A RESTRIÇÃO EXTERNA COMO FATOR LIMITANTE DO CRESCIMENTO ECONÔMICO BRASILEIRO: UM TESTE EMPÍRICO

Antonio Tiago Loureiro Araújo dos Santos, Gilberto Tadeu Lima () and Veridiana Ramos da Silva Carvalho

Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: This paper draws upon original works by A. Thirlwall and some recent developments of them, particularly those made by J. C. Moreno-Brid, on the balance-of- payments constraints to growth in several countries. It is intended, by means of new empirical tests, to evaluate the specification of such a constraint that better suit to the brazilian case and to test whether it has been really binding. New robust evidence is found that economic growth in Brazil was actually balance-of payments-constrained in the 1948- 2004 period. However, unlike what intuition could lead one to expect a priori, the model specification that incorporates capital flows and external debt dynamics does not differ much from the original specification of Thirlwall´s Law regarding a softening of the external constraint.

JEL-codes: C22 E01 O10 (search for similar items in EconPapers)
Date: 2005
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http://www.anpec.org.br/encontro2005/artigos/A05A066.pdf

Related works:
Journal Article: A Restrição Externa como Fator Limitante do Crescimento Econômico Brasileiro: Um Teste Empírico (2008)
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