A taxa de câmbio no centro da teoria do desenvolvimento
Luiz Carlos Bresser-Pereira
Estudos Avançados, 26 (75) 2012: 7-28.
This paper presents is a synthesis of new developmentalism up to 2012. In this paper I finally defined the relation between the exchange rate and the investment rate (and so, the growth rate). Investment depends on the exchange rate because as the theory says that it tends do become overvalued in the long-term (for several years) within the exchange rate cycle, companies will take this overvalued currency as reference in their investment decision and will refrain from investing