The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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Investment decision and the interest rate in normal and exceptional times

Luiz Carlos Bresser-Pereira

Trabalho apresentado ao XVI Congresso Internacional da Latin American Studies Association (LASA), Washington, abril 1991. São Paulo: Fundação Getúlio Vargas, Departamento de Economia, Texto para Discussão no.5, abril 1991.


Abstract. Macroeconomics is a historical discipline. Comparing investment decisions and the interest rate in Brazil in 1970 and 1990, I show that in 'normal times' (early 1970s) firms give more attention to the expected rate of profit than to the interest rate because a "cushion pad" tends to exist setting apart the interest rate and the expected profit rate. Yet, in 'abnormal times' (early 1990s), when the country confronts a deep economic crisis, the expected rate of profit falls sharply while the market rate of interest rises, and the rate of interest assumes a more important role to explain autonomous investment behavior.




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