254
Views
10
CrossRef citations to date
0
Altmetric
ARTICLES

Why does the investment rate not increase? Capital accumulation and stabilization policy in the 1990s and 2000s in Brazil

References

  • Bhaduri, A., and Marglin, S.A. “Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies.” Cambridge Journal of Economics, 1990, 14, 375–393.
  • Boyer, R. “Is a Finance-led Growth Regime a Viable Alternative to Fordism? A Preliminary Analysis.” Economy and Society, 2000, 29 (1), 111–145.
  • Bresser-Pereira, L.C., and Nakano, Y. “Uma estratégia de Desenvolvimento com Estabilidade [A developmental strategy with stability].” Revista de Economia Política [Brazilian Journal of Political Economy], 2002, 21 (2), 146–180.
  • Bresser-Pereira, L.C., Oreiro, J.L., and Marconi, N. Developmental Macroeconomics: New Developmentalism as a Growth Strategy. Routledge Studies in Development Economics. Philadelphia: Taylor and Francis, 2015.
  • Bruno, M., Diawara, H., Araujo, E., Reis, A.C., and Rubens, M. “Finance-led Growth Regime no Brasil: estatuto teórico, evidencias empíricas e conseqüências macroeconômicas [Finance-led growth regime in Brazil: theoretical status, empirical evidences and macroeconomic consequences].” Revista de Economia Política [Brazilian Journal of Political Economy], 2011, 31 (5), 730–750.
  • Carvalho, F.J.C. “Uma Contribuição ao debate em torno da Eficácia da Política Monetária e algumas implicações para o caso do Brasil [A contribution to the debate about monetary policy eficacy and some implications for the Brazilian case].” Revista de Economia Política [Brazilian Journal of Political Economy], 2005, 25 (4), 323–336.
  • Chick, V. “Speculation, the Rate of Interest and the Rate of Profit. Journal of Post Keynesian Economics, 1987, 10 (1), 124–132.
  • Correa, E., Vidal, G., and Marshall, W. “Financialization in Mexico: Trajectory and Limits.” Journal of Post Keynesian Economics, 2012–13, 35 (2), 255–275.
  • Eichner, A.S. The Macrodynamics of Advanced Market Economics. Armonk, NY: M.E. Sharpe, 1991.
  • Feijó, C. “Decisões Empresariais numa Economia Monetária de Produção: notas para uma teoria pós Keynesiana da firma [Entrepreneurial decisions in a monetary production economy: notes for a post keynesian theory of the firm].” Revista de Economia Política [Brazilian Journal of Political Economy], 1993, 13 (1), 82–100.
  • Feijó, C., and Cerqueira, L.F. “Econometric Evidences on the Determinants of the Mark Up of Industrial Brazilian Firms in the 1990s.” Revista Economia, January–April 2013, 2–29.
  • Feijó, C., and Lamônica, M.T. “The Importance of the Manufacturing Sector for Brazilian Economic Development.” CEPAL Review (ECLAC), 2012 (107), 107–126.
  • Feijó, C., Lamônica, M.T., and Bastos, J.C. “Accumulation Pattern of the Brazilian Economy in the 1990s and 2000s.” International Review of Applied Economics, 2014 (29), 1–17.
  • Ferrari-Filho, F., Cunha, A.M., and Bichara, J. da S. “Brazilian Countercyclical Economic Policies as a Response to the Great Recession: A Critical Analysis and an Alternative Proposal to Ensure Macroeconomic Stability.” Journal of Post Keynesian Economics, 2014, 36 (3), 513–539.
  • Kalecki, M. [1965]. Teoria da Dinâmica Econômica: ensaio sobre as mudanças cíclicas e a longo prazo da economia capitalista [Translation of “Theory of Economic Dynamics: An essay on Cyclical and Long Run Changes in Capitalist Economy”]. São Paulo: Editora Nova Cultural, 1997.
  • Keynes, J.M. [1936] A Teoria Geral do Emprego, do Juro e da Moeda [Translation of The General Theory of Employment, Interest and Money]. São Paulo: Editora Nova Cultural, 1997.
  • Hamilton, J.D. Time Series Analysis. Princeton, NJ: Princeton University Press, 1994.
  • Hall, A. Generalized Method of Moments. Oxford: Oxford University Press, 2005.
  • Hannsgen, G. “The Transmission Mechanism of Monetary Policy: A Critical Review. In P. Arestis and M. Sawyer (eds.), A Handbook of Alternative Monetary Economics. London: Edward Elgar, 2006, 205–223.
  • Hansen, L.P. “Large Sample Properties of Generalized Method of Moments Estimators.” Econometrica, 1982, 50 (4), 1029–1054.
  • Hein, E. “Finance-dominated Capitalism and Re-distribution of Income: A Kaleckian Perspective.” Cambridge Journal of Economics, 2015, 39, 907–934.
  • Hein, E., and Truger, A. “Finance-Dominated Capitalism in Crisis: The Case for a Global Keynesian New Deal.” Journal of Post Keynesian Economics, 2012–13, 35 (2), 187–213.
