Por que a poupança externa não promove crescimento

Resumo

Why foreign saving fail to cause growth. 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 appreciated exchange rates, artificially 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 profit rate and the long term interest rate, the marginal propensity to consume will get down enough so that the additional income originated from foreign capital flows will be used for investment rather than for consumption. In this special case, the rate of substitution of foreign for domestic savings tend to be small, and foreign savings will contribute positively to growth.

Ficha do documento

Tipo

Artigo científico

Ano

2007

Instituição

Editora 34

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

DOI

10.1590/S0101-31572007000100001

Identificador

oai:repositorio.fgv.br:10438/21359

Temas

EconomiaDesenvolvimento Econômico

Palavras-chave

Foreign savingsEconomic growthEconomiaPoupança e investimentoDesenvolvimento econômico