Crítica do crescimento com poupança externa
The present paper is a formalization of the critique of the growth with foreign savings strategy. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital ac...
| Autores: | , |
|---|---|
| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2005 |
| País: | Brasil |
| Recursos: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Repositório Institucional do FGV (FGV Repositório Digital) |
| Idioma: | portugués |
| OAI Identifier: | oai:repositorio.fgv.br:10438/1959 |
| Acesso em linha: | http://hdl.handle.net/10438/1959 |
| Access Level: | acceso abierto |
| Palavra-chave: | Domestic savings Development finance Foreign savings Poupança externa Poupança interna Financiamento do desenvolvimento E1 E2 F0 F3 O11 Economia Poupança Financiamento |
| Resumo: | The present paper is a formalization of the critique of the growth with foreign savings strategy. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital accumulation or will have little impact on it in so far as current account deficits will be associated with appreciate exchange rates, increased real wages and salaries and high consumption levels. In consequence, the rate of substitution of foreign savings for domestic savings will be relatively high, and the country will get indebted to consume, not to invest and grow. Only when there are large investment opportunities, stimulated by a sizeable difference between the expected rate of profit and the long term interest rate, additional income originated by foreign capital flows will be used for investment and this trade-off between foreign savings and domestic savings reduction will not occur |
|---|