ResumoO artigo analisa a economia brasileira e sua vulnerabilidade externa (no período recente) a partir do referencial teórico de Minsky (1982Minsky ( , 1982bMinsky ( e 1986. Observa-se a tendência recorrente de ampliação da vulnerabilidade e o movimento cíclico dessa tendência não associada a regimes cambiais específicos, mas ampliada pela falta de controles cambiais. Nota-se, também, que o aprofundamento da vulnerabilidade externa da economia brasileira deve-se, sobretudo, ao comportamento da conta financeira, que compensou, com sobras, os resultados positivos obtidos pela balança comercial. Tais elementos conduzem a observação de uma tendência à ampliação da instabilidade nas esferas financeira e real dessa economia.Palavras-chave: Liberalização; Vulnerabilidade externa; Fluxo de capitais. Abstract Liberalization, financial vulnerability and instability: an analysis of the Brazilian economyThe paper analyses the Brazilian economy and its external vulnerability based on Minsky"s theoretical approach. The continuous tendency increasing vulnerability and its cyclical movement, independent of the exchange rate regime, is observed. The paper points out that this tendency has been, in recent periods, mainly associated with the behaviour of the financial account, which compensated for the positive results of the country"s balance of trade. All of these elements lead to the observation of an increased tendency towards increasing instability regarding the financial and real spheres of the Brazilian economy.
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