Crítica do crescimento com poupança externa

Resumo

The present paper is a formalization of the critique of the growth with foreign savings strategy. Although medium income countries are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital accumulation or will have little impact on it in so far as current account deficits will be associated with appreciate exchange rates, increased real wages and salaries and high consumption levels. In consequence, the rate of substitution of foreign savings for domestic savings will be relatively high, and the country will get indebted to consume, not to invest and grow. Only when there are large investment opportunities, stimulated by a sizeable difference between the expected rate of profit and the long term interest rate, additional income originated by foreign capital flows will be used for investment and this trade-off between foreign savings and domestic savings reduction will not occur

Ficha do documento

Tipo

Estudo

Ano

2005

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/1959

Temas

Economia

Palavras-chave

Domestic savingsDevelopment financeForeign savingsPoupança externaPoupança internaFinanciamento do desenvolvimentoE1E2F0F3O11EconomiaPoupançaFinanciamentoTratados comerciaisOrganização Mundial do ComércioRegionalismoRelações econômicas internacionais