A heterodox rereading of Bresser-Nakano

Vol. 22 No. 4 (2002)

Oct-Dec / 2002
Published October 1, 2002
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Neto, Alcino Ferreira Câmara, and Matias Vernengo. 2002. “A Heterodox Rereading of Bresser-Nakano”. Brazilian Journal of Political Economy 22 (4):720-24. https://doi.org/10.1590/0101-31572002-1243.

A heterodox rereading of Bresser-Nakano

Alcino Ferreira Câmara Neto
Professor Adjunto e Decano do Centro de Ciências Jurídicas e Econômicas da Universidade Federal do Rio de Janeiro – CCJE-UFRJ, Rio de Janeiro/RJ, Brasil.
Matias Vernengo
Assistant Professor, Kalamazoo College, Michigan, Estados Unidos.
Brazilian Journal of Political Economy, Vol. 22 No. 4 (2002), Oct-Dec / 2002, Pages 720-724


Bresser-Pereira and Nakano argue, in their article on stable growth, that the fiscal adjustment has already been effectively carried out in Brazil. For them, what needs to be done, contrary to the orthodox demands for more fiscal adjustment, is an active commercial and industrial policy to stimulate exports, to complement the lower interest rate and a more devalued exchange rate. It is suggested here that capital controls would be necessary to maintain relative exchange rate stability, following Keynes’ heterodox ideas. 

JEL Classification: F38; E52; E62.

Keywords: Capital controls monetary policy fiscal policy