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Finance-Led Growth Regime No Brasil: Estatuto Teórico, Evidências Empíricas E Consequências Macroeconômicas

Listed author(s):
  • Miguel Bruno
  • Hawa Diawara
  • Eliane Araújo
  • Anna Carolina Reis
  • Mario Rubens

A proposta dos autores é analisar o padrão de crescimento econômico do Brasil no período pós-liberalização, com destaque para o relacionamento entre finanças e acumulação de capital fixo produtivo. Entre os resultados encontrados, ressalta-se a existência do regime denominado finance-led growth - no período 2004-2008, sob condições estruturais e conjunturais de um processo de financeirização (financialization) muito específico. Inicia-se com um survey da literatura internacional sobre o tema. O objetivo é revelar a importância deste conceito para a compreensão dos problemas da economia brasileira atual. Em seguida, apresenta-se o primado histórico acerca das transformações estruturais que permitiram o desenvolvimento dos regimes financeiros. O estudo é concluído com a análise empírica para o caso brasileiro, com base em indicadores macroeconômicos selecionados. This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some selected Brazilian macroeconomic indicators. I. The versions in English of the abstracts of this series have not been edited by Ipea?s editorial department. As versões em língua inglesa das sinopses (abstracts) desta coleção não são objeto de revisão pelo Editorial do Ipea.

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Paper provided by Instituto de Pesquisa Econômica Aplicada - IPEA in its series Discussion Papers with number 1455.

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Length: 32 pages
Date of creation: Dec 2009
Handle: RePEc:ipe:ipetds:1455
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