Carolina Troncoso Baltar

Real exchange rate and investment in the Brazilian manufacturing industry

– The purpose of this paper is to study the impact of the real exchange rate on investment in the Brazilian manufacturing industry. , – The authors develop an investment model that considers the effect of changes in the real exchange rate, taking into account that the effect of the real exchange rate on the Brazilian manufacturing investment operates through demand and cost channels. The composition of these effects varies across manufacturing sectors, with different repercussions on investment decisions, depending on sectoral characteristics. A panel data analysis is applied to estimate the model for the Brazilian manufacturing sectors from 1996 to 2010. , – One main result is that the responsiveness of the Brazilian manufacturing investment to real exchange rate varies considerably across manufacturing sectors. Overall, the results contribute to a better understanding of the relationship between exchange rate dynamics, manufacturing investment and industrial development, thus unveiling important empirical elements for the debate on industrial policies to stimulate manufacturing investment and production. , – As the (scant) empirical literature on real exchange rate and investment in Brazil has invariably been using aggregate data, this paper contributes to the literature by obtaining sectoral estimates of the responsiveness of manufacturing investment to exchange rate fluctuations that further the understanding of the complex relationship between these economic variables.

Comércio exterior inter e intra-industrial: Brasil 2003-2005

The period between 2003-2005 illustrated a high growth in world trade. In this context, Brazil was able to revert its trade deficit, taking advantage of a considerable surplus. Nevertheless, this trade dynamism did not go hand in hand with national economic growth. This article makes an empirical analysis of Brazilian trade in this recent period of world trade expansion, with a view to comparing the kinds of Brazilian trade with the industrial structure that exists in this country. The methodology adopted is innovative in that it allows the evaluation of trade from a qualitative perspective, by examining the kind of product and region of origin and destination of the flows.

The Brazilian Economy since the Great Financial Crisis of 2007/2008

Chapter 1: The Brazilian Economy Downhill: Assessing the Debate from a Keynesian-Structuralist Perspective.- Chapter 2: Monetary Institutions and Macroeconomic Performance in Brazil after the Inflation Targeting Regime: Theoretical Aspects and Empirical Evidence.- Chapter 3: Asymmetric Exchange Rate Pass-Through: Evidence and Policy Implications for Brazil (1999-2013).- Chapter 4: External Vulnerability of the Brazilian Economy since the Great Global Crisis: New Features in a Turbulent World.- Chapter 5: Brazilian Industry: Recent Performance and Future Challenges.- Chapter 6: Financialization and Investment Behaviour among Non-Financial Corporations in Brazil since the Global Crisis.- Chapter 7: Income Distribution, Productivity and Economic Growth: Empirical Evidence in the Case of Brazil.- Chapter 8: Brazils Fiscal Policy in Perspective: From Expansion to Austerity.- Chapter 9: Social Policy under Stress: Major Shifts after the Crisis.- Chapter 10: The Impact of the Great Financial Crisis on the Brazilian Stock Market.- Chapter 11: Foreign Exchange Derivatives, Banking Competition and Financial Fragility in Brazil.-

Income Distribution, Productivity and Economic Growth: Empirical Evidence in the Case of Brazil

Brazil achieved a relatively high economic growth in the early 2000s, when the world scenario was favourable for the Brazilian trade balance. Under that scenario, an incomes policy, focused on real increases in the minimum wage along the business cycle, was undertaken, with positive consequences for the country’s economic performance. However, the Great Recession (GR) that emerged after the 2007–2008 Global Financial Crisis (GFC) brought challenges to the Brazilian economy, with unpleasant consequences for the country’s GDP growth, despite the incomes policy. The aim of this chapter is to analyse comprehensively the changes in the purchasing power of workers in the 2000s and during the GR, verifying whether it is a result of changes in productivity or due to changes in the real exchange rate. The theoretical background is the Kaleckian literature on income distribution and economic growth that accounts for the effects of wage share on economic growth, including the effects of productivity.

Brazilian economic performance since the emergence of the great recession: the effects of income distribution on consumption

This is the final version of the article. It first appeared from The Association of Economists of Vojvodina via https://doi.org/10.2298/PAN1602157A