  • Lavoie, M. “Financialization, Neoliberalism, and Securitization.” Journal of Post Keynesian Economics, 2012–2013, 35 (2), 215–233.
  • Luporini, V., and Alves, J. “Investimento Privado: uma análise empírica para o Brasil [Private investment: an empirical analysis for Brazil].” Economia e Sociedade, 2010, 19 (3), 449–475.
  • Minsky, H. Stabilizing an Unstable Economy. New Haven, CT: Yale University Press, 1986.
  • Moreira, M.M., and Puga, F.P. “Como a Indústria Financia o seu Crescimento: uma análise do Brasil pós-real [How does industry finance its growth: an analysis for the Brazilian economy after the Real Plan].” Revista de Economia Contemporânea, 2001, 5 (special issue), 35–67.
  • Newey, W.K., and West, K.D. “A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix.” Econometrica, 1987, 55, 703–708.
  • Ocampo, J.A., and Vos, R., eds. Uneven Economic Development. London: Zed Books, 2008.
  • Oreiro, J.L. “Some Notes on ‘The Evolution of Financial Regulation Before and After the Crises.’” Revista Econômica, 2013, 15 (1), 51–54.
  • Oreiro, J.L., and and Feijó, C. “Desindustrialização: conceituação, causas, efeitos e o caso brasileiro [De-industrialization: concepts, causes, effects and the case of the Brazilian economy].” Revista de Economia Política [Brazilian Journal of Political Economy], 2010, 30 (2), 219–232.
  • Oreiro, J.L., Basílo, F.A.C., and Souza, G.J. “Effects of Overvaluation and Exchange Rate Volatility over Industrial Investment: Empirical Evidence and Economic Policy Proposals for Brazil.” Revista Brasileira de Economia Política [Brazilian Journal of Political Economy], 2014, 34 (3), 347–369.
  • Palley, T.I. “Financialization: What It Is and Why It Matters.” Levy Economics Institute of Bard College, WP 525, 2007.
  • ———. “Rethinking Wage vs. Profit-led Growth Theory with Implications for Policy Analysis.” Macroeconomic Policy Institute, Berlin, WP 141, 2014.
  • Paula, L.F., Modenesi, A. de M., and Pires, M.C.C. “The Tale of the Contagion of Two Crises and Policy Responses in Brazil: A Case of (Keynesian) Policy Coordination?” Journal of Post Keynesian Economics, 2015, 37, 408–435.
  • Pelicioni, L.A., and Resende, M.F. “Metas de inflação, política monetária e investimento: um estudo para dezessete países [Inflation target, monetary policy and investment: a study for seventeen countries].” Revista de Economia Política [Brazilian Journal of Political Economy], 2009, 29 (3), 71–92.
  • Phillips, P. C.B., and Perron, P. “Testing for a Unit Root in Time Series Regression.” Biometrika, 1988, 75, 335–346.
  • Santos, C.H.M.; Modenesi, A. de M.; Squeff, G.; Vasconcelos, L.; Mora, M.; Fernandes, T.; Moraes, T.; Summa, R., and Braga, J. “Revisitando a dinâmica trimestral do Investimento no Brasil: 1996–2012 [Revisiting the dynamics of the quarterly investment in Brazil: 1996-2012].” Discussion Paper 05/2015, IE/UFRJ (available at www.ie.ufrj.br/index.php/index-publicacoes/textos-para-discussao; accessed December 15, 2015).
  • Sawyer, M. “What Is Financialization? International Journal of Political Economy, 2013–14, 42 (4), 5–18.
  • Serrano, F., and Summa, R. “Macroeconomic Policy, Growth and Income Distribution in the Brazilian Economy in the 2000s.” Center for Economic and Policy Research, Washington DC, 2011.
  • Steindl, J. Maturity and Stagnation in American Captalism. 2nd ed. New York: Monthly Review Press, 1976.
  • Stockhammer, E. “Some Stylized Facts on the Finance-dominated Accumulation Regime.” Political Economy Research Institute, University of Massachusetts Amherst, WP 142, 2007.
  • Woodford, M. “Convergence in Macroeconomics: Elements of the New Synthesis.” Prepared for the session “Convergence in Macroeconomics?” at the annual meeting of the American Economics Association, New Orleans, 2008.
  • Wooldridge, J.M. “Applications of Generalized Method of Moments Estimation.” Journal of Economic Perspectives, 2001, 15 (4), 87–100.
  • World Bank Development Indicators. Available at http://databank.worldbank.org/data/home.aspx.
  • Wray, R. “Money Manager Capitalism and the Global Financial Crisis.” Levy Economics Institute of Bard College, 2009 (available at www.levyinstitute.org/pubs/wp_578.pdf).
  • ———. “Minsky’s Money Manager Capitalism and the Global Financial Crisis.” Levy Economics Institute of Bard College, 2011 (available at www.levyinstitute.org/pubs/wp_661.pdf).

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.