Um Estudo sobre a Dinâmica da Conta Financeira do Balanço de Pagamentos de Brasil, Rússia, Turquia e Coréia do Sul: a subordinação dos fluxos de capitais ao movimento da liquidez internacional entre 2003 e 2019

Abstract

The peripheral capitalist economies have historically suffered from asymmetries and external constraints to articulate their economic development processes. However, in addition to technical-productive asymmetries, the emergence of a pattern of dominance in financial accumulation has made these peripheral economies exposed to new forms of vulnerability, especially with regard to financial vulnerabilities. In strongly hierarchical context of the international monetary system, the increase in speculative capital inflows promoted by globalization and financial liberalization contributed to economies in peripheral conditions to integrate in a subordinate manner to the new financial markets. Therefore, this dissertation aims to study the volatility of financial flows directed to selected peripheral economies (Brazil, Turkey, Russia and South Korea) in order to better understand the relationship between the subordinate character of these countries' financial integration and the impact this about vulnerability and economic instability.