Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington
Autor(a) principal: | |
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Data de Publicação: | 2002 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/1894 |
Resumo: | While in the social and in the ethical realms the Cardoso administration was successful, its economic outcomes were frustrating. In this administration’s eight years the investment rate did not increase and income per capita growth lagged, while the public debt and the foreign debt increased substantially. This poor economic performance may be explained by three chained causes: a mistake in agenda setting, the adoption of the Second Washington Consensus, and the alienation of elites. The decision of setting high inflation as the major problem to be tackled instead of achieving equilibrium in foreign accounts represented a major macroeconomic mistake, which can be explained by the Second Washington Consensus. This consensus proposed in the 1990s that highly indebted countries should grow counting on foreign savings, although this is not the experience among OECD countries. The outcome was to evaluate the real, to increase artificially wages and consumption, so that instead of growth what we have been increased indebtedness. Why this flopped strategy was adopted? Rich countries’ interests are not difficult to guess. On the part of Brazil, the only explanation is Brazilian elites’ alienation in relation to the country’s national interest. As a final outcome, the Cardoso administration ends with another balance of payments crisis, which was empowered by the coming presidential elections. Yet, the solvency situation of the Brazilian economy have been improving since the 1999 successful floatation of the real, so that I believe that, adopted a policy that deepens fiscal adjustment, while lowers the interest rate, and avoids new evaluation of the real, the country will eventually be able to avoid default. |
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Bresser-Pereira, Luiz CarlosEscolas::EESP2008-10-16T19:09:53Z2008-10-16T19:09:53Z2002-12-012002-12-01T00:00:00Zhttp://hdl.handle.net/10438/1894While in the social and in the ethical realms the Cardoso administration was successful, its economic outcomes were frustrating. In this administration’s eight years the investment rate did not increase and income per capita growth lagged, while the public debt and the foreign debt increased substantially. This poor economic performance may be explained by three chained causes: a mistake in agenda setting, the adoption of the Second Washington Consensus, and the alienation of elites. The decision of setting high inflation as the major problem to be tackled instead of achieving equilibrium in foreign accounts represented a major macroeconomic mistake, which can be explained by the Second Washington Consensus. This consensus proposed in the 1990s that highly indebted countries should grow counting on foreign savings, although this is not the experience among OECD countries. The outcome was to evaluate the real, to increase artificially wages and consumption, so that instead of growth what we have been increased indebtedness. Why this flopped strategy was adopted? Rich countries’ interests are not difficult to guess. On the part of Brazil, the only explanation is Brazilian elites’ alienation in relation to the country’s national interest. As a final outcome, the Cardoso administration ends with another balance of payments crisis, which was empowered by the coming presidential elections. Yet, the solvency situation of the Brazilian economy have been improving since the 1999 successful floatation of the real, so that I believe that, adopted a policy that deepens fiscal adjustment, while lowers the interest rate, and avoids new evaluation of the real, the country will eventually be able to avoid default.porTextos para Discussão;119N1EconomiaDesenvolvimento econômicoInvestimentos estrangeiros - BrasilFinanciamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washingtoninfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD119.pdfapplication/pdf306424https://repositorio.fgv.br/bitstreams/3fd70ea8-4efa-4a38-941a-331729db9c0e/download80d0e0d2b3b7e84568d4b52e08e008ceMD51TEXTTD119.pdf.txtTD119.pdf.txtExtracted texttext/plain103172https://repositorio.fgv.br/bitstreams/d02a7bc0-59c0-45e9-8fdf-4635871ec73c/download2943cff6f07a48808eef090231c14d4fMD56THUMBNAILTD119.pdf.jpgTD119.pdf.jpgGenerated Thumbnailimage/jpeg4610https://repositorio.fgv.br/bitstreams/8e4457be-2ad2-4016-ba58-e5a50d9bca11/download9156971c9d6f7d72ae92bcaef4646111MD5710438/18942023-11-08 04:20:07.288open.accessoai:repositorio.fgv.br:10438/1894https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T04:20:07Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.por.fl_str_mv |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
title |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
spellingShingle |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington Bresser-Pereira, Luiz Carlos N1 Economia Desenvolvimento econômico Investimentos estrangeiros - Brasil |
title_short |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
title_full |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
title_fullStr |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
title_full_unstemmed |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
title_sort |
Financiamento para o subdesenvolvimento, o Brasil e o segundo consenso de Washington |
author |
Bresser-Pereira, Luiz Carlos |
author_facet |
Bresser-Pereira, Luiz Carlos |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Bresser-Pereira, Luiz Carlos |
dc.subject.classification.por.fl_str_mv |
N1 |
topic |
N1 Economia Desenvolvimento econômico Investimentos estrangeiros - Brasil |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Desenvolvimento econômico Investimentos estrangeiros - Brasil |
description |
While in the social and in the ethical realms the Cardoso administration was successful, its economic outcomes were frustrating. In this administration’s eight years the investment rate did not increase and income per capita growth lagged, while the public debt and the foreign debt increased substantially. This poor economic performance may be explained by three chained causes: a mistake in agenda setting, the adoption of the Second Washington Consensus, and the alienation of elites. The decision of setting high inflation as the major problem to be tackled instead of achieving equilibrium in foreign accounts represented a major macroeconomic mistake, which can be explained by the Second Washington Consensus. This consensus proposed in the 1990s that highly indebted countries should grow counting on foreign savings, although this is not the experience among OECD countries. The outcome was to evaluate the real, to increase artificially wages and consumption, so that instead of growth what we have been increased indebtedness. Why this flopped strategy was adopted? Rich countries’ interests are not difficult to guess. On the part of Brazil, the only explanation is Brazilian elites’ alienation in relation to the country’s national interest. As a final outcome, the Cardoso administration ends with another balance of payments crisis, which was empowered by the coming presidential elections. Yet, the solvency situation of the Brazilian economy have been improving since the 1999 successful floatation of the real, so that I believe that, adopted a policy that deepens fiscal adjustment, while lowers the interest rate, and avoids new evaluation of the real, the country will eventually be able to avoid default. |
publishDate |
2002 |
dc.date.submitted.none.fl_str_mv |
2002-12-01T00:00:00Z |
dc.date.issued.fl_str_mv |
2002-12-01 |
dc.date.accessioned.fl_str_mv |
2008-10-16T19:09:53Z |
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2008-10-16T19:09:53Z |
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por |
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Textos para Discussão;119 |
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openAccess |
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