Integração financeira, poupança externa e convergência de renda
Aderbal Oliveira Damasceno

 Financial integration, foreign savings and income convergence: theory and evidence. The conventional argument favoring capital controls elimination is based on the predictions from the neoclassical model: free international capital mobility would allow capital flows from country where capital is abundant to countries where capital is scarce and the outcome in a global perspective is efficient allocation of savings and income convergence. Within this perspective, financial integration would be particularly beneficial for developing countries resulting in external savings import, temporary increase in per capita GDP growth rate and a permanent increase in the per capita GDP level. Using data for a sample of 105 countries from 1980 to 2004 the evidences show that capitals flows from developing to developed countries and that international financial integration and external savings do not increase the conditional convergence rate.

Vol.31, n.o5(125), 2011
Preferência pela liquidez: o novo contexto financeiro international inviabiliza a teoria?
(Liquidity preference: the new international financial arrangements invalidate the theory?)
Adriana Moreira Amado

O artigo analisa uma questão muito frequente no debate acadêmico entre diferentes escolas de pensamento: a relevância da teoria da preferência pela liquidez sob os novos arranjos financeiros internacionais e nacionais. A questão principal aqui é assinalar que esses novos arranjos deram demasiada liquidez aos ativos financeiros não monetários que tornaram irrelevante o atributo liquidez do dinheiro; portanto, a preferência pela liquidez perde seu significado. O artigo demonstra que, sob as suposições de Keynes, que sustentam a teoria da preferência pela liquidez, esse novo arranjo enfatiza e fortalece vários motivos para exigir dinheiro e não o contrário, reforçando assim a validade da teoria. 

The paper analyses a question that is very frequent in the academic debate among different schools of thought: the relevance of the liquidity preference theory under the new international and national financial arrangements. The main issue here is to point out that those new arrangements gave too much liquidity to non-monetary financial assets that made irrelevant the liquidity attribute of money; therefore, liquidity preference loses its meaning. The paper demonstrates that under Keynes assumptions, which support liquidity preference theory, this new arrangements emphasises and strengthens several motives for demanding money and not the contrary, reinforcing in this way the validity of the theory.

Vol.24, n.o4(96), 2004
El éxito del Mercosur posible
Aldo Ferrer

The success of the possible Mercosur. Mercosur can be observed from two different perspectives. One from an ideal integration project, whose reference is the European Union. The other, based in the profound prevailing asymmetries within the region and the progress achieved since the founding bilateral agreements of presidents Alfonsin and Sarney, in 1985. From the first perspective, Mercosur in a failure; from the second, it has achieved considerable success. The integration process is displayed in three levels: the national density prevailing in the member countries, the rules of the game of the system and the common standings vis a vis the rest of the world. The future of Mercosur depends on progress achieved in these three levels and the opening of new possibilities of national development for each member country in a regional framework.

Vol.27, n.o1(105), 2007
Amit Bhaduri

The paper is divided into three parts, and a summary at the end. Part one explains how policies conditioned by historical circumstances moved away from the objective of high employment. Part two deals with the theoretical controversies in support or against particular policies. Part three sets out the basics in theory needed for a high employment policy. The paper concludes with a summary suggestion of some operational steps and observations.

Vol.25, n.o2(98), 2005
A articulação das políticas industrial e comercial nas economias em desenvolvimento contemporâneas: uma discussão analítica
André Luiz Nassif

The article discusses the importance of the connection between industrial and trade policies within the current process of globalization in the world economy. In spite of being inspired by the recent Brazilian trade liberalization, all questions analyzed here are basically theoretical ones. The author discusses how the connection between in-dustrial and trade policies are analyzed within the international trade theories as well as how the latter offers theoretical arguments favorable to industrial policies.

Vol.20, n.o2(78), 2000
Os impactos da liberalização comercial sobre o padrão de comércio exterior brasileiro
(The Impacts of Commercial Liberalization on the Brazilian External Trade Pattern)
André Nassif

Este artigo analisa os principais efeitos da liberalização do comércio brasileiro sobre a eficiência técnica da indústria manufatureira e o padrão de comércio. Os principais resultados empíricos sugerem os seguintes resultados para a década de 1990: i) ganhos expressivos na produtividade do trabalho e redução dos custos reais médios para a maioria dos setores da indústria de transformação entre 1988 e 1998; ii) o padrão comercial foi impulsionado principalmente por mudanças nas importações; iii) em média, as indústrias que apresentaram os maiores ganhos em eficiência técnica não as traduziram em ganhos de competitividade nos mercados globais; e iv) em média, houve perdas dinâmicas de eficiência uma vez que, em primeira mão, os maiores ganhos em competitividade internacional foram localizados nos setores tradicionais e, por outro lado, as indústrias que fizeram os maiores investimentos em Pesquisa e Desenvolvimento (P & D) foram os mesmos que apresentaram déficits comerciais setoriais significativos ao longo dos anos 90. 

This paper analyses the main effects of the Brazilian trade liberalization on the technical efficiency of the manufacturing industry and the trade pattern. The principal empirical findings suggest the following results for the 1990´s: i) expressive gains in labor productivity and reduction of the average real costs for most sectors of the manufacturing industry between 1988 and 1998; ii) the trade pattern were mostly driven by import changes; iii) on average, industries which showed the greatest gains in technical efficiency did not translated them into competitiveness gains in the global markets; and iv) on average, there were dynamic efficiency losses once, on the first hand, major gains in international competitiveness were located in the traditional sectors and, on the other hand, industries that made the major investments in Research and Development (R & D) were the same that had significant sectoral trade deficits throughout the 1990´s.

Vol.25, n.o1(97), 2005
Business Governance in Brazil and south Africa: how much convergence to anglo-saxon model?
Andrea E. Goldstein

The effect of globalization on national economic and political strategies is a central theme in policy analysis. At the core of this debate is business governance, interpreted in this paper in a wide sense as the laws, rules, and routines that govern large-scale corporations. Conventional wisdom has it that cross-national patterns of business governance are converging on the so-called Anglo-Saxon, capital-market driven model. In this paper I analyze recent changes Brazil and South Africa, to conclude that models of business governance should be seen jointly with the institutional underpinnings of the economy. These include legal traditions that are unlikely to undergo rapid changes, other institutional features directly related to the ways in which firms compete in the global economy, and the mechanisms through which social actors resist changes adverse to their interests.

Vol.21, n.o2(82), 2001
The real mechanisms of the global economy
Angel Asensio

The paper presents the main arguments of Bresser Pereira's Globalization and Competition. Development strategies based on the 'conventional orthodoxy' are shown to carry serious drawbacks (“Dutch disease”, pernicious effects of external saving, currency overvaluation), while a 'new developmentalism' is promoted, in spite of the widespread belief that the nation-states have been dispossessed of their room for manoeuvre because of the globalization process. The “new developmentalism” is based on domestic finance, balanced public budgets, moderate interest rates and competitiveness policies aimed at neutralizing the tendency to exchange rate overappreciation. The paper also points out a few theoretical questions the book raises.

Vol.30, n.o4(120), 2010
As experiências internacionais de regulação para as telecomunicações e a reestruturação dos serviços no Brasil
Anne-Marie Maculan e Liz-Rejane Legey

The telecommunications services have been submitted to large technological and economic changes during the last decade, which gave rise to a new pattern of demand and introduced new competitive parameters in the suppliers’ global market. The competitive battle in the provision of telecommunication service is blurring the frontiers between the public and the private sector. In this process, the old institutional structures are no more suitable to the provision of new services. Experiences on telecommunication restructuring are taking place in many different countries with strong impacts at the international level, the present work aims to analyse these changes and the challenges which the Brazilian telecommunication sector has to meet, in order to contribute to the debate over a new public policy.

Vol.16, n.o4(64), 1996
The effects of the global economic crisis in Latin America
Arturo Guillén

The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining export-driven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.

Vol.31, n.o2(122), 2011
USA’s trade policy in the context of global crisis and the decline of North American hegemony
(A política comercial dos EUA no contexto da crise global e o declínio da hegemonia norte-americana)
Arturo Guillén

 A crise global de 2007 reforçou as tendências deflacionárias, assim como a retirada dos países centrais para dentro. Após a Grande Recessão de 2008-2009, a maioria das economias experimentou processos de semi-estagnação e deglobalização.A crise acelerou o declínio da hegemonia dos Estados Unidos. Embora mantenham uma vantagem militar esmagadora e mantenham a hegemonia financeira, perderam terreno na produção, no comércio internacional e no investimento direto estrangeiro.A política comercial de Trump acelerará a deglobalização. E enquanto seu corte de impostos teve um efeito positivo de curto prazo no crescimento, será difícil superar a "estagnação secular".

 The global crisis of 2007 reinforced the deflationary tendencies, as well as the withdrawal of the central countries inwards. After the Great Recession 2008-2009, most economies have experienced semi-stagnation and deglobalization processes. The crisis accelerated the decline of the hegemony of the United States. While they retain an overwhelming military advantage and maintain financial hegemony, they have lost ground in production, in international trade and in direct foreign investment.Trump’s trade policy will accelerate deglobalization. And while its tax cut has had a short-term positive effect on growth, it will be difficult to overcome "secular stagnation".

 DOI 10.1590/0101-31572019-3046

Vol.39, n.o3(156), 2019
States and economic development
Atul Kohli

Today the Washington Consensus on development lies in tatters. The recent history of the developing world has been unkind to the core claim that a nation that opens its economy and keeps government’s role to a minimum invariably experiences rapid economic growth. The evidence against this claim is strong: the developing world as a whole grew faster during the era of state intervention and import substitution (1950-1980) than in the more recent era of structural adjustment (1990-2005); and the recent economic performance of both Latin America and Sub-Saharan Africa—regions that truly embraced neoliberalism—has lagged well behind that of many Asian economies, which have instead pursued judicial and unorthodox combinations of state intervention and economic openness. As scholars and policy makers reconstruct alternatives to the Washington Consensus on development, it is important to underline that prudent and effective state intervention and ive integration with the global economy have been responsible for development success in the past; they are also likely to remain the recipes for upward mobility in the global economy in the future."

Vol.29, n.o2(114), 2009
Coping with globalization: Asian versus Latin American Strategies of development, 1980-2010
Atul Kohli

When compared to Latin America, Asian economies since 1980 have grown faster and have done so with relatively modest inequalities. Why? A comparison of Asia and Latin America underlines the superiority of the nationalist capitalist model of development, which has often been pursued more explicitly in Asia, over that of a dependent capitalist model, which has often been pursued in Latin America. In comparison to Latin America, the Asian model has facilitated higher and less volatile rates of economic growth and a greater political room to pursue social democratic policies. The “tap root” of these alternate pathways is relative autonomy from global constraints: states and economies in Asia have been more nationalist and autonomous than in Latin America. 

Vol.32, n.o4(129), 2012
A China como um duplo pólo na economia mundial e a recentralização da economia asiática
Carlos Aguiar de Medeiros

China as a double pole in the world economy and the recentralization of the Asian economy. The extraordinary growth of Chinese trade that occurred in the last years changed China’s role on world and regional economy. As a major producer of industrial consumer goods to OCDE countries, China has negatively affected many Asian competitors but as an expansive market China became the main source of growth to Asian countries. This new dimension was achieved after the Asian crisis of 1997 by an economic expansion led by public investment. After considering the Chinese balance of payment position and its industrial strategy this paper investigates this double dimension of China on trade and its influence on Asian countries.

Vol.26, n.o3(103), 2006
Política industrial e divisão internacional de trabalho
(Industrial policies and international division of labor)
Carlos Aguiar de Medeiros

 Este artigo examina a evolução das políticas industriais, estratégias tecnológicas e especialização do comércio em cadeias de valores globais (GVC) na produção industrial liderada por corporações transnacionais e por políticas industriais. Argumenta que a inserção no GVC não constitui uma alternativa mais fácil de atalho tecnológico ao sistema nacional de inovação e à estratégia de desenvolvimento nacional que historicamente têm sido as principais alavancas para o catch-up tecnológico.

 This paper examines the evolution of industrial policies, technological strategies and trade specialization in global values chains (GVC) in manufacturing production led by transnational corporations and by industrial policies. It argues that insertion in GVC does not constitute an easier technological shortcut alternative to national system of innovation and for national development strategy that historically have been the main levers for technological catch-up.

DOI: 10.1590/0101-35172019-2925.

