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Crescimento econômico e liquidez externa no Brasil após 1970

  • De Assis C. Vieira, Fabrício
  • Brito, Marcio Holland de

This paper assesses the relationship between the capital account and the Brazilian economic growth according to balance-of-payments constraint approach. The Thirlwall (1979)´s simple rule is extended to take into consideration capital account and several empirical evidence using time series analysis are shown. Conversely to the simple rule when fitted rates of balance-of-payment equilibrium economic growth average bellow the observed ones, fitted rates of growth using the rule extended to international liquidity are consistently greater than the observed ones. It is fair to conclude that, first, the Brazilian economy grows better during abundant international liquidity and, second, the economy sub utilizes such advantage growing far less than it could grow.

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File URL: http://bibliotecadigital.fgv.br/dspace/bitstream/10438/6868/1/TD+205+-+M%C3%A1rcio+Holland.pdf
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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 205.

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Date of creation: 01 Jul 2010
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Handle: RePEc:fgv:eesptd:205
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