Brazil’s second national development plan and its growth-cum-debt strategy

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Structural deficits, the debt cycle hypothesis and the transfer of real resources

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The conditions for a foreign exchange constrained economy: a critique of Joshi's model

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Latin American Export Specialization and Growth: An Inquiry into the Nature of Product Competition between Different Exporters

Given Latin America general specialization in resource-based products, this paper focus on the question as to whether or not it is possible for a country specialized in resource-based products to have high rates of export and growth. To do that, an attempt is made to develop and apply a new taxonomy to a sample of resource-based products exported by Latin American countries to the US. This taxonomy is based on the role played by prices in the mechanism through which countries compete in specific international product markets. Resource-based products are then classified as homogeneous, differentiated or highly-differentiated goods. The paper argues that exports of countries specialized in differentiated or highly-differentiated goods tend to be much more dynamic than of those specialized in homogeneous goods.Trade specialization, Export growth, Resource-based goods, Law of one price, Homogeneous goods and differentiated goods

Aggregation Problems in Estimates of Armington Elasticities and Pass-Through Effects

This article examines the level of aggregation problem for which Armington price elasticity of substitution and pass-through effects are usually estimated. On the basis of U.S. import data from 1995 to 2004 of wood products from Brazil and Mexico, it is argued that the usuallevels of aggregation used in the estimates for the elasticity of substitution are too high, since they tend to aggregate perfectly elastic products together with products whose elasticities vary from zero to any negative number. Analogously, the elasticity of relative prices with respect to the exchange rate, a measure of the pass-through effect, tends to be underestimated in the U.S. by the presence of homogeneous products whose prices are set in dollars and tend to equalize through arbitrage. Therefore, pricing-to-market estimates may be grossly overestimated for some industries in the U.S.Homogeneous Products, Differentiated Product, Pass-Through, Pricing-to-Market, Law of One Price

Planejamento, investimentos e competitividade internacional do setor siderúrgico brasileiro nos anos 70 e 80

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Avaliação e perspectivas tecnológicas das empresas estatais produtivas: o caso do setor siderúrgico

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