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Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries

Author

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  • Luiz Fernado de Paula
  • Fábio Campos Barcelos

Abstract

Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries. The objective of this paper is to analyze the relationship between exchange rate regime, capital account convertibility and economic growth in 1990-2007 period within the emerging countries that constitute what has been called BRIC – Brazil, Russia, India and China. Our hypothesis is that economic performance of these countries is the result, at least partially, of the quality of the macroeconomic policy management adopted in each country, in which exchange rate policy, capital account convertibility and the degree of external vulnerability plays a key role. JEL Classification: E58; F31; F32; F34.

Suggested Citation

  • Luiz Fernado de Paula & Fábio Campos Barcelos, 2011. "Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries," Brazilian Journal of Political Economy, Center of Political Economy, vol. 31(5), pages 699-729.
    • Handle: RePEc:ekm:repojs:v:31:y:2011:i:5:p:699-729:id:380
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    More about this item

    Keywords

    BRIC; financial liberalization; capital account convertibility;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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