Vol. 31 No. 5 (2011)
How to Cite
Finance-led growth regime in Brazil
theoretical status, empirical evidence and macroeconomic consequences
Abstract
This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some ed Brazilian macroeconomic indicators.
JEL Classification: E44; O11; N26.
Keywords: financialization growth regime Brazilian economy Brazilian financial system