文章基本信息

标题：Crescimento Econômico com Poupança Externa?
其他标题：Crescimento Econômico com Poupança Externa?
本地全文：下载
作者：BRESSER-PEREIRA, LUIZ CARLOS ; NAKANO, YOSHIAKI
期刊名称：Revista de Economia Política
印刷版ISSN：0101-3157
电子版ISSN：1809-4538
出版年度：2003
卷号：23
期号：2
页码：163-188
DOI：10.1590/0101-31572004-0699
出版社：Centro de Economia Política
摘要：Highly indebted countries, particularly the Latin American ones, presented dis- mal economic outcomes in the 1990s’ which are the consequence of the “growth cum foreign savings strategy”, or the Second Washington Consensus. Coupled with liber- alization of international financial flows, such strategy, which did not make part of the first consensus, led the countries, in the wave of a new world wide capital flow cycle, to high current account deficits and increase in foreign debt, ignoring the sol- vency constraint and the debt threshold. In practical terms it involved overvalued currencies (low exchange rates) and high interest rates; in policy terms, the attempt to control de budget deficit while the current account deficit was ignored. The para- doxical consequence was the adoption by highly indebted countries of “exchange rate populism”, a less obvious but more dangerous form of economic populism.
关键词：Desenvolvimento;poupança externa;déficit em conta-corrente;fluxos de capitais
其他关键词：Development;foreign savings;current-account deficit;capital flows