Vol.39, n.o1(154), 2019
O desequilíbrio do setor público brasileiro: cenários alternativos
Carlos Alberto Primo Braga, John H. Welch e Paulo de Tarso Afonso de André

The Brazilian public sector disequilibrium, as measured by growth in the global net public sector debt to GDP ratio, is examined with and without the “Piano Cruzado”. Two models are used, one based upon a discrete time framework and the other based upon a continuous time framework, to trace paths of the debt-GDP radio for the rest of the decade concentrating on the 1985-1990 period. Two major conclusions are reached. The first, of a theoretical nature, is that discrete time models are inappropriate in an inflationary context as they severely underestimate the inflation tax. The second is that the Plano Cruzado may put strong pressure on government finances due to the drastic fall in the inflation tax.

Vol.7, n.o3(27), 1987
Os desafios da nova geração
(The challenges of the new generation)
Celso Furtado

Conferência na cerimônia de abertura da III Conferência Internacional da RedCelso Furtado, “Desenvolvimento num Contexto de Globalização”. 

Speech in the Opening Ceremony of the III International Conference Celso Furtado “Development in a Globalization Context”.

Vol.24, n.o4(96), 2004
A crise da economia capitalista
Celso Furtado

The rapid integration of national markets after the Second World War gave rise to a complex global system, yet it is a system, which lacks a unified institu-tional framework. The asymmetrical nature of the process of market integration, the excessive degree of openness of many national economies and the behavior of the Japanese economy are three main factors behind the tensions in the current economic picture. The weakening of the nation state as a coordinating instrument for economic activity is to a large degree responsible for the present cacophony of the economic system. On the other hand, we see no clear indica-tion that the corporations involved in the transnationalization of the economy are capable of creating the institutional framework necessary for the coordi-nation of economic activity.

Vol.3, n.o2(10), 1983
A abertura financeira dos países periférios e os determinantes dos fluxos de capitais
Daniela Magalhães Prates

This paper discusses two strains of analysis regarding financial openness in developing countries. Mainstream economists argue that openness brings several advantages to these countries if liberalizing reforms have been made in the proper sequence, with liberalization of capital flows as the last reform adopted. The central hypothesis assumed is that the flows are guided by economic fundamentals. An alternative approach, with a post-Keynesian theoretical basis, emphasizes that in the present context of financial globalization and predominance of portfolio flows, capital flows are not guided by fundamentals but by short term perspectives and by factors that are exogenous to the specific country and, thus, can be reverted at any time, with negative impacts on the developing country.

Vol.19, n.o1(73), 1999
La reconfiguracion economica internacional
David Ibarra

The international economic reconfiguration. The developed and developing countries have adjusted with varying degrees of success to the new international order. The world’s evolution has not stopped: Europe and the emerging Asian economies, are struggling to create a multipolar World. In the periphery, some countries (Asia) are modernizing at a fast rate, while others (Latin America) are lagging behind and in need to revise their growth strategies. The decentralization of production and trade driven by transnational firms are shifting the geographic distribution of investment and employment. As a result, the industrialized countries have ceased to provide the bulk of the world’s savings, changing somehow the foundations of the international financial system.

Vol.25, n.o4(100), 2005
O neoliberalismo na América Latina
David Ibarra

Neoliberalism in Latin America. Neoliberalism and globalization had decisive influence in shaping public policies both internal and foreign in Latin-America. Less state, trade and market freedoms, social goals subordinated to economic criteria, are part and parcel of the neoliberal utopia. Price stability was erected as the main social objective; import substitution resulted replaced by exports as the main source of growth. The neoliberal net results as applied to Latin-America are: less growth, deindustrialization, income concentration and precarious employments. Therefore, countries public policies should try to gain autonomy to use jointly markets and public intervention in a constructive and innovative fashion.

Vol.31, n.o2(122), 2011
Rethinking macroeconomic policies for development
Deepak Nayyar

The global economic crisis has created an opportunity to rethink macroeconomics for development. Such rethinking is both necessary and desirable. It is essential to redefine macroeconomic objectives so that the emphasis is on fostering employment creation and supporting economic growth instead of the focus on price stability alone. It is just as important to rethink macroeconomic policies which cannot simply be used for the management of inflation and the elimination of macroeconomic imbalances, since fiscal and monetary policies are powerful and versatile instruments in the pursuit of development objectives. In doing so, it is essential to the overcome the constraints embedded in orthodox economic thinking and recognize the constraints implicit in the politics of ideology and interests.

Vol.31, n.o3(123), 2011
Globalization and democracy
(Globalização e democracia)
Deepak Nayyar

O impulso da globalização na economia mundial coincidiu com o aumento da democracia política entre os países. A economia tornou-se global, mas a política continua a ser nacional. Este ensaio explora a relação entre globalização e democracia, que não é nem linear e nem caracterizada pela rigidez estrutural. Pretende-se analisar como a globalização pode restringir os graus de liberdade dos Estados-nação e o espaço para a política democrática, e como a democracia política dentro de cada país pode exercer alguns controles e equilíbrios dos mercados e da globalização. O argumento essencial é que a relação entre globalização e democracia é dialética e não se adapta à caricaturas ideológicas. 

The gathering momentum of globalization in the world economy has coincided with the spread of political democracy across countries. Economies have become global. But politics remains national. This essay explores the relationship between globalization and democracy, which is neither linear nor characterized by structural rigidities. It seeks to analyze how globalization might constrain degrees of freedom for nation states and space for democratic politics, and how political democracy within countries might exercise some checks and balances on markets and globalization. The essential argument is that the relationship between globalization and democracy is dialectical and does not conform to ideological caricatures.

Vol.35, n.o3(140), 2015
Pós-grande indústria e neoliberalismo
(Post-Large Scale Industry and Neoliberalism)
Eleutério F. S. Prado

O capitalismo está vindo da fase moderna para a fase pós-moderna da indústria. Na indústria moderna, como foi dito no Capital, o principal conteúdo material da relação de capital eram os ativos físicos (sistemas de máquinas); na indústria pós-moderna, as principais formas de capital são impressas nos ativos intangíveis (conhecimento científico e tecnologias). Como Marx previu em Grundrisse, agora o capital se apropria não apenas do trabalho vivo, mas também do intelecto geral. Deste ponto de vista, o neoliberalismo e a globalização do capital não são vistos aqui, imediatamente, como resultados da dominação do capital financeiro, mas como expressões da contradição do capital e do trabalho na indústria pós-grande escala. 

Capitalism is coming from the modern industry phase to the post-modern industry phase. In modern industry, as was said in Capital, the main material content of capital relation was physical assets (systems of machines); in post-modern industry, the main forms of capital are impressed on intangible assets (scientific knowledge and technologies). As Marx in Grundrisse previewed it, now capital appropriates not only live labor, but general intellect too. From this point of view, neoliberalism and capital globalization are not viewed here, immediately, as results of financial capital domination, but as expressions of capital and labor contradiction in the post-large scale industry.

Vol.25, n.o1(97), 2005
A crise do sistema financeiro globalizado contemporâneo
(The crisis of the contemporary global financial system)
Ernani Teixeira Torres Filho

O artigo analisa o desenvolvimento do sistema financeiro global contemporâneo como consequência das estratégias dos mercados e dos Estados.Esse sistema financeiro global baseado no dólar flexível gerou muitas bolhas financeiras desde que começou nos anos 80, das quais a crise de 2008 é a mais recente e a maior, particularmente porque afetou os principais bancos no mercado principal do sistema,os EUA.Nas últimas décadas, os bancos mudaram suas estratégias de negócios, das atividades tradicionais de empréstimos, para investimentos mais especulativos, semelhantes aos dos fundos de hedge. 

The paper analyses the development of the contemporary global financial system as a consequence of markets as well as States strategies. This global financial system based on the flexible dollar has generated many financial bubbles since it started in the 80´s, of which the 2008 crisis is the latest and the largest, particularly because it affected the main banks in the core market of the system, the US. On the last decades, banks had changed their business strategies from traditional lending activities towards more speculative investments, similar to what hedge funds do.

Vol.34, n.o3(136), 2014
Política industrial: teoria e prática no Brasil e na OCDE
Fabio S. Erber e José Eduardo Cassiolato

The paper analyses the recent development of industrial and technological policies in Brazil as compared to those adopted in the main OECD countries. The first section sets the background, presenting a brief description of the evolution of the global econ-omy. The second section presents the analytical framework of the article. It argues that presently there are four “industrial policy agendas”, derived from theoretical and po-litical considerations — ultra-liberal, reformist liberal, neo-developmental and so-cial-democrat. The third section presents the evolution of the Brazilian industrial and technological policy during the nineties, examining in more detail the present situation. The fourth section presents the policies pursued by the main OECD countries (the United States, Germany, Japan and the United Kingdom), examining their evolution and fo-cusing on the present pattern of policies. The last section presents the main conclusions of the paper.

Vol.17, n.o2(66), 1997
The new international financial crisis: causes, consequences and perspectives
Flavio Vilela Vieira

The paper investigates the recent financial crisis within a historical and comparative perspective having in mind that it is ultimately a confidence crisis, initially associated to a chain of high risk loans and financial innovations that spread thorough the international system culminating with impressive wealth losses. The financial market will eventually recover from the crisis but the outcome should be followed by a different and more disciplined set of international institutions. There will be a change on how we perceive the widespread liberal argument that the market is always efficient, or at least, more efficient than any State intervention, overcoming the false perception that the State is in opposition to the market. A deep financial crisis brings out a period of wealth losses and an adjustment process characterized by price corrections (commodities and equity price deflation) and real effects (recession and lower employment), and a period of turbulences and end of illusions is in place.

Vol.31, n.o2(122), 2011
As empresas francesas e o financiamento da industrialização do Brasil
Frédéric Mauro

This small article is part of a communication about French firms in Spanish America. This one is only about Brazil. On Brazil we had two opportunities to study the history of French investments in that country during the XIX th and XX th centuries. Here we are passing from a macroeconomic and global to a microeconomic and entrepreneurship point of view. The French position in Brazil since 1800 can be resumed in some words: a very weak demographic presence but a very strong cultural one and an economic one in between. Of that economic presence we did not study the commercial aspect but only the financial one. It looks convenient to remember to our public some typical features of this financial aspect before examining some types of French firms that engaged in the Brazilian economy.

Vol.19, n.o3(75), 1999
Productivity, wages, profits, and exchange rates in an era of globalization
Hartmut Elsenhans

World-wide devaluation races lead to the globalization of rent instead of profit and autonomy of civil society. This specific pattern of today's globalization goes with serious underconsumptionist tendencies as self-sufficiency in wage goods production is achieved in economies with a very low marginal product of labour in agriculture and structural unemployment which disempowers all labour. The 19th century likewise intensive globalization was characterized by full employment tendencies, rising real wages and an expansion of the welfare state. A return to such a convoy model of globalization is possible through marginality reducing development policies for uplifting the poor in the South.

Vol.22, n.o1(85), 2002
Avaliando os impactos microeconômicos das fusões e aquisições nas indústrias de energia no mundo: uma análise para a década de 90.
Helder Queiroz Pinto Jr. e Mariana Lootty

Microeconomic impacts of the mergers and acquisitions of energy industries in the World: an analysis for the 1990’s. The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A´s) process in the 1990´s. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms’ performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales).

Vol.25, n.o4(100), 2005
As crises gerais
Ignácio Rangel

It is helpful to recall the crises our planet presently undergoes, with its affecting eco-nomy and social structure, is not the first of its kind. Its overcoming shall surely request dif-ferent actions of those developed right after World War 1 and Russian Revolution, although one would not be inexpedient to search analogies between “that” Global Crises and “this” one.

Vol.12, n.o2(46), 1992
The Global Crisis and the Implications for Developing Countries and the BRICs: Is the
Jan Kregel

Developing countries experienced high growth and low inflation in the new Millennium. This has been due in part to the impact of the expansion in developed country financial markets on demand for exports. Especially positive has been the performance of the so-called BRICs - Brazil, Russia, India and China. The collapse of the financial markets will eliminate the positive impact of export-led growth. An alternative strategy will be required. One possibility is to build on domestic sources of demand. Brazil is well-placed to engage in such a strategy and already has a number of policies to support this alternative. They should be introduced rapidly.

Vol.29, n.o4(116), 2009
Emerging markets and the international financial architecture: a blueprint for reform
Jan Kregel

 If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes’s “clearing union” as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes’s proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally—credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Vol.35, n.o2(139), 2015
Reflections on the old and new developmentalism
(Reflexões sobre o velho e o novo desenvolvimentismo)
Jan Kregel

O novo desenvolvimentismo proporciona uma visão da teoria do desenvolvimento do passado, bem como uma visão para o futuro. Esta avaliação aponta como ele incorpora as contribuições positivas de teóricos do desenvolvimento inicial preocupados com os problemas semelhantes da importância das taxas de câmbio no processo de desenvolvimento para fornecer uma versão contemporânea da teoria adaptada ao mundo do século XX e da financeirização.


