Bank insolvencies : cross-country experience," Policy Research Working Paper Series 1620, The World Bank.
  15. David L. Lindauer & Lant. Pritchett, 2002. "What's the Big Idea? The Third Generation of Policies for Economic Growth," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
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Citations

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Cited by:
  1. Altug, Sumru G. & Filiztekin, Alpay & Pamuk, Sevket, 2007. "The Sources of Long-term Economic Growth for Turkey, 1880-2005," CEPR Discussion Papers 6463, C.E.P.R. Discussion Papers.
  2. Bennett Sutton & Genevieve Lindow & Maria Isabel Serra & Gustavo Ramirez & Maria Fernanda Pazmino, 2006. "Regional Convergence in Latin America," IMF Working Papers 06/125, International Monetary Fund.
  3. Jeromin Zettelmeyer, 2006. "Growth and Reforms in Latin America," IMF Working Papers 06/210, International Monetary Fund.
  4. Manoel Bittencourt, 2011. "Is Copacabana Still the ‘Little Princess of the Sea’?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 12(1), pages 11-16, 03.

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