Revista de Economia Política 7(4), October 1987: 5-21. Published in Bulletin of Latin America Research, University of Glasgow, 6(2), 1987. Trabaho apresentado ao Symposium Brazil in Transition, Center of Latin American Studies, Cambridge University, abril 1987.
The pattern financing investment is changing in Brazil. During the 70's it was based on the classical pattern that prevails in the early stages of development, that is, on state and external financing. But, in the second part of the 70's this pattern breaks down as the public sector looser its savings capacity. In the seconde part of the 80's, the public sector is supposed to recover partially its saving capacity, while the private sector assumes an increasing role in investment.