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A heterodox rereading of Bresser-Nakano

Author

Listed:
  • Alcino Ferreira Câmara Neto
  • Matias Vernengo

Abstract

Bresser-Pereira and Nakano argue, in their article on stable growth, that the fiscal adjustment has already been effectively carried out in Brazil. For them, what needs to be done, contrary to the orthodox demands for more fiscal adjustment, is an active commercial and industrial policy to stimulate exports, to complement the lower interest rate and a more devalued exchange rate. It is suggested here that capital controls would be necessary to maintain relative exchange rate stability, following Keynes’ heterodox ideas. JEL Classification: F38; E52; E62.

Suggested Citation

  • Alcino Ferreira Câmara Neto & Matias Vernengo, 2002. "A heterodox rereading of Bresser-Nakano," Brazilian Journal of Political Economy, Center of Political Economy, vol. 22(4), pages 720-724.
    • Handle: RePEc:ekm:repojs:v:22:y:2002:i:4:p:720-724:id:961
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    More about this item

    Keywords

    Capital controls; monetary policy; fiscal policy;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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