A vulnerabilidade externa decorrente da posição internacional de investimento e do fluxo de rendas: análise da economia brasileira no período 1964-1980.
DOI:
https://doi.org/10.1590/v5etse92Abstract
The article analyzes the Brazilian external vulnerability, in the financial sphere, resulting from the International Investment Position and income flows. One of the main contributions of the survey is the unprecedented estimate of external stock data for the period. The Brazilian economy is evaluated in the period 1964-1980, with a shortage of international liquidity after the first oil shock (1973). It was adopted, especially during the II PND, a policy that aimed to promote economic growth, using the absorption of real resources from abroad. Some authors attribute to this the high external indebtedness of the period. However, it is shown that net income sent abroad contributed with 45% of the variation in the International Investment Position in the period, while the excess of domestic absorption in relation to domestic production caused 47% of this variation, concluding that the “real” side ” only accentuated the upward trend in net external liabilities, while the circularity between income sent abroad and external stocks helped to create the conditions for external vulnerability to manifest itself in the 1980s.
Published
Issue
Section
License
Authors who publish in this journal agree to the following terms: Authors retain copyright and grant the journal the right of first publication, with the work simultaneously licensed under a Creative Commons Attribution License, which allows the sharing of the work with acknowledgment of authorship and initial publication in this journal. Authors are authorized to enter into additional contracts separately for the non-exclusive distribution of the version of the work published in this journal (e.g., publish in an institutional repository or as a book chapter), with acknowledgment of authorship and initial publication in this journal. All content of the journal, except where identified, is licensed under a Creative Commons Attribution BY-NC License.
