O Ajuste da Poupança Doméstica no Brasil: 1999-2004
This paper analyzes the evolution of the saving and investment rates of the Brazilianeconomy in the period 1999-2004, when the gross domestic savings increased from 15%of Gross Domestic Product (GDP) to 23% of GDP and the country experienced anovershooting in its external adjustment. The paper rejects the argument that there is stilla significant effort to be done to achieve sustainable economic growth. The reversal ofbalance of payments to moderate levels of the current account deficit, combined withsome adjustment in the fiscal accounts and a small increase in the private savings, mayraise the investment ratio to 25% of GDP up to 2010, expanding the growth potential ofthe economy. The challenge is how to materialize this potential. The paper describes thedata for domestic savings, and disaggregates it into public and private sources combiningNational Accounts information, which is not widely available, with fiscal accounting datafrom the Central Bank.
|Date of creation:||Sep 2005|
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