As convenções de desenvolvimento no governo Lula: um ensaio de economia política

Erber, Fábio Stéfano

doi:10.1590/s0101-31572011000100002

Cited by 48 publications

(40 citation statements)

References 7 publications

(8 reference statements)

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“…Assim, a lentidão no processo de redução da Selic (iniciado em 2005) somente se justificaria pela aceitação por parte do BCB de convenção estabelecida pelos agentes econômicos de que: i) existe um piso consideravelmente elevado para os juros; e ii) a política monetária deve-se basear em uma regra de Taylor. Erber (2008a, 2011 vai além, ao considerar que o excesso de rigidez monetária somente pode ser entendido sob o prisma da economia política. Não se trata de uma questão puramente macroeconômica, mas, sim, o resultado de uma coalizão de interesses formada em torno da manutenção dos juros em níveis elevados.…”

Section: Resultsunclassified

Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)

Modenesi¹

2011

Rev. Econ. Polit.

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Conservatism and rigidity in monetary policy. This paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy.

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Section: Resultsunclassified

Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)

Modenesi¹

2011

Rev. Econ. Polit.

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“…This entails the growing rivalry over national economic policy between (1) the 'neo-developmental' coalition and (2) the 'restrictive financial' coalition (Erber 2011): The former has introduced pro-labour, pro-poor policies of 'growth with redistribution' and industrial policies that involve new state-led initiatives to restructure the national industrial base (such as utilizing Petrobras as an agent to spearhead domestic industrial production in numerous 'downstream' activities including shipbuilding and many other metal-mechanic industries). The latter consists of banking corporations and other rentier owners of debt, (particularly the national debt, as noted in the introduction) which have adapted to and flourished under the high-interest, 'tight money' monetarist policies imposed by the Central Bank under president Cardoso (1995, but continuing into 2011 under president Rousseff.…”

Section: Neoliberalism's Limits In Brazilmentioning

confidence: 99%

Global Economic Crisis and the Politics of Diversity

Atasoy¹

2014

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The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

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“…It was believed that the introduction of structural reforms would "naturally" encourage growth and attract foreign capital. As shown in Erber (2011), trade liberalization would promote a virtuous circle of growth as a result of structural reforms, designed according to the Washington Consensus. According to the author, the reforms proposed were seen as a positive agenda (in opposition to a negative agenda that should be avoided) of economic policy which aimed at price stabilization, the control of the public deficit, the privatization of state enterprises and the creation of regulatory agencies, the elimination of differences between local and foreign companies, the elimination of price controls by the state and the establishment of a regulatory system to prevent economic power abuse, the liberalization of foreign capital inflows, the establishment of a new legislation for intellectual property rights, the liberalization of the labour market and the strengthening of regional integration with the Mercosur.…”

Section: Different Growth Conventions In Brazilmentioning

confidence: 99%

Liberal versus neo-developmental convention to growth: why has Brazil shown a poor performance since the 1980s?

André

Feijó

2013

Rev. Econ. Polit.

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Liberal versus neo-developmental convention to growth: Why has Brazil shown a poor performance since the 1980s? André nAssif CArmem feijó*The main goal of our paper is to provide analytical arguments to explain why Brazil has not been able to restore its long-term capacity for economic growth, especially compared with its economy in the 1950-1979 period (7.3 per cent per year on average) or even with a select number of emerging economies in the 1980-2010 period (6.7 per cent per year on average, against 2.3 per cent per year on average in Brazil in the same period). We build our idea of convention to growth based on the Keynesian concept of convention. For our purposes, this concept could be briefly summarized as the way in which the set of public and private economic decisions related to different objectives, such as how much to produce and invest, how much to charge for products and services, how to finance public and private debt, how to finance research and development, and so on, are indefinitely -or at least until there is no change -carried out by the political, economic and social institutions. This analytical reference can be connected to the Neo-Schumpeterian National Innovation System (NIS) concept, which emphasizes not only institutions associated with science and technology per se, but also the complex interaction among them and other institutions. In this paper we identify two conventions to long-term growth in the last three decades in Brazil: the liberal and the neo-developmental. We show that the poor performance in the Brazilian economy in terms of real GDP growth from the 1980s on can be explained by a weak coordination between short-term macroeconomic policies and long-term industrial and technological policies. This weak coordination, in turn, can be associated with the prevalence of the liberal convention from the 1990s on, which has emphasized price stabilization to the detriment of a neo-developmental strategy whose primary goal is to sustain higher rates of growth and full employment in Brazil.

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As convenções de desenvolvimento no governo Lula: um ensaio de economia política

Cited by 48 publications

References 7 publications

Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)

Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)

Global Economic Crisis and the Politics of Diversity

Liberal versus neo-developmental convention to growth: why has Brazil shown a poor performance since the 1980s?

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