Crescimento da economia brasileira e fluxo de capitais a partir da Lei de Thirlwall:1968-1980 e 1992-2000
José Gabriel Porcile Meirelles
Capital flows are expected to be important in the process of economic growth for several reasons. One of them is their importance in relaxing the balance of payments constraints as envisaged by Thirlwall’s law, which states that when economic growth takes place, the level of imports also grows. Consequently, there is a necessary increase in the export level or in the volume of capital inflows as imposed by the balance of payment constraints. The goal of the present paper is to investigate how capital flows during the periods 1968-1980 and 1992-2000 have stimulated the Brazilian economy by means of Thirlwall’s model and to attempt to explain why Brazilian economic performance in the earlier period was so superior to that in the later period.
Thirlwall’s law; capital flows; balance of payment constraint
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