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Crítica do crescimento com poupança externa

  • Pereira, Luiz Carlos Bresser
  • Gala, Paulo Sérgio de Oliveira Simões

O presente artigo é uma formalização da crítica à estratégia do crescimento com poupança externa. Apesar dos países de renda média serem pobres em capital, os déficits em conta corrente (poupança externa), financiados por empréstimos ou investimentos diretos externos, não necessariamente farão aumentar a taxa de acumulação de capital ou, mesmo, terão pouco impacto sobre ela, de forma que os déficits em conta serão associados a taxas de câmbio apreciadas, altos salários e ordenados reais e altos níveis de consumo. Conseqüentemente, o país se endividará para consumir, e não para investir e crescer. Apenas quando há grandes oportunidades de investimento, estimulados por uma diferença considerável entre a taxa de lucro esperada e a taxa de juros a longo prazo, o lucro adicional produzido pelo fluxo de capital estrangeiro será usado para investimento, e este trade-off entre a redução da poupança externa e interna não ocorrerá

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Paper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 145.

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Date of creation: 01 Oct 2005
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Handle: RePEc:fgv:eesptd:145
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  1. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  2. Pereira, Luiz Carlos Bresser & Nakano, Yoshiaki, 2002. "Economic Growth With Foreign Saving?," Textos para discussão 118, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  3. Reinhart, Carmen M. & Talvi, Ernesto, 1998. "Capital flows and saving in Latin America and Asia: a reinterpretation," Journal of Development Economics, Elsevier, vol. 57(1), pages 45-66, October.
  4. Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America; The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
  5. Sinn, Stefan, 1992. "Saving-Investment Correlations and Capital Mobility: On the Evidence from Annual Data," Economic Journal, Royal Economic Society, vol. 102(414), pages 1162-70, September.
  6. Pereira, Luiz Carlos Bresser, 2002. "Financiamento para o Subdesenvolvimento, o Brasil e o Segundo Consenso de Washington," Textos para discussão 119, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
  7. Luiz Carlos Bresser-Pereira, 2002. "Brazil's Quasi-Stagnation and the Growth cum Foreign Savings Strategy," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 32(4), pages 76-102, January.
  8. Luiz Carlos Bresser-Pereira & Carmen Augusta Varela, 2004. "The second Washington consensus and Latin America's quasi-stagnation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(2), pages 231-250, December.
  9. Barry Eichengreen & David Leblang, 2003. "Capital Account Liberalization and Growth: Was Mr. Mahathir Right?," NBER Working Papers 9427, National Bureau of Economic Research, Inc.
  10. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1996. "Current Account Solvency and the Feldstein-Horioka Puzzle," Economic Journal, Royal Economic Society, vol. 106(436), pages 620-27, May.
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