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Why multilateral development banks should provide finance in domestic currencies: a growth and financial stability proposal

Paper in the round table, “The role of multilateral development banks post-2008 crisis”, Shanghai Forum, Fudan University, May 26-28, 2018.

Substituição de poupança interna pela externa: o caso do Brasil

2006. Between 1994 and 1999, foreign savings substitute domestic ones instead of increasing investment (72,5%) The inverse happened when the country experienced current account surplus (113,9%). (Paper available only in this site) English version available.

Substitution of foreign for domestic savings: the Brazilian case

2006. Between 1994 and 1999, foreign savings substitute domestic ones instead of increasing investment (72,5%) The inverse happened when the country experienced current account surplus (113,9%). (Paper, just in this site) Portuguese version available.

Rentier-financier capitalism

2018. Rentiers, the inheritors of the entrepreneurs, and financiers, a special type of technobureaucrats, are the fuling classes in contemporary capitalism; neoliberalism is their ideology. The financiers manage the wealth of the idle rentiers and act as organic intellectuals of this very narrow class coalition. (Paper to be published)

Neutralizing the Dutch disease

2018. A retention or tax on the export of commodities will neutralize the Dutch disease and assure to the manufacturing industry equal conditions in the competion with other countries. The tax will not represent a buden to the exporters, because they receive back their money on the form of depreciation of the real. (Paper to be published)

Growth and distribution: a revised classical model

2018. The phases of capitalist development having as criteria the variables of Marx's model of the falling tendency of the rate of profit. It actualizes the book Lucro, Acumulação e Crise (1986). (Paper in the Brazilian Journal of Political Economy)

Economic nationalism and developmentalism

2018. An encompassing paper on economic nationalism, its relation to developmentalism, and why it is a condition of growth in a world where nation-states rather compete than cooperate. (published paper)

A guide to my work

2017. A guide to the ones who may be interested in a general vision of the work of Bresser-Pereira.

The two forms of capitalism: developmentalism and economic liberalism

2017. Capitalism and the state are either developmental, or liberal. Developmentalism and economic liberalism are two forms of coordinating capitalism. Capitalism was born developmental anywhere, in England or in the US, in Germany or in Brazil, in Japan or in China. (paper: Brazilian Journal of Political Economy)

Reindustrialização versus juro alto e câmbio apreciado

2017. The science and technology community’s competent efforts are neutralized by the overvalued exchange rate, which discourage investment and techical progress.

Secular stagnation in the framework of rentier-financier capitalism and globalization

2017. Rentier-financier capitalism is in economic crisis since 2008 and in political crisis since 2016. The secular stagnation issue was brought again to the fore, in so far as capitalism turned again liberal (instead of developmental) since 1980. But it is more likely that rich countries will face low growth, financial instability, and increasing inequality, unless they are able to criticize economic liberalism. (Paper for Berlin conference)

Managerial reform and legitimization of the social state

2017. A central objective of the 1995 Managerial Reform of the State was to turn more efficient the large social services, and so, legitimize the Social State defined in the 1988 Constitution. Paper Portuguese version available

Reforma gerencial e legitimação do Estado Social

2017. Este artigo relaciona três fatos históricos novos após a II Guerra Mundial: o surgimento do estado social ainda nos anos 1940, sua contestação por uma ideologia neoliberal rentista e financista que se torna dominante a partir dos anos 1980, e a formulação e adoção da reforma gerencial como uma forma de legitimar o estado social ante o ataque que estava sofrendo, tornando a provisão dos seus grandes serviços sociais universais mais eficientes. English version available.

Como sair do regime liberal de política econômica e da quase-estagnação desde 1990

2017 – Since 1990, the Brazilian economy is quasi-stagnant under a liberal economic policy regime. Rentier-financier liberalism is incompatible with growth, because it keeps interest rates very high and the exchange rate overvalued in the long-term. (Paper: Estudos Avançados).