Anderson Cavalcante

The behavior of liquidity preference of banks and public and regional development: the case of Brazil

This paper aims at analyzing the role of several monetary variables in the development of different regions based on the concepts of central place and on the Post Keynesian approach to regional economy. The concept of liquidity preference is used to analyze the effect of money behavior on the regional economic performance of regions inside Brazil. The analysis of data is accomplished by using principal component analysis and cluster analysis.

IMPACTOS MACROECONÔMICOS NA VARIAÇÃO REGIONAL DA OFERTA DE CRÉDITO

O presente trabalho se insere em uma agenda de pesquisa em economia regional que, se nao e recente, pode-se dizer que ainda nao se consolidou, qual seja, o aspecto financeiro do desenvolvimento regional. O trabalho objetiva analisar de que forma condicoes macroeconomicas distintas podem influenciar na variacao do credito entre regioes. Dois periodos distintos da economia brasileira recente sao analisados: o ano de 1994, cujas principais caracteristicas foram a estabilizacao monetaria e o crescimento baseado no consumo interno; e 2004 caracterizado por um forte crescimento sustentado pela desempenho exportador. Atraves da analise shift-share da distribuicao regional do credito, procura-se mostrar que o crescimento sustentado no mercado interno e mais propicio a distribuicao do credito regionalmente se comparado com o crescimento sustentado pelo mercado externo. Este resultado lanca luzes sobre o debate acerca de qual tipo de crescimento economico e melhor do ponto de vista do combate as disparidades regionais.

Investment and the banking system: a Kaleckian approach for regions in Brazil

ABSTRACT This paper analyzes the effects of the regional distribution of the banking system on investment rates in Brazil. The investigation relies on a perspective whereby the role of external funds in inducing firms’ investment is determined by the disparate regional distribution of the banking system. Empirical results from a panel-data multilevel model indicate that the regional concentration and centralization of the banking system are relevant for firms’ investment choices. More importantly, the fitness of the multilevel model indicates the need to consider that investment rates vary according to a regional hierarchical banking structure (centre versus periphery).