Fluxos de capitais na América do Sul e crescimento econômicouma análise da relação entre poupança externa e investimento

Resumo

This paper aims to exam the relation between capital flows and investment’s dynamics on South-American economies. The countries analyzed were chosen regarding the amount of the Gross Domestic Product (GDP), by parity purchasing power: Brazil, Argentina, Colombia and Venezuela.Under the perspective of the National Accounts, using the Gross Disposable Income, it is analyzed the relation between the Current Account and the Aggregate Demand on those countries. More specifically, it will be focused on the dynamics of gross fixed capital formation, therefore the Current Account of the Balance-of-Payments corresponds to external savings, with the signal in reverse.The paper’s hypothesis is that external savings were important in financing the investment on the South-American countries in the 1990’s decade. However, it’s not possible to generalize this hypothesis to all countries, since there were, in this period, external savings replacing internal savings in some countries and instability in the external flows, which conducted to several financial crises. In the growth cycle from 2003 to 2008, the internal savings’ growth follows the investment’s expansion which created the objective conditions to avoid a bigger fall of those economies in the 2008’s world financial crisis.

Ficha do documento

Tipo

Artigo científico

Ano

2012

Instituição

Instituto de Pesquisa Econômica Aplicada (Ipea)

Fonte

Repositório do Ipea

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.ipea.gov.br:11058/4476

Licença

Licença Comum

Abrangência

América do Sul

Temas

EconomiaDesenvolvimento Econômico

Palavras-chave

Crescimento EconômicoPoupança externaFluxo de capitaisInvestimento