Marcelo Curado

Rigidez na balança comercial e movimentos de capital: uma abordagem estruturalista

The paper develops a structuralist North-South model in which growth in the South is constrained by a technology-gap, leading to reduced competitiveness and Balance-of-Payments disequilibrium. The South demands foreign capital in order to achieve full employment and convergence with respect to the Northern rates of growth. But the rate of growth of foreign capital inflows falls as the Southern debt increases. This leads to a brief period of convergence, followed by slower growth in the South.

Foreign direct investment and industrialization in Brazil

This paper analyses the role of the foreign direct investment - FDI, in the industrialization process of Brazilian economy between 1860 and 1980. The reference for the division the period was the proposal by Tavares (1975) and Mello (1982): Growth with industrial activity diversification (1860-1933); Restrict industrialization (1933-1955) and 3. Heavy industrialization (1955-1980). The research demonstrate that to comprehend the behavior of the FDI, its necessary to considerate the domestic and foreign conditions, as the proposal by Possas (1983).

METAS DE INFLAÇÃO E VOLATILIDADE CAMBIAL: UMA ANÁLISE DA EXPERIÊNCIA INTERNACIONAL COM PAINEL-GARCH

Circuitry for generating AC signals is provided. The circuitry may be used to produce AC drive signals for microelectromechanical systems (MEMS) devices such as MEMS devices used in fiber-optic communications network equipment. The circuitry may include an amplitude controller for producing a DC voltage, a waveform generator for producing an AC waveform having an amplitude proportional to the DC voltage, and a transformer for boosting the AC waveform to produce the AC drive signals.

Produtividade do trabalho, salários reais e desemprego na indústria de transformação do Brasil na década de 1990: teoria e evidência

Este artigo investiga se os ganhos de produtividade do trabalho verificados na industria de transformacao brasileira nos anos 90 tiveram algum impacto sobre o comportamento dos salarios reais. Para isso, utiliza o modelo de Ball e Moffit (2001), que incorpora a produtividade do trabalho a explicacao da variacao dos salarios reais. A decada de 1990 foi dividida em dois periodos para fins de analise: janeiro de 1990 a junho de 1994, e julho de 1994 a dezembro de 2000. Os resultados apontarao que a produtividade do trabalho foi uma variavel significativa na explicacao dos salarios reais antes do Plano Real.

Identificando as preferências do banco central do Brasil (2002-2013)

This paper estimates Central Banks preferences for the period between 2002 and 2013. Therefore, we analyze a Central Bank optimization problem within an open economy. The Euler equation that solves this problem allows to apply the generalized method of moments (GMM) to efficiently estimate the parameters. Such an approach dissociates the preferences parameters from those related to the structural conditions of Brazilian economy, unlike what occurs on direct estimations of a monetary policy rule. The results indicate a high degree of flexibility in Brazils inflation targeting regime, suggesting that output stabilization around its potential is a significant goal in monetary policy decisions, over a strict inflation control. This flexible nature of the monetary policy management seems to have been deepened over the administration of President Alexandre Tombini.

Produtividade, salários e taxa de câmbio: uma análise da experiência brasileira nos anos 1990

This paper discusses the interrelations between real wages, the real exchange rate and productivity in the Brazilian economy during the nineties. This period is particularly interesting as it combined trade liberalization, the valorization of the Real and relatively high rates of growth of labor productivity. With this objective, a VEC model was used to test a theoretical model based on monopolisitic competition. The model predicted correctly the association between real wages and productivity, but it did not perform well as regards real wages and unemployment.

Investimento direto externo no Brasil: uma análise para o período de alta inflação

This is a study about exchange crisis in the beginning of Republic. Is shows the relation between credit expansion and mil-reis overshooting. Furtado´s analysis is incorrect to explain this event. This paper concludes the capital account adverse behavior

Taxa de câmbio real e crescimento econômico: uma comparação entre economias emergentes e desenvolvidas

Real exchange rate and economic growth: a comparison between emerging and developed economies. This paper presents a discussion on the relationship between economic growth and real exchange rate. The article presents the results generated by a dynamic panel that tested the relationship of economic growth with the level of the exchange rate, exchange rate volatility and the choice of exchange rate regime from 26 countries, 13 emerging and 13 developed. The results suggest that the level of the exchange rate and volatility are relevant for growth. Finally, the paper stresses that there are important differences when comparing developed and emerging economies.

TECHNOLOGY, CAPITAL FLOWS AND THE BALANCE OF PAYMENTS CONSTRAINT IN A STRUCTURALIST NORTH-SOUTH MODEL

In the 1990s Latin America witnessed the return of foreign capital to the region, after having been left aside as a destination for international lending during the ‘lost decade’ of the 1980s (CEPAL, 1998: ch. III). This has been a mixed blessing, however. Clearly, by easing the external constraint, capital inflows contributed to the resumption of growth during the 1990s. But mounting trade deficits and external indebtedment, along with an increasing fragility in the capital account, raised once again in the agenda of several Latin American countries the shadow of currency and debt crises by the end of the 1990s (French-Davis, 2000). The currency crises of Mexico in 1994, Brazil in 1999, and especially that of Argentina and Uruguay in 2002, highlighted the gravity of this problem.

ADOÇÃO DO REGIME DE METAS DE INFLAÇÃO E AS FUNÇÕES DE REAÇÃO DOS BANCOS CENTRAIS

The empirical experiments in this paper evaluates if the inflation targeting regime adoption (ITR) with different institutional arrangements – flexible or rigid – has any influence in the central banks’ reaction function behavior in ITR. For this intent, it is composed segregate panel samples, according to the institutional flexibility, and made econometric exercises by using dynamic panel techniques. The results suggest differences in the reaction function behavior of the central banks with rigid ITR in face of that institutionally flexible.