New Developmentalism provides a view out how it incorporates the positive contributions of early development theorists concerned with to the past of development theory as well as a view to the future. This assessment points the similar problems of the importance of exchange rates in the development process to provide a contemporary version of the theory adapted to the twentieth century world of globalization and financializatio.

Vol.38, n.o1(150), 2018
Global booms and busts: How is Brazils middle class faring?
Jan Peter Wogart

Brazil’s Post War economic history has been marked by inflationary booms and busts, which kept large parts of the population poor, as income distribution remained highly skewed, and most governments failed to put enough efforts and resources into education and health. That seems to have changed recently, as an increasing number of studies have shown considerable advances in the incomes of the lower and the middle classes. This essay examines those findings and puts them into a historical perspective, discussing earlier attempts and hopes of Brazilian policy makers to advance the welfare of the population. It concludes that while the last fifteen years have been remarkable for the country to achieve macroeconomic stability and while the increasing efforts of supporting the poor seemed to have been moving income distribution slowly towards a more equal level, there is still a long way to go. The 2008 world financial crisis also hit Brazil hard, but the recovery has been smoother and faster than in any OECD country. The impact of the current crisis may provide a good test as to the robustness of the previous trends to further the wellbeing of the poor and the middle class

Vol.30, n.o3(119), 2010
Argentina and the global capital roller coaster of the 1990s
(Argentina e a montanha-russa do capital global dos anos 1990)
Jan Peter Wogart

Este ensaio analisa o experimento argentino “currency board” durante a década de 1990, tanto do ponto de vista teórico quanto histórico. Descobriu que as tentativas anteriores de controlar a inflação com uma taxa de câmbio quase fixa em um ambiente altamente politizado deveriam ter sido uma lição a ser ouvida. Ao detalhar as várias deficiências das políticas econômicas domésticas, um amplo espaço é dedicado a examinar os mercados de capitais internacionais e seu impacto no programa argentino. Além disso, sustenta-se que o ambiente político argentino, cuja estabilidade foi crucial para o sucesso nos primeiros anos, deteriorou-se tanto depois de 1996 que contribuiu significativamente para o colapso do programa econômico e do próprio sistema. O ensaio conclui com uma breve consideração das políticas econômicas chilenas, que foram caracterizadas por um grande grau de pragmatismo e prudência e, consequentemente, conseguiram escapar do terrível destino de seu vizinho. 

This essay analyzes the Argentine “Currency Board” experiment during the 1990s, both from a theoretical and historical point of view. It finds that earlier failed attempts to control inflation with a quasi fixed exchange rate in a highly politicized environment should have been a lesson to heed. While detailing the various shortcomings of the domestic economic policies, ample space is devoted to examine the gyrating international capital markets and their impact on the Argentine program. Moreover, it is maintained that the Argentine political environment, the stability of which was crucial for success in the early years, deteriorated to such an extent after 1996 that it significantly contributed to the breakdown of the economic program and the system itself. The essay concludes with a short consideration of the Chilean economic policies, which were characterized by a great degree of pragmatism and prudence and consequently succeeded to escape the dire fate of its neighbor.

Vol.24, n.o3(95), 2004
Conceptualizing globalisation, cultural identity and democracy
Jan-Erik Lane

Communitarianism offers a rationale for the growing relevance of communities. Its key question is also the one that globalisation makes highly relevant, namely: Who are we? What way of life do we wish to support? Communitarianism underlines the politics of mutual respect as the democratic state’s proper reaction to multiculturalism. Such a politics of mutual respect would be truly global. The paradox of globalisation is that it both makes communal politics more salient while it at the same time calls for a politics of mutual respect which may reduce ethnic and religious conflict. Globalisation increases the search for communal identity. However, a politics of mutual respect may reduce conflicts between communities and enhance global respect for different cultures, where different civilisations accept a common core of institutions.

Vol.23, n.o4(92), 2003
Global coordination: weighted voting
Jan-Erik Lane

In order to halt the depletion of global ecological capital, a number of different kinds of meetings between governments of countries in the world has been scheduled. The need for global coordination of environmental policies has become ever more obvious, supported by more and more evidence of the running down of ecological capital. But there are no formal or binding arrangements in sight, as global environmental coordination suffers from high transaction costs (qualitative voting). The CO2 equivalent emissions, resulting in global warming, are driven by the unstoppable economic expansion in the global market economy, employing mainly fossil fuel generated energy, although at the same time lifting sharply the GDP per capita of several emerging countries. Only global environmental coordination on the successful model of the World Band and the IMF (quantitative voting) can stem the rising emissions numbers and stop further environmental degradation. However, the system of weighted voting in the WB and the IMF must be reformed by reducing the excessive voting power disparities, for instance by reducing all member country votes by the cube root expression. 

Vol.34, n.o1(134), 2014
Global warming: preventing irreversibility
(Aquecimento global: prevenindo a irreversibilidade)
Jan-Erik Lane

 A Convenção das Nações Unidas sobre Mudanças Climáticas se reúne novamente em Bonn, no outono, para a COP23 com Fiji como anfitrião/ O foco deve estar no GOAL II no COP21: descarbonização com 30-40 por cento dos níveis de 2005 até 2030. Vários países agora cumprem a meta de suspender o aumento das emissões de CO2. E o resto deve ser solicitado e ajudado a fazê-lo. Mas o GOAL II é um desafio muito grande. Só pode ser realizado com investimentos maciços em parques de painéis solares.

 The United Nations Framework Convention on Climate Change meets again in Bonn for the COP23 in the fall with Fiji as host, the focus should be upon the GOAL II in the COP21 Treaty: decarbonisation with 30-40 per cent of 2005 levels until 2030. Several countries now meet the GOAL I of halting the rise in CO2 emissions. And the rest should be asked and helped to do so. But the GOAL II is a very big challenge. It can only be fulfilled with massive investments in solar panel parks.


 DOI 10.1590/0101-3157-2018-2860

Vol.38, n.o4(153), 2018
Nova estratégia de desenvolvimento para o Brasil: um enfoque de longo prazo
João Paulo de Almeida Magalhães

New Development Strategy for Brazil: a long-term vision. The foremost aim of the article is to propose a new development strategy for Brazil, replacing the neoliberal model presently used. In short, the point is to recover a long term vision of the economic policies. And for that it is indispensable to take into consideration the recent evolution of the Development Economics which considers the existence of market, instead of the availability of savings, as the main condition in economic development policies. The acceptance of the market as the basic condition for successful development policies has as one of its consequences the unacceptability of the process of globalization with its present characteristics.

Vol.26, n.o2(102), 2006
As transformações do capitalismo contemporâneo e sua natureza na análise de Marx
José Ricardo Tauile e Luiz Augusto Estrella Faria

This paper deals with five points of contemporary capitalism dynamics: 1) the form and operation of the world financial market that functions 24 hours a day; 2) transformations in monetary relations, specifically the rela-tion between money and power; 3) the influence of the operation of capital blocks over territories; 4) the exhaustion of the limits of surplus extraction by means of wage labour exploitation, increasing degradation of the conditions of social cohesion, and fracturing the accumulation regime; 5) the new refer-ences that sustain and regulate the general equivalent, i.e. the foundation of the equivalencies nominated in money. It ends by demanding a new global social contract, at national and international levels.

Vol.19, n.o1(73), 1999
Mudança em tempos de globalização: o capitalismo não é mais progressista?
José Ricardo Tauile e Luiz Augusto Estrella Faria

Change in times of globalization: is capitalism not progressive any more? Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovations and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society’s productive structures, lowering investment, employment and growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency.

Vol.25, n.o3(99), 2005
Avaliação do processo de reestruturação industrial brasileiro
José Roberto Mendonça de Barros e Lídia Goldenstein

The interaction of four tendencies (globalization, opening of the economy, stabili-zation and privatization) has been breaking the triad composed of state owned, foreign owned and private family owned enterprises, which was from the fifties to the begin-ning of the nineties the mainstay of Brazil’s capitalism. Brazilian economy is being subjected to deep changes that despite difficulties has made feasible the solidification of a new dynamic of investments which may allow the initiation of sustained growth. This paper was a first trial to evaluate that process and to define the grounds for a policy of competitiveness and investments that diversify from the ancient industrial policies practiced in Brazil would help to minimize the pains of the process and help in making it solid.

Vol.17, n.o2(66), 1997
Os fundamentos econômicos do programa de integração Argentina-Brasil
José Tavares de Araújo Jr.

The paper deals with three aspects of the Argentine-Brazil agreement. First, it shows that this agreement does not represent a movement towards bilateralism, but it is an effort towards the global strengthening of Latin American economy. Secondly, it tries to demonstrate that there is a considerable amount of potential trade to be exploited between the two economies. Finally, it points out that the removal of trade barries will lead to an improvement of the pattern of industrial organization within both economies.

Vol.8, n.o3(31), 1988
The politics of expertise in Latin America: antecedents and actualities
Laurence Whitehead

All public activities are in some broad measure political, and all require certain specialized skills, which may be termed “expertise”. But over time and space the realm of the specifically “political” may either expand or contract. Equally, what counts as expertise, and how much autonomy it will be granted, also varies over time and space. Horsemanship, literacy, oratory, textual exegesis, and an understanding of global fi-nancial derivatives have each been regarded as the hallmark of the modern expert in one setting or another. The relationship between the “generalist” politician and the “specialist” expert is one of the most ancient and recurring themes in political sci-ence. Effective and durable rule requires the enlistment of a range of competences, yet government is not reducible to technique. How then are the rulers to be guided by their advisers without being usurped by them?

Vol.20, n.o2(78), 2000
Knowledge governance, innovation and development
Leonardo Burlamaqui

This paper aims to be a very preliminary effort to contribute to a better understanding of the interaction among innovation, competition and intellectual property policies from an evolutionary- developmental perspective. As such, it seeks to build a more coherent framework within which the discussions of both institution building and policy design for development can proceed. In order to accomplish that, the paper introduces the concept of “Knowledge Governance” as an alternative analytical and policy- oriented approach, and suggests that from a public policy/public interest perspective, and within an evolutionary framework, it is a better way to address the problems concerning the production, appropriability and diffusion of knowledge. In doing so, it also intends contribute to broaden the ongoing discussions on the “New Developmentalism”.Keywords: globalization; governance; competition; intellectual property; antitrust

Vol.30, n.o4(120), 2010
The two forms of capitalism: developmentalism and economic liberalism
(As duas formas de capitalismo: desenvolvimentista e liberal econômico)
Luiz Carlos Bresser-Pereira

 Este artigo argumenta que o Estado e o mercado são as principais instituições que regulam o capitalismo e, consequentemente, que a forma de organização econômica e política do capitalismo ou é desenvolvimentista ou é liberal. O artigo define Estado desenvolvimentista, o relaciona com a formação de uma coalizão de classe desenvolvimentista, e assinala que o capitalismo nasceu desenvolvimentista no mercantilismo, tornou-se liberal no século XIX e, depois de 1929, tornou-se novamente desenvolvimentista, mas agora democrático e social. Todas as revoluções industriais e capitalistas ocorreram no quadro do desenvolvimentismo, onde o Estado coordena o setor não competitivo da economia e os cinco preços macroeconômicos (que o mercado é incapaz de tornar “certos”), enquanto o mercado coordena o setor competitivo. Na década de 1970, uma crise abriu espaço para uma forma de capitalismo neoliberal ou financeiro-rentista. Desde a crise financeira global de 2008, a hegemonia neoliberal chegou ao fim e, a partir de então, estamos passando por um período de transição.

 This paper argues that the state and the market are the main institutions regulating capitalism, and, correspondingly, that the form of the economic and political coordination of capitalism will be either developmental or liberal. It defines the developmental state, relates it to the formation of a developmental class coalition, and notes that capitalism was born developmental in its mercantilist phase, turned liberal in the nineteenth century, and, after 1929, became once again developmental, but, now, democratic and progressive. All industrial and capitalist revolutions took place within the framework of developmentalism, whereby the state coordinates the non-competitive sector of the economy and the five macroeconomic prices (which the market is unable to make “right”), while the market coordinates the competitive sector. In the 1970s, a crisis opened the way for a short-lived and reactionary form of capitalism, neoliberalism or rentier-financier capitalism. Since the 2008 Global Financial Crisis, the neoliberal hegemony has come to an end, and we are now experiencing a period of transition.

