BRAZILIAN FOREIGN VULNERABILITY IN THE 1980S: AN ANALYSIS OF THE INTERNATIONAL INVESTMENT POSITION AND INCOME FLOWS

Authors

  • Julio Manuel Pires USP e PUC-SP
    • Paulo Van Noije Faculdade de Ciências Aplicadas da Unicamp (FCA/Limeira)
      • Bruno Martarello De Conti Universidade de Campinas

        DOI:

        https://doi.org/10.22456/2176-5456.70807

        Keywords:

        External vulnerability, International Investment Position, Income flows, Debt crisis, Brazilian economy

        Abstract

        The objective of this paper is to present the Brazilian external vulnerability in the 1980s, in the financial sphere, resulting from foreign stocks. The paper supports the hypothesis that, historically, one of the most important links of the interaction between flows and external stocks in Brazil is in its circularity. In order to enable these analyses, the paper makes an estimation of the Brazilian International Investment Position in 1980 that is original and novel – since there are no official data for it –, what is certainly one of the contributions of this article. Moreover, it presents an estimation – also original – for the yield of these foreign stocks and some external debt indicators. Using these data, the paper analyzes the period marked by the Brazilian debt crisis in the 1980s, concluding that the surpluses generated by exports only served to soften the circularity between the International Investment Position and sent rents, reducing the increase in net foreign liabilities over the period, but generating a low economic dynamism and increasing inflationary pressures.

         

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        Author Biographies

        Julio Manuel Pires, USP e PUC-SP

        Professor doutor do Departamento de Economia da FEA-RP/USP e Professor titular do Departamento de Economia e do Programa de Estudos Pós-Graduados em Economia Política da PUC-SP.

        Paulo Van Noije, Faculdade de Ciências Aplicadas da Unicamp (FCA/Limeira)

        Doutor em Economia pela Unicamp, Professor Doutor da Faculdade de Ciências Aplicadas da Unicamp e Pesquisador do Centro de Estudos de Conjuntura e Política Econômica (CECON- IE/UNICAMP)

        Bruno Martarello De Conti, Universidade de Campinas

        Professor Doutor do Instituto de Economia da Universidade Estadual de Campinas (Unicamp) e pesquisador do Centro de Estudos de Conjuntura e Política Econômica (CECON) do IE/Unicamp. Doutor em Economia pela Unicamp e pela Universidade Paris 13.

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        Published

        2019-04-01

        How to Cite

        Pires, J. M., Noije, P. V., & Conti, B. M. D. (2019). BRAZILIAN FOREIGN VULNERABILITY IN THE 1980S: AN ANALYSIS OF THE INTERNATIONAL INVESTMENT POSITION AND INCOME FLOWS. Análise Econômica, 37(72). https://doi.org/10.22456/2176-5456.70807

        Issue

        Vol. 37 No. 72 (2019): Março 2019

        Section

        Artigos

        License

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