relationship. All subsequent studies confirmed it (see for example King and Levine, 1993, and the review in: Pagano, 1993). Goldsmith used a sample of 35 countries for the period between 1860 and 1963 to show the relationship between income and financial depth measured by the ratio between bank's assets and GDP. He also showed that in periods of rapid growth, financial depth grows faster than income. More details about measuring financial depth can be found in this paper. FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH Velimir Šonje

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Financial development and economic growth

The rise of 'the rest' : Challenges to the west from late-industrializing economies.

Economic Backwardness in Historical Perspective: A Book of Essays

Can It Happen Again

The geography of money

Resumo Este artigo analisou a performance da economia brasileira no periodo 2003-2016, focando em particular na desaceleracao economica recente e recessao que a seguiu Nossa analise mostra que houve tanto problemas de coordenacao na politica macroeconomica que tornou politicas anticiclicas pouco eficazes no periodo 2011-2014 (assim como no caso das politicas contracionistas em 2015) quanto problemas relacionados a choques exogenos O artigo avalia e sugere algumas politicas economicas - de curto e de longo prazos - que contribuam para a superacao da crise economica, destacando em particular a necessidade de uma boa coordenacao entre politicas de curto prazo e de longo prazo de modo a nao comprometer o crescimento sustentavel da economia

/pdf/crise-e-perspectivas-para-a-economia-brasileira-4zrmv5ebuc.pdf

Crise e perspectivas para a economia brasileira

(2000). External Financial Fragility and the 1998-1999 Brazilian Currency Crisis. Journal of Post Keynesian Economics: Vol. 22, No. 4, pp. 589-617.

External Financial Fragility and the 1998-1999 Brazilian Currency Crisis

The purpose of this paper is to examine the Inflation Targeting (IT) framework as it is applied in the case of Brazil since its adoption in June 1999. For this purpose we first summarize the macroeconometric model utilized by the Central Bank of Brazil (BCB) in its pursuit of the IT framework. While the focus of this paper is on Brazil, we also examine the experience of other countries with IT (in particular, the BRIC countries: Brazil, Russia, India, and China), both for comparative purposes and for evidence of the extent of success of this ‘new’ economic policy pursued by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non‐IT countries. In the context of non‐IT countries, we ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not. Finally, we examine some features of the Brazilian experience with IT regime.

/pdf/inflation-targeting-in-brazil-1l40qg9r6v.pdf

Inflation targeting in Brazil

While the post Keynesian literature offers a rather clear concept for growth-oriented policies, it is necessary to adapt them for peripheral emerging economies. We base our analysis of an appropriate Keynesian policy mix for these countries on the concept of currency hierarchy, where the currencies of peripheral emerging economies have a lower liquidity premium than the currencies of advanced economies. The international asymmetry related to the currency hierarchy, amplified by financial globalization, imposes major constraints to the adoption of Keynesian policies for these economies. Under these conditions, we argue that domestic economic policy coordination should lay a major focus on a low policy rate and, especially, a competitive exchange rate for obtaining, at least, a balanced current account, in order to prevent capital flows boom-bust-cycles with subsequent financial crises. We conclude that it is a rather ambitious and long-term goal to climb up the currency hierarchy, especially under ...

/pdf/keynes-at-the-periphery-currency-hierarchy-and-challenges-33f3js75bq.pdf

Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies

This paper develops some general guidelines thatshould take part of a new view of development to Brazil, in opposition to theneoliberal project. This alternative, that is called “new developmentalism”, shouldinclude sustained economic growth with social equity. Key-words: developmentalism, State, strategy of development.JEL Classiﬁcation: E24, 011, P41.A mais importante Agenda do Estado nao esta relacionada asatividades que os individuos particularmente ja realizam, masas funcoes que estao fora do âmbito individual, aquelas deci-soes que ninguem adota se o Estado nao o faz. Para o gover-no, o mais importante nao e fazer coisas que os individuos jaestao fazendo, e faze-las um pouco melhor ou um pouco pior,mas fazer aquelas coisas que atualmente deixam de ser feitas.J. M. Keynes, “O ﬁm do

https://www.scielo.br/pdf/rep/v27n4/a01v27n4.pdf

Luiz Fernando de Paula

Papers

Crise e perspectivas para a economia brasileira

External Financial Fragility and the 1998-1999 Brazilian Currency Crisis

Inflation targeting in Brazil

Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies

Por que novo-desenvolvimentismo?