IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Crescimento Com Restrições De Balanço De Pagamentos E Déficits Gêmeos No Brasil A Partir Dos Anos Noventa

Listed author(s):
  • Fernando de Aquino Fonseca Neto
  • Joanílio Rodolpho Teixeira

The economic literature contains extensive discussions on relationship between foreign constraints and economic growth. Since the beginning of the 1990's one debate concentrates on the nature of macroeconomic policies to expand domestic demand in Brazil in an environment of capital flows liberalization. An important analysis on export-led growth hypothesis has followed. The validity of such approach depends on the response of the current account to the policy regime, as well as the impact on investment coming from demand, as indicated by the Verdoorn Law. We contribute to this line of enquiry in two ways. First, we provide an assessment on the Thirlwall Law and introduce some specifications applied, mainly, to developing countries. The reverse causality for the so-called twin deficits is also examined. Our second contribution is to apply time series methods - impulse-response function in vector auto-regression (VAR) and dynamic regressions - to test some assumptions. We argue that Brazil will nor succeed to attain the required demand for sustained growth without gains in international competitiveness and the opening of new markets. The results suggest that favourable interest and exchange rate depend on reductions, to a certain extent, of speculative capital movements, as recommended by a representative number of distinguished scholars and policy makers.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] with number 073.

in new window

Date of creation: 2004
Handle: RePEc:anp:en2004:073
Contact details of provider: Postal:
Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Gragoatá Bloco F Niterói, RJ 24210-201 Brazil

Phone: 55 21 3674 7952
Fax: 55-11-3091-6073
Web page:

More information through EDIRC

Order Information: Postal: Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Gragoatá Bloco F Niterói, RJ 24210-201 Brazil

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:anp:en2004:073. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rodrigo Zadra Armond)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.