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Macrodynamic Capacity and Financial Development: Theoretical Conception and Observations on the Brazilian Economy

Joanílio Teixeira () and Maria de Lourdes Mollo ()

No 325, Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia

Abstract: We consider the concept of Macrodynamic Capacity, exploring an heterodox content whose analytical foundation is derived from a number of scholars of diverse ideological conceptions which casts light on the different ways that economies deal with the role and impact of institutional, monetary and financial development to attain some degree of effectiveness in investment, innovation, structural change and economic development. Relevant aspects of the Brazilian economy are considered. In particular, we show some empirical evidence of the banking sector’s concentration and monetary policy which explains to a large extent the prevailing interest rates and high spreads, in disfavour of productive investment and leading to the country’s poor socioeconomic performance and the absence of what we are calling macrodynamic capacity.

Keywords: Macrodynamic Capacity; Finance; Structural Change; Economic Policy; Brazil (search for similar items in EconPapers)
JEL-codes: E11 E12 E42 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2006-06
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