Crises financeira nos anos 1990 e poupança externa

Detalhes bibliográficos
Autor(a) principal: Bresser-Pereira, Luiz Carlos
Data de Publicação: 2008
Tipo de documento: Artigo
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/2168
Resumo: Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claims
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spelling Bresser-Pereira, Luiz CarlosEscolas::EESP2008-12-23T16:16:17Z2008-12-23T16:16:17Z2008-12-23http://hdl.handle.net/10438/2168Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claimsAo contrário do que afirma a análise econômica convencional, a causa das crises financeiras dos anos 1990 no México, Ásia, Brasil e Argentina não foi principalmente fiscal, mas sim a decisão dos governos de crescerem com poupança externa, isto é, com déficits em conta corrente. Essas foram crises de balanço de pagamento geradas pela sobreapreciação da moeda local e pelo alto nível de dívida externa e/ou rápido crescimento de déficit de conta corrente. Assim, repentinamente os credores externos se convenceram de que o país não enfrenta apenas um problema de liquidez, mas de solvência, e para de rolar a dívida. Um teste econométrico demonstra essas afirmaçõesporTextos para Discussão;172Financial crisisBalance of payment crisisForeign savingsExchange rateEconomiaCrise financeiraPoupançaTaxas de câmbioCrises financeira nos anos 1990 e poupança externainfo: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/openAccessORIGINALTD 172 Bresser-Pereira.pdfTD 172 Bresser-Pereira.pdfapplication/pdf272926https://repositorio.fgv.br/bitstreams/bcf53580-8bdb-44c4-a627-68554601cc07/download59bd4f34e256936075b37c7692ffd9bbMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84712https://repositorio.fgv.br/bitstreams/5c37ce22-ce2d-4955-a8c5-6fd13c7cb23c/download40e2fb413e2de6707228bed01e01729cMD52TEXTTD 172 Bresser-Pereira.pdf.txtTD 172 Bresser-Pereira.pdf.txtExtracted 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dc.title.por.fl_str_mv Crises financeira nos anos 1990 e poupança externa
title Crises financeira nos anos 1990 e poupança externa
spellingShingle Crises financeira nos anos 1990 e poupança externa
Bresser-Pereira, Luiz Carlos
Financial crisis
Balance of payment crisis
Foreign savings
Exchange rate
Economia
Crise financeira
Poupança
Taxas de câmbio
title_short Crises financeira nos anos 1990 e poupança externa
title_full Crises financeira nos anos 1990 e poupança externa
title_fullStr Crises financeira nos anos 1990 e poupança externa
title_full_unstemmed Crises financeira nos anos 1990 e poupança externa
title_sort Crises financeira nos anos 1990 e poupança externa
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.por.fl_str_mv Financial crisis
Balance of payment crisis
Foreign savings
Exchange rate
topic Financial crisis
Balance of payment crisis
Foreign savings
Exchange rate
Economia
Crise financeira
Poupança
Taxas de câmbio
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Crise financeira
Poupança
Taxas de câmbio
description Differently of what says conventional economic analysis, the cause of the 1990s financial crises in Mexico, Asia, Brazil and Argentina was not primarily fiscal, but the decision of governments to grow with foreign savings, i.e., with current account deficits. These were balance of payment crises triggered by a overvalued local currency and the high level of the foreign debt and/or the fast growth of the current account deficit. Given that, foreign creditors suddenly become persuaded that the country does not face just a liquidity but a solvency problem, and stop rolling over the debt. An econometric test substantiates these claims
publishDate 2008
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dc.date.available.fl_str_mv 2008-12-23T16:16:17Z
dc.date.issued.fl_str_mv 2008-12-23
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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