Financial Development, Growth and Equity in Brazil

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Armando Castelar; Regis Bonelli o;

Financial markets help to foster growth and productivity through their role in mobilizing savings to finance investment and production, selecting and monitoring investment projects, diversifying risks, and allowing investment and production to be carried out in the most... View more
  • References (7)

    2. For a comprehensive account of reforms in Brazil, see Pinheiro, Bonelli and Schneider (2004).

    1981-1993 to 1994-2004 1.1 -0.3 -0.5 1.8 Sources: Pinheiro et al (2001), updated using IBGE data (a) Using a typical solow decomposition, with constant returns to scale and capital and labor output elasticities of 0.5 (b) For labor, average 1994-2003.

    7. The average national savings rate for 1995-2004 is 18.3% of GDP. Averages over long-term periods have been strikingly similar: both the means (18.7% in 1963-1982 and 18.8% in 1983-1904) and the medians (18.7% and 18.6%, respectively) of the distributions display very similar values in a long-term perspective.

    ABREU, M., VERNER, D. Long-term Brazilian economic growth: 1930-94. Paris: OECD, 1997.

    ARIDA, P., BACHA, E. L., RESENDE, A. L. Credit, interest, and jurisdictional uncertainty: conjectures on the case of Brazil. In: GUAVAS, F., GOLDMAN, I., HERRERA, S. (orgs.). Inflation targeting, debt, and the Brazilian experience, 1999 to 2003. Cambridge, MA: MIT Press, 2005 (forthcoming).

    BACHA, E. L., BONELLI, R. Accounting for Brazil's long term growth. 2004. Available at:<>.

    __________. Uma interpretação das causas da desaceleração econômica do Brasil. Revista de Economia Política, São Paulo, v. 25, n. 3 (forthcoming).

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