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...

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Detalhes bibliográficos
Autores: Bresser-Pereira, Luiz Carlos, Gala, Paulo
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
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spelling Escolas::EESP2008-10-16T19:10:23Z2008-10-16T19:10:23Z2005-10-012005-10-01T00:00:00Zhttp://hdl.handle.net/10438/1959The 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 occurO presente artigo é uma formalização da crítica à estratégia do crescimento com poupança externa. Apesar dos países de renda média serem pobres em capital, os déficits em conta corrente (poupança externa), financiados por empréstimos ou investimentos diretos externos, não necessariamente farão aumentar a taxa de acumulação de capital ou, mesmo, terão pouco impacto sobre ela, de forma que os déficits em conta serão associados a taxas de câmbio apreciadas, altos salários e ordenados reais e altos níveis de consumo. Conseqüentemente, o país se endividará para consumir, e não para investir e crescer. Apenas quando há grandes oportunidades de investimento, estimulados por uma diferença considerável entre a taxa de lucro esperada e a taxa de juros a longo prazo, o lucro adicional produzido pelo fluxo de capital estrangeiro será usado para investimento, e este trade-off entre a redução da poupança externa e interna não ocorreráporTextos para discussão - EESP ; 145Domestic savingsDevelopment financeForeign savingsPoupança externaPoupança internaFinanciamento do desenvolvimentoE1E2F0F3O11EconomiaPoupançaFinanciamentoCrítica do crescimento com poupança externainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessBresser-Pereira, Luiz CarlosGala, PauloORIGINALTD145.pdfapplication/pdf167876https://repositorio.fgv.br/bitstreams/eab1a206-a061-4e51-86db-61d5e11aba21/downloadc8e4f1a67b0ed277bf7047f1ff92a165MD51TEXTTD145.pdf.txtTD145.pdf.txtExtracted texttext/plain50652https://repositorio.fgv.br/bitstreams/03e8c8fa-c3b6-440b-805d-bf1345828fe1/download9979fbfb4d3cb63da21c8c218edbe0bbMD56THUMBNAILTD145.pdf.jpgTD145.pdf.jpgGenerated Thumbnailimage/jpeg3868https://repositorio.fgv.br/bitstreams/17ef3e2a-cf88-41ec-af55-86c53f337eb9/download4fca11986c5986c4bdcfd2deff33ca71MD5710438/19592023-11-08 08:47:42.73open.accessoai:repositorio.fgv.br:10438/1959https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T08:47:42Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.por.fl_str_mv Crítica do crescimento com poupança externa
title Crítica do crescimento com poupança externa
spellingShingle Crítica do crescimento com poupança externa
Bresser-Pereira, Luiz Carlos
Domestic savings
Development finance
Foreign savings
Poupança externa
Poupança interna
Financiamento do desenvolvimento
E1
E2
F0
F3
O11
Economia
Poupança
Financiamento
title_short Crítica do crescimento com poupança externa
title_full Crítica do crescimento com poupança externa
title_fullStr Crítica do crescimento com poupança externa
title_full_unstemmed Crítica do crescimento com poupança externa
title_sort Crítica do crescimento com poupança externa
dc.creator.none.fl_str_mv Bresser-Pereira, Luiz Carlos
Gala, Paulo
author Bresser-Pereira, Luiz Carlos
author_facet Bresser-Pereira, Luiz Carlos
Gala, Paulo
author_role author
author2 Gala, Paulo
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.subject.eng.fl_str_mv Domestic savings
Development finance
Foreign savings
topic Domestic savings
Development finance
Foreign savings
Poupança externa
Poupança interna
Financiamento do desenvolvimento
E1
E2
F0
F3
O11
Economia
Poupança
Financiamento
dc.subject.por.fl_str_mv Poupança externa
Poupança interna
Financiamento do desenvolvimento
dc.subject.classification.por.fl_str_mv E1
E2
F0
F3
O11
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Poupança
Financiamento
description 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
publishDate 2005
dc.date.submitted.none.fl_str_mv 2005-10-01T00:00:00Z
dc.date.issued.fl_str_mv 2005-10-01
dc.date.accessioned.fl_str_mv 2008-10-16T19:10:23Z
dc.date.available.fl_str_mv 2008-10-16T19:10:23Z
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dc.relation.ispartofseries.por.fl_str_mv Textos para discussão - EESP ; 145
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