Vol. 11 No. 1 (1991): Jan-Mar / 1991

Vol. 11 No. 1 (1991)

Jan-Mar / 1991
Published January 1, 1991


Dolarização crônica: Argentina e Brasil
Luiz Carlos Bresser-Pereira, Aldo Ferrer
Brazilian Journal of Political Economy

Dollarization is usually an acute monetary phenomenon. It accompanies short-lived infla-tionary processes. In Latin America, it is usual to hear of a threat of dollarization, but effecti-ve dollarization only takes place with hyperinflation. An exception is Argentina, where there is a historically new phenomenon: a chronic, long-lived dollarization. If chronic (Inertial) infla-tion is particularly difficult to control, chronic dollarization is still more difficult.

Estratégias de estabilização: Peru
Rudiger Dornbusch
Brazilian Journal of Political Economy

Written just before the new president of Peru, Alberto Fujimori, takes the position, this article incorporates the necessity of banish the populism and take emergencial measures toge-ther with long-run measures in order to obtain an effective stabilization of the economy. It emphasizes what could be considered consensus among the economists from countries that have experienced chronic inflation: equilibrium of budget deficit, shock therapy, necessity of income policy. It is conc1uded that in spite of the costs of an adjustment to be done, the less privileged classes will suffer much less than in continuous inflationary context.

Considerações sobre o endividamento externo dos países em desenvolvimento
José W. Rossi
Brazilian Journal of Political Economy

In this study we briefly summarize the difficulties faced by the developing countries concer-ning their foreign debt. We also discuss the factors, which stand behind the ratios of indebtness most commonly used. Finally we present a summary of the main proposals which have been advanced to reduce the foreign debt of the developing countries.

Dinâmica de introdução de inovações na agricultura: uma crítica a abordagem neo-clássica
Ademar Ribeiro Romeiro
Brazilian Journal of Political Economy

This paper presents the theoretical foundations of the induced innovation model. We try to show its inadequacy to explain the rise of a new technological paradigm. The validity of the model is restricted by its central hypothesis as to the economic rationality of productive agents that are induced to introduce innovations to save the more expensive production factor. Supply-side constraints on innovations are neglected, but they are very important to explain the technical and ‘scientific characteristics that define a new technological pattern; so, the fac-tor-saving bias is the only thing the model can say about a new technological paradigm to be generated.

Dívida, senhoriagem e inflação em economia do tipo brasileiro
Alain Lipietz
Brazilian Journal of Political Economy

Sistema financeiro de habitação: a questão do desequilíbrio do FCVS
Clovis de Faro
Brazilian Journal of Political Economy

The Brazilian Financial Housing System is on the verge of virtual insolvency. The conti-nued presence of inflation, coupled with an inconsistent system of debt indexation (the so-cal-led monetary correction), further aggravated both by a plethora of concessions given to the borrowers and by some ill-conceived procedures that were imposed by a sequence of stabiliza-tion plans (Cruzado, Summer and Collor) has resulted in a potential imbalance of USS 20 bil-lions for the Fundo de Compensação de Variações Saláriais — FVCS (Compensation Fund of Wage Variations). Discussing the basic inconsistency of the debt indexation scheme that is still being used, the paper points out the origin of the problem and offers some suggestions on how it could be reduced.

Em memória de Raúl Perbisch (1901-1986)
Steffen Flechsig
Brazilian Journal of Political Economy

Starting from Raúl Prebisch’s personal and intellectual trajectory — from an young neoclassi-cal at service of Argentinean oligarchy to a critical of Latin-American development — this pa-per provides a de tailed analysis and a critical appraisal of his ultimate contribution on peripherical capitalism. In conclusion, it is intended to claim that his search for an alternative appro-ach to Latin-American capitalism has not succeeded in breaking up the boundaries of bourge-ois political economy.

Endogeneidade da moeda, instabilidade e política monetária
Luiz Afonso Simoens da Silva
Brazilian Journal of Political Economy

This paper tries to analyse the scope of a monetary policy in the context of endogenous money, instability, and capital mobility. It starts with the post keynesian critique to the mains-tream, and concludes with the impotence of the central bank to reach the stability of prices in Brazil through the use of the classical instruments on monetary policy.


Alguns princípios para a reforma do sistema financeiro nacional
Edmar L. Bacha
Brazilian Journal of Political Economy

Desafios da centralização sindical: uma agenda para os anos 90
Edward J. Amadeo, José Márcio Camargo
Brazilian Journal of Political Economy

A controversia da desconcentração geográfica da indústria na década de 70
Carlos Maurício de Carvalho Ferreira
Brazilian Journal of Political Economy

Os leilões de cruzeiros e a taxa de deságio dos cruzados novos
Fábio Giambiagi
Brazilian Journal of Political Economy