Vol.37, n.o4(149), 2017
Globalization, nation-state and catching up
Luiz Carlos Bresser-Pereira

Globalization and nation-states are not in contradiction, since globalization is the present stage of capitalist development, and the nation-state is the territorial political unit that organizes the space and population in the capitalist system. Since the 1980s, Global Capitalism constitutes the economic system characterized by the opening of all national markets and a fierce competition between nation-states. Developing countries tend to catch up, while rich countries try to neutralize such competitive effort, using globalism as an ideology, and conventional orthodoxy as a strategy. Middle-income countries that are catching up in the realm of globalization are the ones that count with a national development strategy. This is broadly the case of the dynamic Asian countries. In contrast, Latin American countries have no longer their own strategy, and grow less. To add data to the argument, the author conducts an econometric test comparing these two groups of countries, and three variables: the rate of investment, the current account deficit or surplus that would indicate or not a competitive exchange rate, and public deficit.

Vol.28, n.o4(112), 2008
As duas formas de capitalismo: desenvolvimentista e liberal econômico
(The two forms of capitalism: deselopmentalism and economic liberalism)
Luiz Carlos Bresser-Pereira

 Este artigo argumenta que o Estado e o mercado são as principais instituições que regulam o capitalismo e, consequentemente, que a forma de organização econômica e política do capitalismo ou é desenvolvimentista ou é liberal. O artigo define Estado desenvolvimentista, o relaciona com a formação de uma coalizão de classe desenvolvimentista, e assinala que o capitalismo nasceu desenvolvimentista no mercantilismo, tornou-se liberal no século XIX e, depois de 1929, tornou-se novamente desenvolvimentista, mas agora democrático e social. Todas as revoluções industriais e capitalistas ocorreram no quadro do desenvolvimentismo, onde o Estado coordena o setor não competitivo da economia e os cinco preços macroeconômicos (que o mercado é incapaz de tornar “certos”), enquanto o mercado coordena o setor competitivo. Na década de 1970, uma crise abriu espaço para uma forma de capitalismo neoliberal ou financeiro-rentista. Desde a crise financeira global de 2008, a hegemonia neoliberal chegou ao fim e, a partir de então, estamos passando por um período de transição.

 This paper argues that the state and the market are the main institutions regulating capitalism, and, correspondingly, that the form of the economic and political coordination of capitalism will be either developmental or liberal. It defines the developmental state, relates it to the formation of a developmental class coalition, and notes that capitalism was born developmental in its mercantilist phase, turned liberal in the nineteenth century, and, after 1929, became once again developmental, but, now, democratic and progressive. All industrial and capitalist revolutions took place within the framework of developmentalism, whereby the state coordinates the non-competitive sector of the economy and the five macroeconomic prices (which the market is unable to make “right”), while the market coordinates the competitive sector. In the 1970s, a crisis opened the way for a short-lived and reactionary form of capitalism, neoliberalism or rentier-financier capitalism. Since the 2008 Global Financial Crisis, the neoliberal hegemony has come to an end, and we are now experiencing a period of transition.

Vol.37, n.o4(149), 2017
The 2008 financial crisis and neoclassical economics
Luiz Carlos Bresser-Pereira

The 2008 global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on self-regulated and efficient markets. Although capitalism is intrinsically unstable, the lessons from the stock-market crash of 1929 and the Great Depression of the 1930s were transformed into theories and institutions or regulations that led to the “30 glorious years of capitalism” (1948–77) and that could have avoided a financial crisis as profound as the present one. It did not because a coalition of rentiers and “financists” achieved hegemony and, while deregulating the existing financial operations, refused to regulate the financial innovations that made these markets even more risky. Neoclassical economics played the role of a meta-ideology as it legitimized, mathematically and “scientifically”, neoliberal ideology and deregulation. From this crisis a new capitalism will emerge, though its character is difficult to predict. It will not be financialized but the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, where professionals will have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed.

Vol.30, n.o1(117), 2010
O dólar e os desequilíbrios globais
Luiz Gonzaga Belluzzo

The Dollar and the Global Disequilibria. The global expansion of capitalism under American hegemony in the second half of the 20th century has changed the international division of labor and center-periphery scheme proposed under British hegemony. Under the new international division of labor, the United States is forced to generate an ever growing deficit in their trade account in order to accommodate the “mercantilist’ expansion of Asian countries, produced by the trans-nationalization of big capital, under American aegis. This form of global economic articulation is at the root of the rupture of the Bretton Woods system and the growing financial liberalization imposed by the hegemonic power over other countries since the 80s.

Vol.25, n.o3(99), 2005
External debt in developing economies: assessment and policy issues
Márcio Holland

More than one decade after the external debt restructuring (the Brady Plan), a great amount of literature has been published concerning the balance sheet factors in developing countries. The staff of international multilateral institutions joined with reputable academics in this great controversy. The external debt problem of the developing countries is back and once more reflections on its cause and on policy recommendations are analytically distinct. Our main task is to reflect on the recent external debt dynamics and assess how this debt has evolved. Our findings indicate that the susceptibility of some developing countries to default is associated with global imbalance, that is, the way they borrow.

Vol.27, n.o1(105), 2007
Inflação e deflação de ativos a partir do mercado imobiliário americano
Maria Cristina Penido de Freitas e Marcos Antonio Macedo Cintra

Asset inflation and deflation triggered by the US housing financial system. This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles. The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis.

Vol.28, n.o3(111), 2008
A crise financeira global
Maria da Conceição Tavares

The article begins with an analysis of the current financial crisis, emphasiz-ing three basic components: loans taken out by large productive enterprises in the national and international credit market; short term loans taken by all the Third World countries as well as the majority of European countries in the Soviet sphere: and finally the fact that every country shows larger fiscal deficits of an increasingly endogenous nature. It also analyzes the responsibility of North american economic policy in the crisis. It questions the optimistic perspectives in relation to thc international credit market and points out the necessity for a coordinated financial solution which would give a new form to the assets and liabilities of the principal banks and large transnational enter-prises, as well as setting the stage for the renegotiation of the foreign debt in the case of the most vulnerable national economies.

Vol.3, n.o2(10), 1983
Globalização e reestruturação produtiva: o fordismo e/ou japonismo
Maria da Graça Druck

The paper analyses the process of the productive restructuring in course in the globalization context, giving priority to their social and political dimensions. It situates the transformations of the forms of work organization and management into history. It makes a reconstruction of the taylorism, the fordism and their crisis. It discusses different approaches, presents in the actual literature, about the “japanese model” (toyotism ) and its application in the Brazil.

Vol.19, n.o2(74), 1999
Pressão externa e abertura comercial no Brasil
Marianne Nassuno

This article discusses the influence of external pressure on the Brazilian trade liberalization process. The conditions under which external pressure is defined are based on the approach of international politics authors known as “realists” and related to the interests of the States, reliance on specific pressure instruments and vulnerability to pressure. Events such as the decline of the American hegemony, the rise of newly industrialized countries, the globalization of the international economy and the debt crisis, which led to an increase in international conflict during the 1980’s are analysed, as well as domestic factors like the economic vulnerability of Brazil.

Vol.18, n.o1(69), 1998
Tariff Discrimination on Brazils soluble coffee: an economic analysis
Marislei Nishijima e Maria Sylvia Macchione Saes

This article evaluates the impacts of the imposition of tariffs on the Brazilian soluble coffee mainly by European countries as of the 1990s. More particularly, it verifies whether the imposition of discriminatory trade tariffs by the European Union and of non-discriminatory ones by some Eastern European countries reflects on the international demand for this commodity. For this purpose, dynamic models of global demand for Brazilian soluble coffee were estimated for the 1995-2003 period using data from the International Coffee Organization. Findings suggest that existing tariffs significantly account for the reduction of Brazilian share of soluble in the world market.

Vol.30, n.o2(118), 2010
A arquitetura do sistema financeiro internacional contemporâneo
Maryse Farhi e Marcos Antonio Macedo Cintra

The architecture of the current international financial system. This paper discusses some features of financial institutions and instruments which originated the financial crisis triggered by increasing default rate, household real estate and financial asset depreciation combined with U.S. subprime mortgages. The first part presents major crisis events in a chronological order. The second part describes the interconnection of the institutions and markets which engendered a global shadow financial system. The third part focuses on an overview of measures taken by government authorities and large banks to bring about possible solutions for the global financial crisis.

Vol.29, n.o3(115), 2009
As relações entre a comunidade econômica européia e a america latina no contexto de uma crise econômica Global
Miguel S. Wionczek

Vol.1, n.o2(2), 1981
Silicon Valley in the south
Mitsuhiro Kagami e Akifumi Kuchiki

New trends are now taking place within manufacturing industries led by multinational corporations (MNCs). Globalization and liberalization together with the information technology (IT) revolution has accelerated ‘fabless’ industry in the network economy, i.e. outsourcing production processes and global parts procurement by MNCs. As a consequence of this the primary function of the MNC has changed from that of manufacturer to ‘service’ provider by outsourcing production processes to foreign contract manufacturers (CMs). NAFTA in fact mutated Mexico into a production platform toward the US and Canada as well as Latin American countries. We can observe these dramatic changes, for instance, in Guadalajara in Mexico, now called the ‘Silicon Valley in the South.’ Since MNCs use their brand names to sell products, their business function becomes close to that of the fashion industry. They market their products in the same way as Gucci and Chanel sell products of original design carrying their brand names. Therefore, product design and marketing become highly important for MNCs to achieve success in business while domestic providers have been left behind for their parts and components supply in this new global supply chain.

Vol.21, n.o4(84), 2001
Flexibilização produtiva e reestruturação espacial: considerações teóricas e um estudo de caso para a indústria de calçados no Brasil e no nordeste
Olímpio J. de Arroxelas Galvão

The process of globalization, the emergence of new technological paradigms, the increasing introduction of market mechanisms in the economies and the formation of regional trade blocs, have brought about deep productive restructuring amongst the various sectors of human activity. These changes are forcing the policy makers to envisage new ways of intervention in the regions, in all countries, so that they can face the new challenges that regional development is posing in the present days. This work attempts to present the major aspects of a new world scenery, characterized by the introduction of processes of productive flexibilization and the creation of new industrial spaces and makes a case study of restructuring in the shoe industry in Brazil.

Vol.21, n.o1(81), 2001
Liquidity vs. efficiency in liberalized international financial markets: a warning to developing economies
Paul Davidson

Until 1973 the postwar international payments system was, in large measure, shaped by Keynes’s thesis that flexible exchange rates and free international capital mobility are incompatible with global full employment and rapid economic growth in an era of multilateral free trade (Felix, 1977-8). This resulted in a stable interna-tional monetary system that permitted the global economy to experience unparalleled economic growth and prosperity despite widespread capital controls and international financial market regulations. Since 1973, the financial system has grown progressively more fragile with recurrent and increasingly stressful international debt and currency liquidity crises threatening the stability of the global economy.

Vol.20, n.o3(79), 2000
A globalização no Brasil: responsável ou bode Expiatório?
Paul Kliass e Pierre Salama

After the sequence of structural adjustments decisions suggested by the IMF, Brazilian economy became wider opened, as the consequences from financial globalization were stronger than those from commercial globalization. Nevertheless, social and economical reality didn’t show much improvement. On the contrary, figures on economic increase and inequalities show Brazil behind the average of developing countries. Even if the effects caused by “mondialisation” on weakened economies are well known, globalization can not be taken as the only guilty of weak economic increase, for maintaining the high level of inequalities or for the increase of precariousness. Responsibility must be searched on high inequalities in where operates “mondialisation”, on weakness of public policies, on irresponsible way of opening of the economy and in fiscal policy in favor of financial sector. Other countries have reached quite different results, once the have adopted different public policies, which goal was to establish control and reduction upon the negatives effects of globalization.

Vol.28, n.o3(111), 2008
"Globalização" financeira e regimes cambiais
Paulo Nogueira Batista Jr.

This paper argues that, although international capital flows have increased rapidly in recent decades, financial markets are still far from forming an unified global market. It also argues that the effect of increasing capital mobility on national economic policy autonomy continues to depend, to a large extent, on the choice of the exchange rate regime.

Vol.18, n.o2(70), 1998
Development and inequalities
Pierre Salama

The rise in wages inequalities, whatever may be the level of development reached, is linked to the modernization of countries, a modernization percieved as a constraint in an ever more globalised world. This tendency is sometimes thwarted by sustained education policies and by restrictive government policies aiming at raising low wages. But as a tendency, it is stronger when countries increase their opening rate and modify the exports structures toward ever more sophisticated products. One can however see how much it is artificial to separate technology from exports in order to measure their respective weight on the rise of inequalities.

