The impact on advanced economies of North-South trade in manufacturing and services
In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 2(98), S. 60-73
ISSN: 0101-3157
In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 2(98), S. 60-73
ISSN: 0101-3157
In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 4(100), S. 357-359
ISSN: 0101-3157
In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3/99, S. 277-294
ISSN: 0101-3157
The objective of this paper is to definite historicity in economic sciences applying the principles of entropy and methodological indeterminism. This implies the definition of two kinds of economic universes: one characterized by ergodicity and reversibility of time and processes and the other by the opposite properties. The first part will deal with the construction of the subject of study and the nature of the proper analysis to these two universes. Taking such dichotomy into account, the second part will examine its implication as regards to the nature of equilibrium, the properties of stability and instability and the closure of the systems. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 4/100, S. 323-336
ISSN: 0101-3157
A contribution to the debate on the efficacy of monetary policy and some implications in the case of Brazil. The main opposition between Keynesian and Classic monetary theories is defined by the former's proposition of money non-neutrality in the long period. According to Keynes, it is not possible to describe a monetary economy's long period position without first specifying the monetary policy it is adopting. The policy is described by the choice of the short-term interest rate which exerts an important determining influence on the long term rate and, therefore, on real investment decisions. Based on this reasoning, inflation target monetary policy regimes are criticized, in particular the one adopted in post-1999 balance of payments crisis Brazil because of its deleterious impact on investment and growth. (Rev Econ Polit/GIGA)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3/99, S. 254-276
ISSN: 0101-3157
What is the value of self-interest? The article critically reviews past and current justifications for the theoretical use of the behavioral assumption of self-interest, explanatory, normative, representional and critical, focusing on the critical function. This latter emerges from an incursion into the modern history of ideas and may be shown still to fertilize a number of contemporary economic approaches. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 4/100, S. 418-438
ISSN: 0101-3157
The Brazilian federal judiciary offers an interesting riddle to scholars of judicial politics and policy change. While the courts have played a major policy role over the past two decades, constraining and altering federal policy across a range of subjects, the court system has simultaneously been labeled "dysfunctional." This paper investigates this riddle: a system plagued by major systemic flaws in its day-to-day operations, which nonetheless still manages to exert a powerful influence on public policy in Brazil. The author adopts a new institutional perspective, focusing on how the institutional and normative structure within which judges and other legal actors operate affects policy outcomes. (Rev Econ Polit/GIGA)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 4/100, S. 439-453
ISSN: 0101-3157
Microeconomic impacts of the mergers and acquisitions of energy industries in the World: an analysis for the 1990's. The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A's) process in the 1990's. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms' performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales). (Rev Econ Polit/GIGA)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 1/79, S. 133-151
ISSN: 0101-3157
This paper aims at discussing critically Persio Arida's proposal of adopting currency convertibility in Brazil. Arida (2003a, 2003b, 2004) points out that currency convertibility would make for lower domestic interest rates in Brazil, as well as for lower interest rates for the Brazilian external bonds. Besides, currency convertibility would stabilize capital flows, as well as exchange rate volatility in Brazil. We argue in this paper that this proposal does not lead necessarily either to less exchange rate volatility, or to lower interest rates. Besides, we close the paper by presenting some alternatives in terms of capital controls in Brazil. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3, S. 190-208
ISSN: 0101-3157
This work estimates the import substitution process in Brazilian industrial sectors in a recent period and evaluates whether it is occurring naturally or is in part induced by some kind of external commercial policy. An index to measure import substitution was calculated for forty nine sectors of industry. A regression analysis with this index against effective tariffs and real effective exchange rate, during the period 1995-2000, shows that these variables (effective tariffs and real effective exchange rates) did affect the substitution index. From 1999 on, the influence of the exchange rate over the import substitution index was greater than the influence of the effective tariff, suggesting that the process of import substitution post the Brazilian currency depreciation occurred in 1999 contains elements that characterizes it as a "natural" process. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 4/100, S. 370-390
