Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014

Franklin Serrano, Ricardo Summa

Resumo


This paper looks in detail at the sharp slowdown in the Brazilian economy for the years 2011-2014. We argue that the slowdown is overwhelmingly the result of a sharp decline in domestic demand, rather than a fall in exports and even less any change in external financial conditions. The sharp fall in domestic demand, in turn, is shown to be a result of deliberate policy decisions made by the government and was not necessary, i.e., it was not made in response to some external constraint such as a balance-of-payments problem.


Palavras-chave


Brasil; crescimento liderado pela demanda; políticas macroeconômicas.

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Direitos autorais 2016 Nova Economia

Licença Creative Commons
Este obra está licenciado com uma Licença Creative Commons Atribuição 4.0 Internacional.


Patrocínio:

BDMG

 

 

Licença Creative Commons
Esta obra está licenciada com uma Licença Creative Commons Atribuição 4.0 Internacional.