Vol.29, n.o4(116), 2009
Modelos de proteção comercial: uma resenha
(Models of commercial protection: a review)
Renato Colistete e Jarbas Dantas Menezes

O protecionismo tem sido uma fonte permanente de disputas internacionais desde pelo menos o século XIX. Nas últimas décadas, uma série de barreiras não-tarifárias criou um novo fenômeno global, o chamado Novo Protecionismo, que mais uma vez mostra a eficácia das forças que levam à adoção de barreiras comerciais por parte das nações. Este artigo tem como objetivo revisar modelos analíticos representativos que lidam com as causas do protecionismo. Primeiro, o artigo discute modelos históricos de economia política e seu foco em grupos sociais, instituições e análises históricas. Em segundo lugar, o artigo aborda modelos de economia política positiva que trazem organizações, interesses e atores sociais ao quadro da escolha racional. 

Protectionism has been an enduring source of international disputes since at least the nineteenth century. In the last decades, an array of nontariff barriers has created a new global phenomenon, the so-called New Protectionism, which once more shows the strength of the forces leading to the adoption of trade barriers by nations. This article aims to review representative analytical models which deal with the causes of protectionism. First, the article discusses historical political economy models and their focus on social groups, institutions and historical analysis. Second, the article addresses positive political economy models which bring organizations, interests and social actors into the framework of rational choice.

Vol.24, n.o3(95), 2004
Segurança alimentar e desenvolvimento econômico na america latina: o caso do Brasil
Renato Sérgio Maluf

The purpose of this paper is to analyze the determinants of food security and its linkages with economic development in Latin America, with emphasis on the case of Brazil. Using the approach of “Development Economics”, it focuses on the main conditions for economic growth with social equity, having food security as one of them, and its requirements in terms of global and sectorial policies.

Vol.15, n.o1(57), 1995
Globalização e inconversibilidade monetária
Ricardo Carneiro

Globalization and monetary inconvertibility. The central hypothesis of this article is that in the context of globalization, monetary inconvertibility is a crucial problem of peripheral countries. It begins with a brief review of the debate from a historical point of view and then stresses the contemporary opposite’s views on the fragility of financial system of emerging countries: the original sin and the debt intolerance hypothesis. Despite of supporting the first one, the article goes further and explores the domestic implication of inconvertibility. It criticizes the jurisdicional uncertainty proposition showing that an inherent flaw in the store of value of emerging market currencies, derived from original sin is the main reason for de facto inconvertibility and underdevelopment of domestic financial system of these countries.

Vol.28, n.o4(112), 2008
Uma interpretação do primeiro milagre econômico alemão (1933-1944)
Ricardo Luís Chaves Feijó

An interpretation of the First German Economic Miracle. The German Third Reich was successful in reaching its economical objectives. It is intended to explain the causes of the First German Economic Miracle, fitting its economic system into the category of command economy, which does not confuse itself with the centrally planned economy. Thus, in the first section, we describe the so adopted politics in this period and explain how they had led to the recovery of the German economy. The second section evaluates global indicators of economic performance and population welfare. We are looking for to demonstrate the hypothesis that the Nazi economy was efficient. Such efficiency is explained by the characteristics of the German model.

Vol.29, n.o2(114), 2009
Globalización y crisis financieras en América Latina
Roberto Frenkel

The paper focuses on the financial and currency crises that took place in the Latin American financial globalization context. It is presented in four sections. A synthetic view of the financial globalization process and the role played by LA is presented in the first section. The second section presents a model encompassing the eighties’ and nineties’ crises. The position assumed by the IMF is discussed. The third section examines other national financial globalization processes that did not lead to crisis. The "crisis prevention measures”, largely based on that experiences, are then commented. Lastly, the fourth section discusses the national paths leading to “segmented financial integration” and presents some reflections about international coordination problems.

Vol.23, n.o3(91), 2003
Inter-jurisdictional fiscal competition: a review of the literature and policy recommendations
Sergio Guimarães Ferreira, Ricardo Varsano e José Roberto Afonso

This paper surveys the literature on fiscal competition. We consider tax and expenditure competition in a more general set up where different jurisdictions within a federation may compete in the provision of public goods in order to attract some residents (Tiebout (1956)) and expel others (Brueckner (1999); and/or for business. We address the vast literature on welfare gains or losses of these types of competition. Then, we discuss the empirical evidence, focusing on estimates of the sensitiveness of production factors to tax differentials and on the importance of the strategic interdependence among jurisdictions. We combine econometric studies with some case studies. Last we discuss the design of mechanisms to cope with fiscal competition, especially under a more global environment where factors become more mobile.

Vol.25, n.o3(99), 2005
Neoliberalismo e distribuição de renda na américa latina
Werner Baer e William Maloney

This paper reviews the principal neo-liberal policy measures instituted in Latin America in the last decade and their impact on equity. It first emphasizes the difficulty of separating the impact of liberalization measures from the necessary fiscal adjust-ments of the 1980s, and their transitional vs long run effects, and then places the ob-served movements in distribution in global and historical context. The second part places several innovations of neo-liberal regimes in historical perspective and argues that their overall impact is unlikely to be regressive, and that previous regimes were probably not especially progressive. Over the long run, developments in factor markets are likely to be of overriding importance — the demand side, driven by reoriented industrial growth and the increasing importance of the service sector, interacting with the relative supplies of skilled and unskilled labor — are likely to be of overriding importance in determin-ing the evolution of the distribution of income.

Vol.17, n.o3(67), 1997
O investimento direto estangeiro em uma nova estratégia industrial
Winston Fritsch e Gustavo H. B. Franco

The paper discusses the normative principles on which Brazilian policies towards foreign direct investment should be bared. It starts from considerations about global trends regarding world industrialization and trade — especially as connected with new technological developments — and seeks to identify some crucial elements in the relationship between Brazil and the world economy to be shopped by multi-national corporations. Next the paper deals with issues related to market access and technological transfer emphasizing the importance of foreign firms for the future of Brazilian industrialization and exports performance.

Vol.9, n.o2(34), 1989
Globalização, competitividade e novas regras de comércio mundial
Yoshiaki Nakano

With the trade liberalization reform of 1990 Brazilian industry started a deep process of restructuring to increase its integration with the word economy. So it is important to understand the forces operating in information technology revolution and globalization as two most important forces driving the transformation in the word market, defining a new competitive advantage.

Vol.14, n.o4(56), 1994
Trajetórias e interesses: os EUA e as finanças globalizadas num contexto de crise e transição
Jaime Cesar Coelho

 Interests and International Relations Trajectories: the US and the global finances in a context of crises and transition. This paper aims to analyze the elements of continuity and discontinuity in American foreign policy from the nineties. In this regard, it emphasizes the importance of financial issues within the scope of the U.S. government strategies for foreign integration and tries to analyze comparatively the Republicans and Democrats government of the period, ending with some prospective questions concerning the Democratic government of President Obama in the context of international economic crisis.

Vol.31, n.o5(125), 2011
Trade with China and strategy in South American recent economic development
Ernesto A. OConnor

Trade between South America and China has been an important source of the high growth shown by those economies in the ‘2000s. During the globalization of the ‘90s, trade between the region and China had not developed so much. A rather sharp growth in China’s presence in world trade since the beginning of the ‘2000s changed the world trade trends for MERCOSUR countries, or, at least, for many of them. The impact of the increasing trade of agrifood has been very relevant, and different per country. Strategy is another important issue, referring to bilateral relations with China. This country should be seen as a partner in the global trade, and not as a new foreign investor for the region, but this may be different in the context of different national strategies of South American countries.  

Vol.32, n.o3(128), 2012
Germany s social-economic model and the euro crisis
Michael Dauderstädt

Germany’s socio-economic model, the “social market economy”, was established in West Germany after World War two and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010) were introduced which many consider as the key of Germany’s recent success. The reforms had mixed results: Employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs) which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially. 

Vol.33, n.o1(130), 2013
Brazilian, Chinese, and Indian exports: is the regional market really a source of learning?
Renato Baumann

In some Latin American countries the exporting activity starts at a regional level, with producers only later venturing into more competitive markets. The implicit risk is that a country might never progress from the regional stage to a more global market. This article compares the experiences of Brazil, China and India. It is shown that Brazil relied on the regional market far more intensely than these Asian countries. There were clear gains accruing to China and India for having exploited more sophisticated markets from the very beginning of their export drive. 

Vol.33, n.o1(130), 2013
Narratives of emergence: Rising powers and the end of the Third World?
Andrew Hurrell

This article examines recent arguments from development economists, from historians and from international relations specialists that do challenge the continued relevance of the idea of the Third World. It then examines five reasons why these arguments are wrong. We can indeed understand much about emerging powers in terms of how they are seeking to navigate and best position themselves within an existing state-centric, liberal and capitalist order whilst accepting many of the underlying assumptions and values of that order. But the nature of that navigation has been shaped by their historical trajectory and by the developmental, societal and geopolitical context of their emergence. 

Vol.33, n.o2(131), 2013
The effects of fiscal policy after the global recession: Assessing the evidences
Luiz Fernando de Paula e Manoel Carlos de Castro Pires

This paper offers a commented review of the most recent empirical studies of the effects of fiscal contraction on economic growth which have helped underpin the prescription that fiscal policy should be expansionary in coming years in order to contain economic semi-stagnation in the developed countries. The paper shows that there is ample literature showing that fiscal expansion helps the economy grow, and that fiscal contraction tends to reduce output and employment in the short term. 

Vol.33, n.o2(131), 2013
Perspectivas das negociações entre o Mercosul e a União Europeia em contexto de paralisia do sistema multilateral e da nova geografia econômica global
Patrícia Luíza Kegel e Mohamed Amal

Perspectives of the negotiations between Mercosur and the European Union in a context of multilateral system paralysis and new global economic geography. The aim of this paper is to scale the impact of changes in the patterns of international trade and Foreign Investment and how the shift in the world economic geography affects the relations between Mercosur and the European Union. The perception is that the outcome of negotiations between the two blocks is linked to the paralysis of the multilateral system and the European perspective of the economic dimension of the Agreement. The study suggests that the European Union faces conceptual and operational problems to establish clear goals and business strategies towards Mercosur and how to them under a new global economic geography.  

Vol.33, n.o2(131), 2013
The grab of the worlds land and water resources
Franklin Obeng-Odoom

In this paper, I review recent developments in global political economy and political economy of development that have captured inter alia the attention of agrarian political economists. I do so through the periscope of two recent publications by Fred Pearce, Great Britain’s leading eco journalist and an edited volume by Tony Allan, Martin Keulertz, Suvi Sojamo and Jeroen Warner, scholars trained in different disciplines and based at various universities in the UK, the Netherlands, and Finland. The account of the pace, places, and perpetrators, procedures, and problems of this particular agrarian model provides fodder for the further development of a locus classicus on what is happening to the land question in this current moment under the capitalist order, a shorthand for which is ‘water and land grab’.

Vol.33, n.o3(132), 2013
A (im)previsibilidade da crise e o pluralismo da Economia
Luís Felipe Lopes Milaré

The (un)predictability of the crisis and the pluralism in Economics. This paper discusses the predictability of the last global economic crisis relating it to the lack of pluralism in Economics. In order to do so, first is presented a literature review of the development of economic theory in recent years. Then the two main views on the predictability of the crisis are presented: (1) the economic models used to understand the economy did not incorporate bubbles so, the crisis was unpredictable; and (2) the crisis was predictable when applied other methods of understanding the economy.   

Vol.33, n.o4(133), 2013
A política industrial chinesa como determinante de sua estratégia going global
Gilmar Masiero e Diego Bonaldo Coelho

China has experienced not only high rates of economic growth as well as an unprecedented competitive international ion since the turn of the century. This process was not guided solely by market forces or influenced by government intervention in the economy. Although much has been argued that China’s “going global” strategy is rooted in state action, and especially its policy of exchange rate depreciation and trade policy incentives for exports and investments abroad, we argue that the major determinant of this strategy, which established the basic conditions for industrial competitiveness, was its industrial policy. The focus of this article is on the changes in China’s industrial structure, emphasizing that Chinese industrial policy is a central determinant of its international ion strategy. 

