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book: Developing Brazil: Overcoming the failure of the Washington consensus
Author: Luiz Carlos Bresser-Pereira
Boulder, Colorado, Lynne Rienner Publishers, 2009
Abstract: After the 1994 Real Plan ended fourteen years of high inflation in Brazil, the economy was expected - mistakenly - to grow quickly. The book discusses Brazilian economic trajectory from the mid-1990s to the present Lula administration, critically appraising the neoliberal reforms that have curtailed growth and proposing a national development strategy geared toward effective competition in the global marketplace. An encompassing analysis of the Brazilian macroeconomic system. The failure of the Washington consensus or of conventional orthodoxy in making Brazil to catch up after the 1994 Real Plan stabilized high and inertial inflation.

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http://www.bresserpereira.org.br/view.asp?cod=3037
paper: Accumulation of Foreign Exchange Reserves and Long Term Economic Growth
Author: Victor Polterovich, Vladimir Popov
Slavic Eurasia’s Integration into the World Economy. , vol. , nº , Ed. By S. Tabata and A. Iwashita. Slavic Research Center, Hokkaido University, Sapporo. /2004, pp. -
Abstract: Cross-country regressions, reported in this paper for 1960-99 period, suggest that the accumulation of foreign exchange reserves (FER) contributes to economic growth of a developing economy by increasing both the investment/GDP ratio and capital productivity. We offer the following interpretation of these stylized facts: (1) FER accumulation causes real exchange rate (RER) undervaluation that is expansionary in the short run and may have long term effects, if such devaluations are carried out periodically and unexpectedly; (2) RER undervaluation allows to take full advantages of export externality and triggers export-led growth; (3) FER build up attracts foreign direct investment because it increases the credibility of the government of a recipient country and lowers the dollar price of real assets. A three-sector model of endogenous economic growth (including a consumer good sector, investment good sector and an export trade sector) is suggested to demonstrate how undervaluation may improve social welfare. Concepts of FER accumulation trajectories and equilibrium trajectories are introduced. It is demonstrated that small udervaluation of the equilibrium exchange rate may be wealth improving.

 
book: Globalization and Competition
Author: Luiz Carlos Bresser-Pereira
Cambridge, Cambridge University Press, 2010
Abstract: Globalization and Competition focus on middle-income countries in the framework of commercial and financial globalization: the first viewed as an opportunity, the second as a curse. The objective is to explain why some emerging countries are successful in catching up while others are not. Also published in French, Spanish and Portuguese.

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http://www.bresserpereira.org.br/view.asp?cod=3971
paper: Dutch disease and its neutralization: a Ricardian approach
Author: Luiz Carlos Bresser-Pereira
Brazilian Journal of Political Economy, vol. 28, nº 1 , January-March/2008, pp. 47-71
Abstract: The Dutch disease is a major market failure originated in the existence of cheap and abundant natural or human resources that keep overvalued the currency of a country for an undetermined period of time, thus turning non profitable the production of tradable goods using technology in the state-of-the-art. It is an obstacle to growth on the demand side, because it limits investment opportunities. The severity of the Dutch disease varies according to the extent of the Ricardian rents involved, i.e., according to the difference between two exchange rate equilibriums: the ‘current’ or market rate and the ‘industrial’ rate – the one that make viable efficient tradable industries.

 
paper: Dutch disease and its neutralization: a Ricardian approach
Author: Luiz Carlos Bresser-Pereira
Brazilian Journal of Political Economy, vol. 28, nº 1 , January-March/2008, pp. 47-71
Abstract: The Dutch disease is a major market failure originated in the existence of cheap and abundant natural or human resources that keep overvalued the currency of a country for an undetermined period of time, thus turning non profitable the production of tradable goods using technology in the state-of-the-art. It is an obstacle to growth on the demand side, because it limits investment opportunities. The severity of the Dutch disease varies according to the extent of the Ricardian rents involved, i.e., according to the difference between two exchange rate equilibriums: the ‘current’ or market rate and the ‘industrial’ rate – the one that make viable efficient tradable industries.

 
 
   
 
 
The New Developmentalism Project - Structuralist Development Macroeconomics Center - São Paulo School of Economics of Getulio Vargas Foundation

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