Crescimento com restrição no balanço de pagamentos e fragilidade financeira no sentido minskyano: uma abordagem macroeconômica para a América Latina

Marcelo Curado (), Gabriel Porcile and Thaiza Regina Bahry

Revista Economia e Sociedade, 2002, vol. 20, pages 17

Abstract: This paper develops a growth model (based on the Keynesian literature of Balance-of-Payments-constrained growth and on the Minskyan concept of financial fragility) aimed at describing some stylized facts of the current economic situation in Latin America. In particular, it discusses why the positive trend in capital inflows of the last decade has recently suffered a critical setback. The traditional mechanisms devised for taming capital flights by means of increasing interest rates have proved to be inefficient and could not avoid slower growth in the region. The model shows that in a context of increasing risk of default, a country cannot grow at a rate systematically higher than that which keeps stable the current account deficit/GDP ratio, as financial fragility grows steadily in such conditions.

Keywords: Balance of payments; Financial fragility, Latin America. (search for similar items in EconPapers)
JEL-codes: F43 (search for similar items in EconPapers)
Date: 2002
View list of references View citations in EconPapers

Downloads: (external link)
http://www.eco.unicamp.br/docdownload/publicacoes/ ... 2-curado-porcile.pdf (application/pdf)

Related works:
Working Paper: Crescimento com Restrição no Balanço de Pagamentos e "Fragilidade Financeira" no Sentido Minskyano: uma Abordagem Macroeconômica para a América Latina (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:euc:ancoec:v:20:y:2002:p:25-41

Access Statistics for this article

More articles in Revista Economia e Sociedade from Instituto de Economia, Universidade Estadual de Campinas (UNICAMP)
Contact information at EDIRC.
Series data maintained by Antonio Carlos Macedo e Silva ().