Growth cycles in Latin America and developed countries

Adriana Moreira Amado, Marco Flávio da Cunha Resende and Frederico Jayme Jr
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Adriana Moreira Amado: UnB
Marco Flávio da Cunha Resende: Cedeplar-UFMG

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 mirror the cycles of international liquidity.

Keywords: financial instability; national innovation system; cycles (search for similar items in EconPapers)
JEL-codes: F32 F33 F43 O30 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2008-03
New Economics Papers: this item is included in nep-cba, nep-dev and nep-opm
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https://www.cedeplar.ufmg.br/pesquisas/td/TD%20327.pdf (application/pdf)

Related works:
Working Paper: GROWTH CYCLES IN LATIN AMERICA AND DEVELOPED COUNTRIES (2007)
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