Peripherical Financialization and Premature Deindustrialization: A Theory and the Case of Brazil (2003-2015)

作者

  • José Luis Oreiro Associate Professor at Economics Department of University of Brasília (UnB), Researcher at National Council for Scientific and Technological Development (CNPq), Associate Researcher at Center for Studies of New Developmentalism (CND) of Getúlio Vargas Foundation of São Paulo (FGV-SP) and Researcher Leader of the Group Structuralist Development Macroeconomics at University of Brasilia.
  • Carmem Aparecida Feijó Full Professor at Faculty of Economics of Federal Fluminense University (UFF), Researcher at National Council for Scientific and Technological Development (CNPq) and Associate Researcher at Center for Studies of New Developmentalism (CND) of Getúlio Vargas Foundation of São Paulo (FGV-SP), coordinator of the Financialization and Development Study Group (FINDE/UFF).
  • Lionello Franco Punzo Full Professor at Department of Economics and Statistics of Siena University (UniSi), Member of the Tourism Sustainability Group at EC/DG Enterprise and Member of the Center for Studies about Inequality and Development at Federal University of Rio de Janeiro (UFRJ).
  • João Pedro Heringer Machado Researcher in the “Structuralist Development Macroeconomics” Group at University of Brasilia.

DOI:

https://doi.org/10.7203/IREP.6.2.30131

摘要

The main objective of this paper is to discuss the concept of financialization in developing economies, arguing that the broad definition of financialization - understood as a growing role of motivations, markets and financial institutions in the operation of domestic and international economies – does not take into consideration important features of those economies, such as the hierarchy of currencies and the subordination to the principles of the so-called Washington Consensus. The latter imposed the adoption of a foreign savings-driven growth model, which mostly applied to Latin American countries. Hence, the financialization process in LDCs will be denominated peripherical financialization, since it is associated with dependence upon capital inflows from developed countries and with the reduction in the autonomy of their macroeconomic policies, even within flexible exchange rate regimes. Attraction of capital inflows to countries with a subordinate position in international financial markets, requires high interest rate differentials which have as side effect a trend to the overvaluation of real exchange rates. This creates a trap, high interest rates with an associated overvalued exchange rate. This trap reduces policy space, turning procyclical even fiscal policy. Moreover, the overvaluation of real exchange rate reduces price competitiveness of the manufacturing industry, becoming the main drive toward these countries’ premature deindustrialization. It will be shown that the macroeconomic performance of the Brazilian economy in the period 2003-2015 fits almost perfectly this model of peripherical financialization.

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参考

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2024-12-26

How to Cite

Oreiro, J. L., Aparecida Feijó, C., Franco Punzo, L., & Heringer Machado, J. P. (2024). Peripherical Financialization and Premature Deindustrialization: A Theory and the Case of Brazil (2003-2015). International Review of Economic Policy-Revista Internacional De Política Económica, 6(2), 38–58. https://doi.org/10.7203/IREP.6.2.30131
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卷 6 编号 2 (2024)

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