Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil

This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Credit and Regional Development in Brazil. Precisely, we test the relationship between credit and development, and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states credit level. We have also tested the relationship between liquidity preference and other financial variables across states and the number of patents, aiming at testing the importance of technology and innovation on regional development by means of bank system. Conclusions confirm both hypotheses.Monetary System, National Innovation System, Credit

Structural change, National Innovation System and balance-of-payments contraint: a theoretical and empirical analysis of the Brazilian case

The paper explores the relationship between the income elasticities of demand for exports and for imports, economic growth, the technological content of local production, and the level of development of the National Innovation System (NIS). According to the literature, differences in long-run growth rates are associated with differences in the income elasticities of demand, which would in turn be determined by the maturity of the NIS. Mature NIS imply higher degrees of product diversification, leading to trade patterns which favour exports of goods with higher technological content (high income elasticity of demand), and imports of basic goods (low income elasticity). Hence, we test the relationship between the exports and imports of Brazilian high-tech products and the number of Brazilian patents registered in the USPTO, as a proxy for the level of development of the Brazilian NIS. The results of the analysis are corroborated by the investigation of innovations of the variables, through impulse response functions and forecast error decomposition, which confirm the theoretical hypothesis discussed.Balance-of-Payments Constraint, Income Elasticities, Growth, Structural Change, National Innovation System.

Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil

This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Regional Development in Brazil. In the post-Keynesian literature, money is considered endogenous to the economic system, introduced in the economic activity through the credit provided by banks. Taken as non-neutral, banks are economic agents which can present lower or higher liquidity preference. Because of that, banks are also particularly important to the development process. Precisely, we tested the influence of credit and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states’ number of patents, aiming at testing the importance of the bank system to technological progress and regional development. Conclusions confirm both hypotheses.Monetary System, National Innovation System, Credit, Brazil

Modelos kaldorianos de crescimento e suas extensões contemporâneas

This paper presents growth models based on Kaldor´s inaugural lectures, as well as their most recent extensions. Beyond the display of the evolution of such models, the paper intends to demonstrate that the original kaldorian models have served as a solid foundation over which new formulations have been built, continually demonstrating the relevance of the authors ideas. The models extensions, other than allowing for the incorporation of an increasing number of economic characteristics originally proposed by Kaldor, also have considerably increased the analytical scope of the field by establishing theoretical links with other schools of thought. A neo-schumpeterian view is possible via the introduction of the impacts of technological gaps and innovation into the models. In its turn, a structuralist perspective is obtained by decomposing trade elasticities. Finally, from kaleckian growth models, the importance of a multi-sectoral analysis and of distinct distributive regimes over economic growth is brought to the models.Kaldor, Income Elasticities, Growth, Structural Change

Sistema Financeiro e Desenvolvimento Regional: Um Estudo sobre o Financiamento Bancário da Atividade Industrial no Brasil

O objetivo deste trabalho é analisar a interação entre as esferas financeira e produtiva. Foram discutidas as características do Sistema Financeiro Brasileiro e examinada a evolução do financiamento bancário da atividade industrial por região. Buscou-se ainda ressaltar a importância da atuação dos bancos para o desenvolvimento. Foi desenvolvida uma análise multivariada que indicou a existência de correlação espacial entre variáveis financeiras e emprego industrial, e foi também estimado um modelo para dados em painel para os estados brasileiros, o qual demonstrou a existência de impactos distintos das variáveis financeiras sobre o nível de emprego nos setores industriais analisados.Sistema Financeiro, Crédito, Atividade Industrial, Desenvolvimento Regional.

