Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014 [Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014]

Franklin Serrano and Ricardo Summa
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Ricardo Summa: UFRJ

Nova Economia, 2015, vol. 25, issue spe, 803-833

Abstract: This paper looks in detail at the sharp slowdown in the Brazilian economy for the years 2011-2014. We argue that the slowdown is overwhelmingly the result of a sharp decline in domestic demand, rather than a fall in exports and even less any change in external financial conditions. The sharp fall in domestic demand, in turn, is shown to be a result of deliberate policy decisions made by the government and was not necessary, i.e., it was not made in response to some external constraint such as a balance-of-payments problem.

Keywords: Brazil; demand-led growth; macroeconomic policies (search for similar items in EconPapers)
JEL-codes: B51 E60 O11 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (9)

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