ISSN: 0101-3157
Mercosur: the dilemma between the customs union and a free trade area. In 2001, the government of Argentina - facing a major economic crisis - took a rather controversial decision and reduced the tariff rates of all capital goods to zero. This became a main source of conflict with Brazil, the only country of Mercosur that produces such goods. This paper discusses two possible scenarios for the resolution of this issue. In the first one, the countries would opt for the maintenance of the customs union. The authors present some suggestions for the rebuilding of the Common External Tariff (CET), by which the countries would take a middle course acceptable to all. The other possible outcome would be a step back in the direction of a free trade area, with no CET at all. (Rev Econ Polit/GIGA)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 1/79, S. 70-93
ISSN: 0101-3157
This paper analyses the main effects of the Brazilian trade liberalization on the technical efficiency of the manufacturing industry and the trade pattern. The principal empirical findings suggest the following results for the 1990's: i) expressive gains in labor productivity and reduction of the average real costs for most sectors of the manufacturing industry between 1988 and 1998; ii) the trade pattern were mostly driven by import changes; iii) on average, industries which showed the greatest gains in technical efficiency did not translated them into competitiveness gains in the global markets; and iv) on average, there were dynamic efficiency losses once, on the first hand, major gains in international competitiveness were located in the traditional sectors and, on the other hand, industries that made the major investments in Research and Development (R & D) were the same that had significant sectoral trade deficits throughout the 1990's. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3/99, S. 224-232
ISSN: 0101-3157
The global expansion of capitalism under American hegemony in the second half of the 20th century has changed the international division of labor and center-periphery scheme proposed under British hegemony. Under the new international division of labor, the United States is forced to generate an ever growing deficit in their trade account in order to accommodate the "mercantilist" expansion of Asian countries, produced by the trans-nationalization of big capital, under American aegis. This form of global economic articulation is at the root of the rupture of the Bretton Woods system and the growing financial liberalization imposed by the hegemonic power over other countries since the 80s. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3/99, S. 233-253
ISSN: 0101-3157
Technical progress and economic development are promotions of capitalism, says a well known idea hereby contradicted. Recent changes under neoliberalism show that the more freedom of move to capital the less development of productive forces. There was no synchronicity and coherence fostering economic growth between changes at the micro level of techno-productive and managerial innovation and the ones at the macro level of institutional structures and economic policy. Empowerment of finance capital and monopolies got them opportunity to control the state and set its economic policy to support fictitious capital accumulation and to rule restructuring of corporate management. Surplus redistribution favoring finance capital is a burden to be carried on the back of society's productive structures, lowering investment, employment qnd growth. Focusing Latin America and Brazil, the same picture is seen, worsened by external fragility that deepens historical dependency. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política, Band 25, Heft 3/99, S. 295-313
ISSN: 0101-3157
This paper surveys the literature on fiscal competition. It considers tax and expenditure competition in a more general set up where different jurisdictions within a federation may compete in the provision of public goods in order to attract some residents and expel others addresses the vast literature on welfare gains or losses of these types of competition. Then, discusses the empirical evidence, focusing on estimates of the sensitiveness of production factors to tax differentials and on the importance of the strategic interdependence among jurisdictions. The authors combine econometric studies with some case studies. Last they discuss the design of mechanisms to cope with fiscal competition, especially under a more global environment where factors become more mobile. (Rev Econ Polit/DÜI)
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In: Brazilian journal of political economy: Revista de economia política
ISSN: 0101-3157
Bankruptcy law is an important economic institution because of its effects on credit and, consequently, on financial and economic development. This fact has led several countries to revise their law. This article presents an overview on the topic focusing in Brazil. Its main points are: credit in Brazil is not compatible with the country level of development; there is evidence that Brazil is among the countries where legal protection to creditors is worst; the international experience shows that changes in the bankruptcy law affects the market for credit; and the Brazilian law is extremely outdated. (Rev Econ Polit/DÜI)
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