Crédito, preferência pela liquidez e desenvolvimento regional: o papel dos bancos públicos e privados no sistema financeiro brasileiro (2001–06)

Abstract This work aims at analyzing the form that public and private banks act, focusing on their capacity to motivate credit and push regional development. We studied the data from the balance sheets of 21 banks acting in Brazil, which were divided among private national banks, private international banks, public federal banks, and public state banks. Empirical tests have shown that banks’ liquidity preference has influence over the total amount of credit, and that public federal banks are responsible for the highest impact. A srong financial concentration in the country was verified, being public federal and private national banks the ones that provide most of the credit. It is highlighted also the need for raising private banks’ credit in the least developed regions. Verifying the influence of public federal banks’ liquidity preference over other banks’ credit it was shown their potential in leading the development process and pushing other banks’ credit. Key-words: Credit, liquidity preference, financial system. Classificação JEL: G21, L16, R11 Artigo recebido em mar. 2011 e aceito para publicação em out. 2012.ENDEREÇO PARA ENVIO DE PUBLICAÇÃO JOÃO PRATES ROMERO Rua Campo Belo 177, Ap. 602, São Pedro Belo Horizonte - MG - Brasil CEP 30.330-330 Tel. (31)9945-5844/(31)2555-5695 FREDERICO GONZAGA JAYME JÚNIOR Rua Curitiba 832, sala 701 Belo Horizonte, MG CEP 30170-120 Tel. (+55-31) 3279-9182Resumo O objetivo deste trabalho é analisar a forma de atuação de bancos públicos e privados, enfocando principalmente sua capacidade de motivar o crédito e, assim, impulsionar o desenvolvimento regional. Foram estudados dados referentes ao balancete de 21 bancos em atuação no Brasil, subdivididos entre bancos privados nacionais, privados internacionais, públicos federais e públicos estaduais. Testes empíricos demonstraram que a preferência pela liquidez dos bancos influencia o montante total de crédito disponibilizado, sendo a preferência pela liquidez dos bancos públicos federais aquela com maior impacto. Verificou-se a forte concentração financeira no País, sendo os bancos públicos federais e os privados nacionais os que disponibilizam maior crédito. Ressalta-se a necessidade de incentivar a elevação do crédito dos bancos nas regiões mais atrasadas. Ao verificar a influência da preferência pela liquidez dos bancos públicos federais sobre o crédito disponibilizado pelos demais bancos, demonstrou-se seu potencial em liderar o processo de desenvolvimento regional e impulsionar o crédito dos demais. Palavras-chave: crédito, preferência pela liquidez, sistema financeiro

Restrição orçamentária e lei de responsabilidade fiscal: um estudo para Minas Gerais (1995-2005)

Several institutional changes in the last 20 years have imposed to the public administrators the adoption of several policies intended to qualify the State for the new economic order. The expenditure control has turned to be central in the political economy. Regarding the Brazilian states, a dynamic of successive deficits was reverted through the renegotiation of the states debts, as well as the advent of the Fiscal Responsibility Law. This paper aims at analyzing the public finance of the State of Minas Gerais from 1995 to 2005, highlighting the impacts of the above-cited law considering its implications over the federalism in Brazil.decentralization, public debt, federalism

Economic complexity and employment in Brazilian states

This paper has three objectives: (i) to identify promising sectors worth encouraging with a view to fostering the development of the Brazilian states; (ii) to evaluate the impact of economic complexity on the volume of employment; and (iii) to simulate how many new jobs would be created if each state were to become competitive in the activities considered promising for it. The results obtained vindicate the approach of the Economic Commission for Latin America and the Caribbean (ECLAC), which emphasizes the contribution of changes in the production structure to the development process, and reaffirm how important complexity is in improving the economic performance of countries or regions, whether this is measured by income or employment

Complejidad económica y empleo en los estados del Brasil

Este trabajo tiene tres objetivos: i) determinar los sectores prometedores que deben incentivarse para promover el desarrollo de los estados brasileños, ii) evaluar el impacto de la complejidad económica en el volumen de empleos y iii) simular el aumento de puestos de trabajo provocado por la adquisición de competitividad en las actividades consideradas prometedoras para cada uno de los estados. Los resultados obtenidos corroboraron el enfoque de la Comisión Económica para América Latina y el Caribe (CEPAL), que subraya el papel del cambio de la estructura productiva en el proceso de desarrollo, y reafirmaron la importancia de la complejidad para mejorar el desempeño económico de los países o las regiones, ya sea con respecto al incremento del ingreso o del volumen de empleos