Economia
In some cases domestic investment was funded externally, but as concern about over-investment grew, sudden stops in external financing led to debt crises and a near-permanent collapse in the investment-driven growth model. The classic case is the Brazilian growth miracle of the 1960s and 1970s.
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- The Kindness Of Strangers
• Whoever might be paying attention to Brazilian external accounts may have stumbled upon a curious development: whereas the 12-month trade surplus has been decreasing relatively fast, from a recent peak over US$ 30 billion to US$ 24 billion, the current...
- Política Econômica Brasileira
The Economist explica: "... The motors of growth that powered Brazil in the past decade are sputtering. Prices of commodity exports, though still high, are no longer rising. Consumers are using more of their income to pay off the loans with which they...
- Reavaliação Das Perspectivas Econômicas Brasileiros
The Economist analisa: "... A reassessment of Brazil’s recent performance is overdue. Between 2000 and 2010 Brazil’s terms of trade improved by around 25%; in the past five years private-sector credit doubled. Such tailwinds cannot continue to blow—and...
- O "euromess" - Entende A Crise Do Euro
Growth More Than Debt Key to Understanding Euromess: Ezra Klein "... if the prospects for growth were good, the institutional changes would be an easy sell, and the debt problems would mostly take care of themselves. However, if the growth isn’t there,...
- O Futuro Do Crescimento Econômico Do Brasil
Se Dani Rodrik estiver correto, as perspectivas do país são menos brilhantes do que se imagina. Talvez continuaremos a ser o país do futuro por muito tempo: "...igniting and sustaining rapid growth requires something more: production-oriented...
Economia
Fim de milagres econômicos - o caso do Brasil
Emerging markets face a limit to investment-led growth
Michael Pettis
DANI RODRIK is right, at least for the next few decades. Every growth miracle in the past century, and there have been many, was investment-driven. In every case it ended in an unsustainable debt burden. Why? Probably because towards the end of the growth period, thanks to distortions in pricing signals and skewed incentives for the policymaking elite, both of which were a necessary part of the original mechanism for rapid investment growth, the investment became excessive and led to debt rising faster than debt-servicing capacity. The seeming success of the growth model made it difficult to eliminate these distortions, especially since the policymaking elite tended to benefit disproportionately from the growth.
Mais
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- The Kindness Of Strangers
• Whoever might be paying attention to Brazilian external accounts may have stumbled upon a curious development: whereas the 12-month trade surplus has been decreasing relatively fast, from a recent peak over US$ 30 billion to US$ 24 billion, the current...
- Política Econômica Brasileira
The Economist explica: "... The motors of growth that powered Brazil in the past decade are sputtering. Prices of commodity exports, though still high, are no longer rising. Consumers are using more of their income to pay off the loans with which they...
- Reavaliação Das Perspectivas Econômicas Brasileiros
The Economist analisa: "... A reassessment of Brazil’s recent performance is overdue. Between 2000 and 2010 Brazil’s terms of trade improved by around 25%; in the past five years private-sector credit doubled. Such tailwinds cannot continue to blow—and...
- O "euromess" - Entende A Crise Do Euro
Growth More Than Debt Key to Understanding Euromess: Ezra Klein "... if the prospects for growth were good, the institutional changes would be an easy sell, and the debt problems would mostly take care of themselves. However, if the growth isn’t there,...
- O Futuro Do Crescimento Econômico Do Brasil
Se Dani Rodrik estiver correto, as perspectivas do país são menos brilhantes do que se imagina. Talvez continuaremos a ser o país do futuro por muito tempo: "...igniting and sustaining rapid growth requires something more: production-oriented...