Finance-led growth regime in Brazil

Miguel Bruno (), Hawa Diawara (), Eliane Araujo, Ana Carolina Reis () and Mário Rubens ()

Brazilian Journal of Political Economy, 2011, vol. 31, issue 5, 730-750

Abstract: This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some ed Brazilian macroeconomic indicators. JEL Classification: E44; O11; N26.

Keywords: financialization; growth regime; Brazilian economy; Brazilian financial system (search for similar items in EconPapers)
Date: 2011
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