Economic growth cycles in Latin America and developing countries
The Minskyan approach to financial instability and its effects on the real economy have recently been revived in order to explain the exchange rate crises undergone by the so-called emergent economies. Economies of this type are characterized by repeated scarcity of foreign currency, which can be explained by using Neo-Schumpeterian theory. Based on the Minskyan approach and on the Neo-Schumpeterian literature, this study seeks to demonstrate that there is a cyclic recurrence of exchange rate crises in Latin-American (peripheral) economies. By using data on international liquidity, the balance of payments and the increase in production in the G7 economies and in thirteen Latin-American economies, it was found that the Latin-American economies reflect the cycles of international liquidity.
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- Lance Taylor & Stephen A. O'Connell, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 871-885.
- Basil J. Moore, 1989. "A Simple Model of Bank Intermediation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(1), pages 10-28, October.
- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
- Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
- Marco Crocco, 2002.
"The concept of degrees of uncertainty in Keynes, Shackle, and Davidson,"
Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 11-28, July-Dece.
- Marco Crocco, 2000. "The concept of degrees of uncertainty in Keynes, Shackle and Davidson," Textos para Discussão Cedeplar-UFMG td147, Cedeplar, Universidade Federal de Minas Gerais.
- Frederico Gonzaga Jayme Junior, 2001. "Balance-of-payments constrained economic growth in Brazil," Textos para Discussão Cedeplar-UFMG td155, Cedeplar, Universidade Federal de Minas Gerais.
- Ffrench-Davis, Ricardo, 2003. "Financial crisis and national policy issues: an overview," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1785, April.
- Ffrench-Davis, Ricardo, 2002. "Financial Crises and National Policy Issues: An Overview," WIDER Working Paper Series 081, World Institute for Development Economic Research (UNU-WIDER).
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