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Macrodynamic Capability: Concept and Monetary and Financial Conditions

  • Maria de Lourdes Rollemberg Mollo

    ()

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

  • Joanílio Rodolpho Teixeira

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

We consider the concept of Macrodynamic Capability, exploring an heterodox content whose analytical foundation is derived from a number of scholars of diverse ideological conceptions which casts light on the different ways that economies deal with the role and impact of institutional, monetary and financial development to attain some degree of effectiveness in investment, innovation, structural change and economic development. Relevant aspects of the Brazilian economy are considered. In particular, we show some empirical evidence of the banking sector’s concentration and monetary policy which explains to a large extent the prevailing interest rates and high spreads, in disfavour of productive investment and leading to the country’s poor socio-economic performance.

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File Function: First version, 2005
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Paper provided by Departamento de Economia da Universidade de Brasilia in its series Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia with number 323.

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Length: 21 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:brs:wpaper:323
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