Inserção internacional, arranjos financeiros e crescimento da economia brasileira: 1947-2003

By using the Minskyan approach of financial instability and the neo-schumpeterian approach to the relationship between the National System of Innovation (NSI) and economic competitiveness, a standard was obtained for growth cycles of economies whose NSI shows deficiencies when compared with the NSI of the developed countries. According to this standard, growth cycles begin with the structuring of financial arrangements and end with exchange crises and collapse of those arrangements. It was concluded that growth cycles in the Brazilian economy between 1947 and 2003 closely followed the above-mentioned standard.external vulnerability, financial arrangements, Brazilian economic growth

DESENVOLVIMENTO DESIGUAL, ARRANJOS FINANCEIROS E CRESCIMENTO DA ECONOMIA BRASILEIRA: 1947-2003

This study aims at contributing on the literature of unequal economic development in two ways. Firstly, it attempts to make a theoretical contribution regarding some elements that determine the unequal development: the Post Keynesians financial factors and the NeoSchumpeterians and ECLAC-UN spatial-technological ones. The second contribution is the Post Keynesian interpretation of the determinants of economic growth cycles in Brazil. We argue that growth cycles in Brazilian economy are determined by the international liquidity cycle, due to the nature of its external vulnerability.

DÉFICITS GÊMEOS E POUPANÇA NACIONAL: ABORDAGEM CONVENCIONAL E PÓS KEYNESIANA

A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. In general, the mechanisms through which budget deficits could cause current account deficits are not highlighted in the works about this theme. Basing on the Post Keynesian literature one can find a result concerning the relationship between the budget deficit and the national saving distinct from the one observed in the mainstream literature, since Post keynesians invert the causal link between saving and investment. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving while according to Post Keynesians the budget deficit can transfer to abroad the investment stimulus on the saving formation. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate.

Déficits gêmeos e poupança nacional: abordagem convencional e pós keynesiana

A consensus has not yet emerged about the relationship between the budget deficit, external deficit and national saving. In general, the mechanisms through which a budget deficit could cause a current account deficit are not highlighted in the works about this theme. Basing on the Post Keynesian literature one can find a result concerning the relationship between the budget deficit and the national saving distinct from the one observed in the mainstream literature, since Post keynesians invert the causal link between saving and investment. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving while according to Post Keynesians the budget deficit can transfer to abroad the investment stimulus on the saving formation. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate.Budget deficit, current account, national saving, real exchange rate

Troca intertemporal entre economias desenvolvidas e em desenvolvimento [Intertemporal trade between developed and less developed countries]

Ricardian, ECLAC-UN (CEPAL) and Neo-Schumpeterian schools of Economic Thought assume that there are productivity differentials across economies. This paper intends to analyze the power of intertemporal trade neoclassical model to explain the less developed countries' intertemporal balance of payments solvency. Conclusions highlight the limits of the neoclassical model in explaining the intertemporal trade when productivity differentials across countries are assumed.intertemporal trade; productivity; less developed countries

Uma extensão ao modelo schumpeteriano de crescimento endógeno [A new Schumpeterian endogenous growth model]

In the Schumpeterian endogenous growth model, random innovations (technical progress) are the main element that explains economic growth. Empirical analyses suggest there are two variables that explain the introduction of innovations: a randomly variable and a deterministic trend. In this paper we add a deterministic variable to the basic Schumpeterian growth model. The introduction of a determinist variable improves the basic model. The new model reproduces several styled facts, which are shown in simulations.endogenous growth; spatial agglomeration

National innovation system, competitiveness and economic growth

Differences in income-elasticities of imports and exports among countries bring about distinct degrees of external constraints to growth. This argument has been pointed out by Prebisch and by authors in the Kaldorian tradition. Prebisch’s explanations for this phenomenon relate to the differences in international insertion between agrarian / peripheral and industrial / central economies. Kaldorian authors, in turn, refer to Prebisch only to explain why such elasticities differ between products and between countries. However, even after undergoing industrialization processes, several economies still face external constraints to growth. The aim of this paper is to explain differences in trade elasticities among industrial economies. Therefore, it intends to demonstrate, by using the Neo-Schumpeterian literature, the causal relations between the development of a National Innovation System, the differences in income-elasticities of imports and exports, the degree of competitiveness and the degree of external vulnerability of an economy.national innovation system, competitiveness, external vulnerability