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Economic growth cycles in Latin America and developing countries

Adriana Moreira Amado, Marco Flávio Resende and Frederico Jayme Jr
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Adriana Moreira Amado: UnB

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: The Minskyan approach to financial instability and its effects on the real economy have recently been revived in order to explain the exchange rate crises undergone by the so-called emergent economies. Economies of this type are characterized by repeated scarcity of foreign currency, which can be explained by using Neo-Schumpeterian theory. Based on the Minskyan approach and on the Neo-Schumpeterian literature, this study seeks to demonstrate that there is a cyclic recurrence of exchange rate crises in Latin-American (peripheral) economies. By using data on international liquidity, the balance of payments and the increase in production in the G7 economies and in thirteen Latin-American economies, it was found that the Latin-American economies reflect the cycles of international liquidity.

Keywords: international liquidity; financial instability; cycles (search for similar items in EconPapers)
JEL-codes: F32 F33 F43 O30 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2006-12
New Economics Papers: this item is included in nep-dev and nep-lam
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Citations: View citations in EconPapers (1)

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