Vol.34, n.o1(134), 2014
Vulnerabilidade externa e composição da posição internacional de investimentos: Brasil 2001-2010
(External vulnerability and composition of the international investment position: Brazil 2001-2010)
Paulo Van Noije

O objetivo deste trabalho é indicar que houve uma mudança significativa na composição da Posição de Investimento Internacional do Brasil no período de 2001 a 2010: as reservas internacionais se tornaram maiores do que a dívida externa e diminuíram a parcela das obrigações externas denominadas em moeda estrangeira, ficando menor que a participação dos passivos externos denominados em moeda nacional. Estes tendem a sofrer uma dupla desvalorização (preços e taxas de câmbio) em tempos de crise, caracterizando assim a redução da vulnerabilidade externa na esfera financeira, como evidenciado na crise global nascida em 2008. 

External vulnerability and composition of the Brazilian International Investment Position: 2001-2010. The aim of this paper is to indicate that there was a significant change in the composition of the Brazilian International Investment Position in the period 2001-2010: international reserves became higher than the external debt and decreased the share of foreign liabilities denominated in foreign currency, getting smaller that the participation of the external liabilities denominated in domestic currency. These tend to suffer a double devaluation (prices and exchange rates) in times of crisis, thus characterizing the reduction of the external vulnerability in the financial sphere as evidenced in the global crisis hatched in 2008. 

Vol.34, n.o3(136), 2014
Crise global, mudanças geopolíticas e inserção do Brasil
(Global crises, geopolitical changes and insertion of Brazil)
Bernardo Campolina e Clélio Campolina Diniz

Este trabalho tem como objetivo analisar a inserção do Brasil na ordem econômica internacional, considerando os fundamentos da potência mundial, a crise global, as mudanças geopolíticas e suas consequências na ordem global.O texto tenta apresentar que as vantagens e os desafios estruturais para uma adequada inserção internacional da tecnologia são os elementos-chave em um processo de inovação econômica e social cujos objetivos são construir uma sociedade mais rica, mais justa, compassiva e ambientalmente sustentável. 

This paper has as its purpose to analyze the insertion of Brazil in the international economic order, considering the fundaments of the world power, the global crisis, the geopolitical changes and their consequences on the global order. The text attempts to present the advantages and structural challenges for an adequate international insertion of technology are the key elements in a process of economic and social innovation whose goals are to build a richer society, more just and compassionate, and environmentally sustainable. 

Vol.34, n.o4(137), 2014
Economic stagnation in the United States: underlying causes and global consequences
(Estagnação econômica dos Estado Unidos: causas subjacentes e consequências globais)
Robert A. Blecker

Este artigo analisa as causas da lenta recuperação da economia norte-americana desde a crise financeira e a Grande Recessão de 2008-2009.Aqueda no valor das casas e as dívidas domésticas excessivas continuam a deprimir os gastos do consumidor, enquanto as corporações não estão conseguindo investir, apesar dos lucros recordes.A distribuição cada vez mais desigual da renda limita a demanda, enquanto as transformações estruturais de longo prazo continuam a corroer a criação de empregos.Uma política monetária expansionista foi incapaz de provocar uma recuperação mais robusta e a política fiscal foi transferida para uma postura de austeridade.Nesse contexto, o Brasil e outros países de mercados emergentes não podem contar com os Estados Unidos para continuar a ser a principal fonte de demanda global como era nas décadas anteriores. 

This paper analyzes the causes of the slow recovery of the U.S. economy since the financial crisis and Great Recession of 2008-2009. Fallen house values and excessive household debts continue to depress consumer spending, while corporations are failing to invest in spite of record profits. The increasingly unequal distribution of income limits demand, while long-term structural transformations continue to erode employment creation. An expansionary monetary policy has been incapable of sparking a more robust recovery and fiscal policy has been shifted to an austerity stance. In this context, Brazil and other emerging market nations cannot count on the United States to continue to be the leading source of global demand as it was in previous decades.  

Vol.34, n.o4(137), 2014
Global instability of currencies: reasons and perspectives according to the State-corporation hegemonic stability theory
Dariusz Eligiusz Staszczak

 This paper analyses reasons of the instability of the world monetary system. The author considers this problem from historical and contemporary perspectives. According to presented point of view banknotes and electronic money which replaced gold and silver coins in popular circulation are the most important reason of the instability. There are also proven positive and negative consequences of money instability. Reforms of the world monetary system need agreement within the global collective hegemony of state-powers and transnational corporations.

Vol.35, n.o1(138), 2015
Recessions and a changing theoretical basis of the recoveries: a view from the state-corporation hegemonic stability theory
(Recessões e uma mudança na base teórica das recuperações: uma visão da teoria da estabilidade hegemônica da corporação estatal)
Dariusz Eligiusz Staszczak

Este artigo analisa as razões das recessões mundiais em 1974-1975, 1980-1982 e 2008-2009 e métodos para melhorar a economia baseando-se em várias teorias da macroeconomia e de acordo com a visão da teoria da estabilidade hegemônica da corporação estatal. Várias razões práticas das três recessões modernas (isto é, os choques do petróleo e a bolha da especulação) e várias atividades governamentais para recuperar a economia explicam a mudança de posições dos estados e das corporações transnacionais no sistema global. Governantes políticos baseados em teorias desenvolvimentistas ou liberais da macroeconomia de forma intercambiável. A crescente importância das corporações transnacionais e suas influências na teoria das recuperações confirmam a correção da teoria da estabilidade hegemônica da corporação estatal. 

This paper analyses reasons of the world recessions in 1974-1975, 1980-1982 and 2008-2009 and methods to improve the economy basing onvarious theories of macroeconomics and according to the view from the theory of the state-corporation hegemonic stability. Various practical reasons of the three modern recessions (i.e. oil shocks and the speculation bubble) and various governmental activities to recover the economy explain changing positions of states and transnational corporations in the global system. Ruling politicians based on developmental or liberal theories of macroeconomics interchangeably. Growing importance of transnational corporations and their influences on theory of recoveries confirm the correctness of the state-corporation hegemonic stability theory. 

DOI 10.1590/0101-31572019-3013 

Vol.39, n.o4(157), 2019
Chronic macro-economic and financial imbalances in the world economy: a meta-economic view
Robert Guttmann

 Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new “meta-economic” framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever.

Vol.35, n.o2(139), 2015
The structuralist tradition in economics: methodological and macroeconomics aspects
Fabricio Missio, Frederico Gonçalves Jayme Jr. e José Luis Oreiro

 This paper examines the structuralist tradition in economics, emphasizing the role that structures play in the economic growth of developing countries. Since the subject at hand is evidently too large to cover in a single article, an emphasis has been brought to bear upon the macroeconomic elements of such a tradition, while also exploring its methodological aspects. It begins by analysing some general aspects of structuralism in economics (its evolution and origins) associated with ECLAC thought, in this instance focusing on the dynamics of the center-periphery relationship. Thereafter, the macroeconomic structuralism derived from the works of Taylor (1983, 1991) is presented, followed by a presentation of neo-structuralism. Centred on the concept of systemic competitiveness, this approach defines a strategy to achieve the high road of globalization, understood here as an inevitable process in spite of its engagement being dependent on the policies adopted. The conclusions show the genuine contributions of this tradition to economic theory.

Vol.35, n.o2(139), 2015
Neoliberalism and global capital mobility: A necessary reconsideration of textbook trade theory
Kunibert Raffer

 Textbook theory ignores capital flows: trade determines exchange rates and specialisation. Approaches taking the effects of capital movements adequately into account are needed, and a new theory of economic policy including measures to protect the real economy from external volatility. Equilibrating textbook mechanisms cannot work unless trade-caused surpluses and deficits set exchange rates. To allow orthodox trade theory to work one must hinder capital flows from destroying its very basis, which the IMF and wrong regulatory decisions have done, penalising production and trade. A new, real economy based theory is proposed, a Neoclassical agenda of controlling capital flows and speculation.

Vol.35, n.o2(139), 2015
Dr. Brasilia and Mr. Nacala: the apparent duality behind the Brazilian state-capital nexus
Tomaso Ferrando

 In August 2010 Brazil decided to limit foreign direct investments (FDIs) in land, and attracted the attention of politicians as much as the fears of businessmen. However, few months before, in September 2009, it had concluded a trilateral agreement with Japan and Mozambique to implement agribusiness and contract farming on an area of ten million hectares in the Mozambican region of Nacala. In light of that, the paper analyses the apparent duality of the Brazilian politics, and concludes that, exactly like in the case of the novel by Robert Louis Stevenson, it is not a matter of pathology, but a voluntarily induced double personality which is strategic in positioning Brazil at the core of the global capitalist system.

Vol.35, n.o2(139), 2015
Rethinking “energy nationalism”: a study of the relationship between nation states and companies in the oil industry
Noele de Freitas Peigo e José Augusto Gaspar Ruas

O termo “nacionalismo energético” é frequentemente utilizado pela literatura e mídia acadêmicas, mas geralmente sem precisão conceitual adequada. Apesar disso, um conjunto de artigos aprofunda a discussão sobre a relação entre estados nacionais e a indústria energética, especialmente o setor de petróleo. Estes artigos permitem identificar elementos fundamentais para entender o nacionalismo energético, seja complementar ou divergente entre si. Este estudo tem por objetivo apresentar uma interpretação do conceito que preenche as lacunas deixadas pela literatura acima indicada com base numa análise global da estrutura da indústria do petróleo e da sua evolução histórica desde meados do século 19. 

The term “energy nationalism” is frequently used by academic literature and media, but usually without adequate conceptual accuracy. Despite this, a set of papers deepens the discussion on the relationship between nation states and the energy industry, especially the oil sector. These papers allow identifying fundamental elements to understand the energy nationalism, either complementary or divergent between each other. Thus, this study aims at presenting an interpretation of the concept that fills the gaps left by the above mentioned literature based on a global analysis of the oil industry structure and its historical evolution since the mid-19th century.

Vol.35, n.o3(140), 2015
Building governance in the international financial system: Context and challenges
(Governabilidade no sistema financeiro internacional: contexto e desafios)
Leandro Pignatari Silva

The international financial system has undergone deep changes since the 1970s and its stability cannot be reached in spite of actor's interests or the existence of countless coordination fora. Analyzing the system's incentive structure, one can note that its stability depends on the control of imbalances, which are not always harmful for States, creating, thus, a disturbing component in the quest for international financial management. Furthermore, non-state actors have acquired a disproportional share of power following financial globalization, escaping the control of States and of the international community.

O sistema financeiro internacional sofreu profundas mudanças desde a década de 1970 e sua estabilidade não pode ser alcançada a despeito dos interesses do ator ou a existência de inúmeras instâncias de coordenação. Analisando a estrutura de incentivos do sistema, pode-se notar que a sua estabilidade depende do controle dos desequilíbrios, que nem sempre são prejudiciais para os Estados, criando, assim, um componente perturbador na busca pela gestão financeira internacional. Além disso, os atores não estatais têm adquirido uma participação desproporcional de poder após a globalização financeira, fugindo do controle dos Estados e da comunidade internacional.

Vol.35, n.o4(141), 2015
Assessing the dynamics of terms of trade inamodelof cumulative causation andstructural change
(Avaliando a dinâmica dos termos de troca em um modelo de causalidade cumulativa e mudança estrutural)
Ricardo Azevedo Araujo

O objetivo desse trabalho decorre do declínio constante da participação dos gastos de consumo sobre as mercadorias produzidas no sul globalizado, juntamente com a (empiricamente ambígua) hipótese Singer / Prebisch de que isto pode ser explicado por um declínio secular dos termos do comércio do sul. Com base nessas pesquisas, o documento propõe estudar a dinâmica dos termos de troca, utilizando um modelo de crescimento multi-setorial com base no princípio da causalidade cumulativa. O resultado é um modelo Norte-Sul de crescimento e de comércio em que a evolução dos termos de troca depende de taxas diferenciais de crescimento da produtividade em diferentes setores da economia - e quais os termos de dinâmicas comerciais que podem não ser o melhor caminho no caso de existir ou não m problema de desenvolvimento desigual 

The motivation for this paper stems from the steady decline in the share of consumer expenditure son goods produced in the global south, coupled with the (empirically ambiguous) Singer/Prebisch hypothesis that this can be explained by a secular decline in the southern terms of trade. Drawing on these sources of inspiration, the paper sets out to study the dynamics of the terms of trade using a multi-sector growth model based on the principle of cumulative causation. The upshot is a North-South model of growth and trade in which the evolution of the terms of trade depends on differential rates of productivity growth in different sectors of the economy – and in which terms of trade dynamics may not be the best guide as to whether or not there is an uneven development problem. 

