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Economic growth cycles in Latin America and developing countries

  • Adriana Moreira Amado

    (UnB)

  • Marco Flávio da Cunha Resende

    (Cedeplar-UFMG)

  • Frederico G. Jayme Jr.

    (Cedeplar-UFMG)

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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Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td297.

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Length: 24 pages
Date of creation: Dec 2006
Date of revision:
Handle: RePEc:cdp:texdis:td297
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  1. 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.
  2. 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.
  3. 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.
  4. repec:fgv:epgrbe:v:50:n:2:a:4 is not listed on IDEAS
  5. 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.
  6. Ffrench-Davis, Ricardo, 2002. "Financial Crises and National Policy Issues: An Overview," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  7. Taylor, Lance & O'Connell, Stephen A, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 871-85, Supp..
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