An econometric analysis of private-sector investment in Brazil

Abstract

This article analyses the main determinants of private-sector investment in Brazil during the period 1956-1996, using an empirical model employed in the most recent studies on developing countries. The econometric procedures followed not only take into account the non-stationarity of the data series examined, but allow for the possible difficulties involved in treating the conditioning variables as exogenous ones or as policy instruments. The findings-both the longterm equations and the short-term models-reveal the positive impact of the output, public investment and financial credit variables and the negative effect of the exchange rate. The results of the weak exogeneity and superexogeneity tests show the importance of credit and public investment as economic policy instruments, while obviating Lucas' critique.

Investimento privado: uma análise empírica para o Brasil

“…No que tange à instabilidade econômica, diversos indicadores foram utilizados nos trabalhos empíricos, tais como desvios do produto de sua tendência de longo-prazo, a volatilidade da bolsa de valores, a variabilidade da taxa de inflação e/ou do câmbio e a relação dívida/PIB, com resultados negativos sobre o investimento privado (Dailami, 1987;Cardoso, 1992;Studart, 1992;Jacinto;Ribeiro, 1998;Melo;Rodrigues Jr., 1998 e Ribeiro;Teixeira, 2001).…”

Financing Cost and Private Investment in Ghana

“…Following the empirical works done by Anyanwu [1], Asante [7], Frimpong and Marbuah [8], Ribeiro and Joanilio [36] and others, it is clear that private investment depends on three broad categories of variables: Keynesian, Neoclassical and Uncertainty variables.…”

“…The model specification of this study follows that of Ribeiro and Joanilio [36], with little modification in terms of the cost factors and the non-cost factors of private investment. The modified model is given as in equation (1…”

Brazília korunk világrendszerében

“…kiszorítási hatás: az állami termelő beruházások nem a magánberuházásoktól vették/veszik el az üzleti lehetőségeket, hanem inkább a magánberuházásoknak is kedvező pótlólagos fejlesztést és keresletet indukálnak. E hatás hiányában az állam termelői szerepének csökkentése, ami a neoliberalizmus alapköve, a (fél-)perifériás gazdaságokban a felzárkóztatás szempontjából kontraproduktív, sőt kifejezetten káros (lásd még Ribeiro-Teixeira [2001]).…”