Vol.36, n.o1(142), 2016
Systemically important financial institutions in Latin America - A Primer
(Instituições financeiras sistemicamente importantes na América Latina)
Jacob Kleinow, Mario Garcia Molina e Andreas Horsch

 Instituições financeiras sistemicamente importantes na América Latina. As instituições financeiras mostram uma exposição de risco e vulnerabilidade característica, tornando-as propensos a instabilidade. Os sistemas financeiros da América Latina, no entanto, ficaram praticamente incólumes pela crise financeira mundial a partir de 2008. Esta pesquisa state-of-the-art fornece uma análise aprofundada sobre a identificação e regulamentação das instituições financeiras sistemicamente importantes (IFSI). Apesar da América Latina se beneficiar de sua rica experiência histórica na gestão de riscos sistêmicos, acreditamos que o problema das IFSIs é ainda subestimado. No entanto, existem primeiros esforços para lidar comas IFSIs na ciência, e particularmente os supervisores e reguladores latino americanos estão começando a levar a sério a ameaça representada pelas IFSIs.

 Financial institutions show a characteristic risk exposure and vulnerability, making them prone to instability. Financial systems in Latin America, however, were left largely unscathed by the global financial crisis starting in 2008. This state-of-the-art survey provides an in-depth analysis on the identification and regulation of systemically important financial institutions (SIFIs). While Latin America benefits from its rich historical experience in managing systemic risks, we find the problem of SIFIs to be still underestimated. However, there are first efforts to cope with SIFIs in science and particularly Latin American supervisors and regulators are starting to take the threat posed by SIFIs seriously.

Vol.36, n.o2(143), 2016
The Euro and the recent european crisis vis-à-vis the gold standard and the great depresssion: Institutionalities, specificities and interfaces
(O euro e a crise europeia recente vis-à-vis o padrão ouro e a grande depressão: institucionalidades, especificidades e interfaces)
Giuliano Contento de Oliveira e Paulo José Whitaker Wolf

O artigo busca estabelecer interfaces entre a Grande Depressão dos anos 1930 sob o Padrão Ouro e a Crise Europeia recente sob o Euro. Argumenta-se que, a despeito de suas especificidades, as duas crises revelaram os efeitos potencialmente nocivos, em termos econômicos e sociais, de arranjos institucionais que reduzem consideravelmente a autonomia das políticas monetária, fiscal e cambial dos países participantes, sem, entretanto, serem acompanhados pelo aumento da cooperação liderado por uma potência hegemônica, em âmbito global (no caso da Grande Depressão) ou regional (no caso da Crise Europeia), que não apenas seja capaz, mas que também esteja disposta a exercer as funções de comprador e emprestador de última instância, sobretudo em momentos caracterizados pelo aumento da incerteza, pela deterioração do estado geral das expectativas e pelo aumento da preferência pela liquidez. De fato, tanto os países do centro europeu no passado como os países da periferia europeia no período recente foram efetivamente empurrados em direção a ajustes deflacionários em que a redução de preços e salários foi acompanhada pela redução da produção e do emprego. Assim, na ausência da possibilidade de se restaurar a autonomia de política econômica, a superação da crise pressupõe, tanto antes – sob o padrão ouro – como atualmente – sob o Euro –, ações conjuntas destinadas a assegurar que a responsabilidade do ajuste seja distribuída igualmente entre as economias e que, portanto, algumas delas não sejam beneficiadas à custa de outras nesse processo.

The paper aims to establish interfaces between the Great Depression of the 1930s under the Gold Standard and the recent European Crisis under the Euro. It is argued that, despite their specificities, both crises revealed the potentially harmful effects, in economic and social terms, of institutional arrangements that considerably reduce the autonomy of monetary, fiscal and exchange rate policies of participating countries, without being accompanied by increased cooperation between them, which should be led by a global (in the case of the Great Depression) or regional (in the case of the European Crisis) hegemonic power, which is not only capable of, but is also willing to act as a buyer and lender of last resort, especially in circumstances characterized by increased uncertainty, the deterioration of the general state of expectations and increased liquidity preference. In fact, central European countries in the past and peripheral European countries nowadays were effectively pushed toward deflationary adjustments in which a reduction of prices and wages was accompanied by a reduction of output and employment levels. Thus, in the absence of the possibility of restoring the autonomy of economic policy, the overcome of the crisis necessarily requires, both before – under the Gold Standard - and nowadays – under the Euro –, joint actions aimed to assure that the responsibility for the adjustment will be equally distributed among all the economies, in order to avoid that some of them benefit at the expense of the others in this process.

Vol.37, n.o1(146), 2017
Transformações na estrutura produtiva global, desindustrialização e desenvolvimento industrial no Brasil
(Transformation in the global productive structure, deindustrialization and industrial development in Brazil)
Celio Hiratuka e Fernando Sarti

Este artigo tem como principal objetivo destacar as principais transformações da economia global que condicionam o desenvolvimento industrial brasileiro e suas possibilidades de avançar em direção a uma estrutura produtiva mais robusta. Argumenta-se que o debate sobre a desindustrialização no Brasil, embora tenha tido uma importante contribuição para ressaltar a importância da indústria para o desenvolvimento econômico, não aprofundou a discussão sobre os limites e possibilidades de desenvolvimento industrial brasileiro por não considerar adequadamente estas transformações, associadas principalmente ao acirramento da concorrência global e à reorganização das grandes empresas transnacionais.

This paper aims to highlight the major changes in the global economy that affect Brazilian industrial development and mark out the strategies that could move the country toward a more robust productive structure. It is argued that the debate on deindustrialization in Brazil, although it had an important contribution to highlight the importance of manufacturing for economic development, did not deep the discussion about the limits and possibilities of Brazilian industrial development. That debate did not adequately consider those changes in the global economy, related to the more fierce global competition scenario and to the changes in the strategies of Transnational Corporations.

Vol.37, n.o1(146), 2017
China em transformação: transição e estratégias de desenvolvimento
(Changes in China: transition and development strategies)
Marcos Antonio Macedo Cintra e Eduardo Costa Pinto

 Este artigo examina as atuais estratégias de desenvolvimento da China, que enfrenta um período de transição interna – em virtude das contradições do seu regime de crescimento –, e redefinições das relações com o resto do mundo que vem desencadeando um processo de reconfiguração da ordem mundial (transição internacional). Dois dos principais eixos dessa estratégia chinesa são a ampliação do uso do renminbi no âmbito mundial e a internacionalização do capital chinês por meio dos megaprojetos de infraestrutura, notadamente no entorno asiático.

 This paper analyses China’s the current development strategies. This country has been facing a domestic transition period – resulting from contradictions of its current growth regime – and a redesign of its relations with the rest of the world that has promoting a process of reconfiguration of the world order (international transition). Two major axes of this Chinese strategy are the extension of the usage of renminbi to a global level and the internationalization of the Chinese capital through infrastructure megaprojects, chiefly in Asian surroundings.

Vol.37, n.o2(147), 2017
Underdevelopment in contemporary world: is structuralism still relevant?
(Subdesenvolvimento no mundo contemporâneo: o estruturalismo ainda é relevante?)
Ademir Pedro Vilaça Junior

 Este artigo pretende evidenciar que as concepções cepalinas originais ainda são muito relevantes para compreender o crescimento de países subdesenvolvidos e sua inserção nas cadeias globais de valor. É um trabalho teórico que busca avançar no constructo teórico do estruturalismo ao introduzir elementos de distintas abordagens econômicas para estabelecer um nexo teórico para a compreensão da dinâmica de acumulação de capital na periferia. Considerando a relevância da cumulatividade tecnológica, seus impactos sobre a estrutura produtiva e sobre a inserção internacional, procuramos analisar os fatores que perpetuam a divergência de renda em relação ao centro. Sob esta perspectiva, concluímos que as particularidades das economias periféricas modificaram a sua forma de manifestação sem efetivamente superar a relação de dependência frente ao centro.

 This paper intends to evaluate if the Latin American structuralist approach is still relevant to understand capital accumulation dynamics of peripheral countries and their insertion in the global value chains. It’s a theoretical paper that strives to improve the building blocks of structuralism with the incorporation of elements from different approaches to establish a nexus to understand capital accumulation dynamics in the periphery. Considering the relevance of technological accumulation, its impacts over the productive structure and over the international insertion, we strive to analyze factors that perpetuate income diversion in relation to the center. Under this perspective, we conclude that the particularities of peripheral economies changed their form of manifestation without effectively overcome the dependence relation.


Vol.37, n.o4(149), 2017
The dynamic intensity of CO2 emissions: empirical evidence for the 20th century
(A intensidade dinâmica das emissões de CO2: evidências empíricas para o século XX)
Diego Carneiro e Guilherme Irffi

 A relação entre crescimento econômico e degradação ambiental (poluição) tem sido amplamente investigada por acadêmicos, principalmente, em virtude da constatação de que fatores antrópicos podem influir no clima global. O mecanismo pelo qual isso acontece, o dito efeito estufa, está diretamente relacionado ao acúmulo de certos gases na atmosfera, sendo o principal deles o dióxido de carbono, oriundos da atividade produtiva. Assim, o presente trabalho pretende estimar a taxa a qual a intensidade de emissão, razão entre o nível de emissões de CO2 e o PIB, vem crescendo desde o início do século XX para um grupo de 24 países. Os resultados mostraram que Inglaterra e Estados Unidos possuem tendência negativa da intensidade de emissão, ao contrário do que foi observado para a Índia. Testou-se também a presença de mudanças estruturais, que se mostraram presentes coincidindo com a Primeira Guerra Mundial (1914 a 1918), a Grande Depressão dos anos de 1930 e os Choques do Petróleo da década de 1970. A partir das análises dos resultados, pode-se dizer que os países desenvolvidos são menos intensivos em emissão, ou seja, é evidente o papel da tecnologia como instrumento de redução da intensidade de emissão global.

 The debate around the economic growth and environmental degradation is the hot topic among academics. However, up to a point, all of them embrace the uncontroversial view that tells us that anthropic factors have leverage on global climate. It happens that the so-called greenhouse effect is closely related to the accumulation of certain gases in the atmosphere, e.g, carbon dioxide, whose original source comes from productive sectors. Thus, our purpose in this article is to estimate the rate of emission intensity – here we mean the ratio between CO2 emissions and GDP – which has increased since the early part of the 20th century. To support that idea, this study reports on data from 24 different countries. In terms of C02 emission, the results undoubtedly show that United Kingdom and the United States highlight a negative picture, particularly when both are compared to India. It should be noted the presence of structural changes, which coincide with three major historical events: the World War I (1914-1918), the Great Depression in the 1930s, and finally the Oil-price shocks in the 1970s. As the result of the analysis demonstrates, the amount of emission produced by developing countries is surprisingly low. That the technology reveals its relative merit for reducing the overall emission intensity is transparently obvious.

Vol.37, n.o4(149), 2017
Is it the end of North-American hegemony? A structuralist perspective on Arrighis systemic cycles of accumulation and the theory of hegemonic stability
(É este o fim da hegemonia North-americana? Uma perspectiva estruturalista sobre os ciclos sistêmicos de acumulação de Arrighi e a teoria da estabilidade hegemônica)
Marcos Vinicius Isaias Mendes

O artigo objetiva apresentar alguns aspectos do debate sobre o fim da hegemonia dos Estados Unidos, à luz das teorias dos ciclos sistêmicos de acumulação e da estabilidade hegemônica. Entre suas conclusões, o artigo demonstra que a hegemonia dos EUA está diminuindo não apenas pela emergência de novas nações poderosas, como a China, mas porque o sistema internacional, composto por novos e influentes atores, tais como corporações multinacionais, cidades globais, organizações religiosas e grupos terroristas transnacionais, está diminuindo os meios pelos quais os EUA têm exercido seu poder global desde o final da Segunda Guerra Mundial.

The paper aims to present some aspects of the debate about the end of the hegemony of the United States, in light of the theories of systemic cycles of accumulation and hegemonic stability. Among the conclusions, the paper shows that the American hegemony is diminishing not only because of the emergence of new powerful countries, such as China, but because the international system, composed by new powerful actors such as multinational corporations, global cities, religious organizations and transnational terrorist groups, is diminishing the means by which the US has exercised its global power since the mid twentieth century. 


