Delays in stabilization or in reforms? The debt crisis

Empirical analyses attributing the 1980s' debt crisis to inconsistent stabilization policies rest on an inappropriate long-run approach. Revising this long-run approach yields opposite results: terms of trade shocks and foreign indebtedness explain this crisis, regardless of domestic stabilization policies. This prompts us to consider a new hypothesis, of delays in trade-policy reforms, with a model in which terms-of-trade variation (under shocks) is endogenous to export structure and efficiency of resource allocation. Evidence from the structural equations model shows that allocation distortions negatively affect changes in terms of trade, which then explain this crisis. A political economy extension demonstrates that income inequality and regional trade policy determine the distortions, which in turn leads to this crisis.

The debt crisis: a re-appraisal

The 1980s' debt crisis is a landmark in developing economies' growth and stabilization. According to the most quoted empirical articles, external shocks and vicissitudes gave rise to crisis just because of delays in stabilization policies, engendered by internal conflicts and institutional immaturity. I review some of these papers, and find out some problems - in the measurement of shocks and foreign indebtedness, namely - whose corrections lead to opposite results: external shocks and foreign indebtedness explain that crisis regardless of domestic policies. At the same time, the strong correlation of income distribution to terms of trade changes and foreign indebtedness suggest that inequality may have contributed differently to that crisis: either through an economic channel, or through a political channel based on delays in reforms.

Agent-based model to rural-urban migration analysis

In this paper, we analyze the rural-urban migration phenomenon as it is usually observed in economies which are in the early stages of industrialization. The analysis is conducted by means of a statistical mechanics approach which builds a computational agent-based model. Agents are placed on a lattice and the connections among them are described via an Ising-like model. Simulations on this computational model show some emergent properties that are common in developing economies, such as a transitional dynamics characterized by continuous growth of urban population, followed by the equalization of expected wages between rural and urban sectors (Harris-Todaro equilibrium condition), urban concentration and increasing of per capita income. (c) 2005 Elsevier B.V. All rights reserved.

Política fiscal e reestruturação da dívida pública no Brasil

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Taxa de câmbio e estratégia de crescimento econômico de longo prazo da China

Pós-graduação em Economia - FCLAR

Emergy diagnosis and reflections towards Brazilian sustainable development

This paper presents an environmental emergy-based diagnosis of Brazil compared with Russia, India, China, South Africa and United States. Reflections on the Brazilian sustainable development are presented and discussed based on the evaluations published since 1979. The variation of the emergy per capita for Brazil from 1979 to 2007 indicates that the country's growth is tied to the exploitation of non renewable natural resources which do not directly reflect in the welfare of the population. The total emergy exported per unit of gross domestic product increased in the period, suggesting that the country exports more emergy than that contained in the money received for the exportation. With the help of the emergy indices, the future development of Brazil is explored and discussed. The comparison among the BRICS (Brazil, Russia, India, China and South Africa) countries and United States indicates that what may be appropriate and usable within one country may not be within another and that to achieve the global sustainability two concomitant actions may occur: (i) the reduction of the total emergy use in developed economies, and (ii) the reduction of indigenous resources exportation in developing economies. (C) 2013 Elsevier Ltd. All rights reserved.