Vol.38, n.o3(152), 2018
A crise do sistema financeiro globalizado contemporâneo: perspectivas a partir da reforma regulatória global pós-2008
(The crisis of the contemporary global financial system: perspectives from the post-2008 global regulatory reform)
Norberto Montani Martins

 O artigo analisa como a reforma regulatória implantada após a crise financeira internacional de 2008 afetou os processos estruturantes do sistema financeiro globalizado. Argumentamos que a reforma buscou re-regular os mercados financeiros, redefinir a estrutura e as bases do modelo de negócios dos bancos globais, influenciando a questão da intermediação, e limitar a capacidade de externalização do risco e de alavancagem das instituições e do sistema como um todo. Concluímos que as mudanças regulatórias, embora tímidas em alguns tópicos, influenciaram os processos estruturantes do sistema financeiro global e alteraram, menos pronunciadamente, seu modus operandi e suas bases de expansão.

 The present paper analyse show the regulatory reform that followed the 2008 international financial crisis influenced the processes that structured the contemporary global financial system. We argue that there form aimed to re-regulate financial markets, change global banking business models, and limit financial institutions’ ability to external izerisks and leverage. Our conclusions point out that regulatory changes, albeittimid in some areas, were able to influence the processes that structured the global financial system and then changed its modus operandi and possibilities for expansion.


 DOI 10.1590/0101-3157-2018-2758

Vol.38, n.o4(153), 2018
Reviewing perspectives on third-party impacts of mega-regional trade agreement: implications for Brazil
(Revisando perspectivas sobre impactos em terceiros países dos acordos comerciais megarregionais: implicações para o Brasil)
Niels Sondergaard

O presente artigo-resenha examina o impacto potencial dos acordos comerciais mega-regionais no Brasil como um terceiro-país. A literatura inicialmente revisada identifica a "regulação profunda" proposta nos acordos mega-regionais como uma expressão de mudanças estruturais no sistema comercial internacional, o que, apesar da presente estagnação dessas negociações, aponta à relevância de escrutinar o seu impacto potencial em países excluídos. O artigo subsequentemente examina projeções feitas sobre os impactos econômicas de curto e médio prazos deste tipo de acordo comercial no Brasil como um terceiro-país, e em seguida engaja-se com perspectiva que tratam as suas implicações estruturais de longo prazo.  

 The present review article examines the potential impact of mega-regional trade agreements on Brazil as a third-party. The literature initially reviewed identifies the "deep regulation" proposed in mega-regional agreements as an expression of structural changes within the global trading system, which in spite of the current stagnation of these negotiations highlights the relevance of scrutinizing their potential implications for outsiders. The article subsequently examines projections made of the short- and intermediate term economic impacts of this type of trade agreement on Brazil as a third-party, and here upon engages with perspectives treating their long-term structural implications.

DOI: 10.1590/0101-35172019-2861.

Vol.39, n.o1(154), 2019
Inequalities and capital accumulation in China
(Desigualdades e acumulação de capital na China)
Isabela Nogueira, João Victor Guimarães, João Pedro Braga

 Esse artigo contribui para o debate sobre distribuição de renda e riqueza na China ao analisar as principais características do padrão de acumulação chinês que determinam sua dinâmica distributiva em uma perspectiva comparada. Depois de um período de rápido crescimento das desigualdades, acompanhado por redução abissal da pobreza e melhora nas condições de vida de todos os decis da distribuição, as desigualdades se estabilizaram na China desde meados dos anos 2000. Globalmente, a China se encontra hoje em uma situação distributiva pior do que a média da Europa Ocidental ou Japão, mas mais igualitária do que Estados Unidos e muito distante dos limites extremos da má distribuição como Brasil, Índia, África do Sul e Oriente Médio. Neste artigo, nós escrutinamos três características do regime de acumulação na China que arrefecem a tendência concentradora do capital naquele país: 1. o processo de financeirização com características chinesas, 2. a estratégica fatia da propriedade estatal na economia, 3. sua trajetória na questão agrária.

 This article contributes to the debate on income and wealth distribution in China by analyzing the main characteristics of the Chinese accumulation pattern that determine its distributive dynamics in a comparative perspective. After a period of rapid growth of inequalities, coupled with improved living conditions for all distribution deciles, inequalities have stabilized in China since the mid-2000s. Globally, China is today in a distributive pattern worse than Western Europe or Japan, but it is more egalitarian than the United States and far from theworld inequality frontier defined by Brazil, India, South Africa and the Middle East. In this article, we scrutinize three characteristics of the regime of accumulation in China that mitigate the capital-concentrating tendency: 1. the financialization process with Chinese characteristics, 2. the strategic share of State ownership in the economy, 3. its trajectory overthe agrarian question.

 DOI 10.1590/0101-31572019-2929

Vol.39, n.o3(156), 2019
Economic globalization in the global post-crisis of 2008: limits and deadlocks
(Globalização econômica no pós-crise global de 2008: limites e impasses)
Rafael Henrique Dias Manzi

 A globalização econômica entrou em uma nova fase de relativa estagnação e arrefecimento a partir do início da crise global de 2008. O principal objetivo desse artigo é examinar as dinâmicas que explicam o arrefecimento do processo globalização econômica a partir do início da crise global de 2008. Os resultados iniciais indicam que o processo de estagnação das forças globais não está ligado apenas a uma conjuntura de menor crescimento econômico da própria economia global após 2008, mas também reflete principalmente dinâmicas políticas no âmbito dos estados nacionais e do próprio sistema internacional que possuem impacto direto sobre o fenômeno da globalização econômica.

 Economic globalization has entered a new phase of relative stagnation and cooling since the beginning of the global crisis of 2008. The main objective of this article is to examine the dynamics that explain the stagnation of the economic globalization process from the beginning of the global crisis of 2008. The initial results indicate that the process of stagnation of global forces is not only related to a scenario of lower economic growth of the global economy after 2008, but also reflects mainly political dynamics within national states and the international system itself that have a direct impact on the phenomenon of economic globalization.

 DOI 10.1590/0101031572019-2922 

Vol.39, n.o3(156), 2019
Multilateral development banks, new developmentalism and local currency financing
(Bancos multilaterais de desenvolvimento, novo desenvolvimentismo e financiamento em moeda local)
Cinthia Bechelaine e Luiz Carlos Bresser-Pereira

Os bancos multilaterais de desenvolvimento (MDBs) são projetados para financiar investimentos que promovam o desenvolvimento econômico e social global. O objetivo deste artigo é discutir um componente-chave para atender à demanda por investimentos em países em desenvolvimento, ou seja, a capacidade dos bancos multilaterais de fornecer empréstimos em moeda local e não em moeda estrangeira. Para explicar como essas instituições cumprem esse propósito, distinguimos os MDBs "tradicionais" dos "novos", discutimos os problemas gerados pelo endividamento em moeda estrangeira e exploramos uma saída ou uma explicação alternativa, baseada na teoria do Novo Desenvolvimentismo e no desafio da comunidade local. financiamento de moeda. 

Multilateral Development Banks (MDBs) are designed to finance investments that promote global economic and social development. The objective of this paper is to discuss a key component in meeting the demand for investment in developing countries, namely the ability of MDBs to provide loans in local rather than foreign currency. To explain how these institutions fulfill this purpose, we distinguish "traditional" from "new" MDBs, discuss the problems generated from foreign currency indebtedness, and explore a way out, or an alternative explanation, based on New Developmentalism theory and the challenge of local currency financing.

DOI 10.1590/0101-31572019-2980 

Vol.39, n.o4(157), 2019
A geoeconomia do império e as mutações do capital: os dois ciclos de expansão econômica dos Estados Unidos no final do século XX
(The geoeconomics of the empire and the mutations of the capital: the two cycles of US economic expansion in the late twentieth century)
Maria da Conceição Tavares e Maurício Metri

Resumo - Este artigo, escrito em 2003-04, tem como objetivo analisar os dois ciclos de expansão econômica dos Estados Unidos no final do Século XX e a crise financeira de 2001 que lhes sucedeu. Para tanto, parte-se de um exame das mutações do capital, sobretudo a partir da década de 1970. Ao final, empreende-se uma reflexão sobre a conjuntural internacional e as mudanças da natureza da hegemonia dos Estados Unidos no início do Século XXI. 

Abstract - This paper was written in 2003-04 and aims to investigate the two cycles of US economic expansion in the late of the 20th Century and the 2001 financial crisis. For this purpose, it starts an examination of the mutations of the capital since the 1970s. In the end, it analyzes the international context and the changes in the US hegemony nature at the beginnings of the 21st Century. 

DOI 10.1590/0101-31572020-3043 

Vol.40, n.o1(158), 2020
Determinants of real exchange rate movements in 15 emerging market economies
(Determinantes dos movimentos reais da taxa de câmbio em 15 economias emergentes)
Thomas Goda e Jan Priewe

Trabalhos anteriores estabeleceram que uma apreciação da taxa de câmbio efetiva real (REER) contribui para a desindustrialização prematura, investimento menos produtivo e dependência de ciclos de expansão e contração de commodities nas economias de mercados emergentes (EME). Na literatura, é menos claro, no entanto, quais são os fatores mais importantes para os movimentos cíclicos de REER no EME. O objetivo deste estudo é fornecer evidências empíricas sobre os determinantes dos movimentos REER de 15 mercados emergentes nas últimas duas décadas, usando análise estatística e uma abordagem de modelo de efeitos fixos em painel dinâmico. Nossa análise mostra que, embora EME “commodity” e “industrial” sejam heterogêneos, a volatilidade do REER tende a ser maior entre os primeiros. EME que tiveram REER mais estáveis se saíram melhor do que aqueles que tiveram uma tendência de depreciação ou valorização (com a exceção notável da China). Como teoricamente esperado, os preços das commodities são um importante fator estrutural dos movimentos do REER no “EME das commodities”. Além disso, os resultados confirmam a existência do efeito Harrod-Balassa-Samuelson e mostram a importância dos ingressos financeiros. Além disso, as intervenções dos bancos centrais foram parcialmente bem-sucedidas para evitar apreciações mais substanciais (depreciações). Por fim, descobrimos que o menor risco país e, pelo menos em alguns períodos, o aumento de dinheiro nos países da OCDE levaram a apreciações de REER em nossos países da amostra. 

Previous work has established that an appreciation of the real effective exchange rate (REER) contributes to premature deindustrialization, less productive investment and dependence on commodity booms and busts in emerging markets economies (EME). From the literature, it is less clear, however, what the most important drivers for the cyclical REER movements in EMEare. The aim of this study is to provide empirical evidence about the determinants of the REER movements of 15 emerging markets during the last two decades, using statistical analysis and a dynamic panel fixed effects model approach.Our analysis shows that although “commodity” and “industrial” EME are heterogeneous, REER volatility tends to be higher among the former.EME that had more stable REER fared better than those that had a depreciating or appreciating trend (with the notable exception of China). As theoretically expected, commodity prices are an important structural driver of REER movements in “commodity EME”. Moreover, the results confirm the existence of the Harrod-Balassa-Samuelson effect, and show the importance of financial inflows. Further, the interventionsof central banks were partially successful to avoid more substantial appreciations (depreciations). Finally, we find that lower country risk and, at least in some periods, growing broad money in OECD countries has led to REER appreciations in our sample countries. 

Vol.40, n.o2(159), 2020
Targeting economic development with science and technology parks and gateway cities: Schumpeterian possibilities of new developmental states in fostering local and global development
(Mirando o desenvolvimento econômico com parques científicos e tecnológicos e cidades gateway: possibilidades schumpeterianas do novo desenvolvimentismo na promoção do desenvolvimento local e global)
Patrícia Alencar Silva Mello, Mario Gomes Schapiro e Nelson Marconi

Neste artigo, investigamos como ambientes inovadores, como política estratégica local, com características particulares do novo estado de desenvolvimento empresarial, associado ao que chamamos de política schumpeteriana, podem transformar regiões de países de renda média, como o Brasil. Em particular, procuramos responder à seguinte questão de pesquisa: como o Parque Tecnológico de São José dos Campos (STP-SJC) tem sido usado como uma ferramenta para promover o desenvolvimento regional? Para respondê-la, tendo como perspectiva um modelo lógico para essa política, focamos nos principais objetivos desse ambiente e empiricamente realizamos um estudo de caso aplicando a metodologia de rastreamento de processos. 

In this paper, we investigate how innovative environments as a local strategic policy with particular features of the new entrepreneurial developmental state associated to what we call a Schumpeterian-style of policy can transform regions of middle-income countries, like Brazil. In particular, we sought to answer the following research question: how the São José dos Campos Science and Technology Park (STP-SJC) has been used as a tool to promote regional development? To answer it, having a logical model of this policy in perspective, we focus on this environment’s main objectives and empirically we performed a case study applying process tracing methodology. 

Vol.40, n.o3(160), 2020
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