Luiz Carlos Bresser-Pereira e Thiago de Moraes Moreira
Artigo a ser publicado em livro organizado por Juan Pablo Bohoslavsky e Kunibert Raffers, Sovereign Foreign Debt. What Have we Learned? . Publicado como Texto para Discussão EESP/FGV 427, Setembro 2016.

.Paper with Thiago de Moraes Moreira. Current account deficits, even when financed by direct investments, hinder instead of enhance growth because the cause overvaluation of the national currency. Only in special moments they help. The case of Brazil demonstrate why developing countries should not engage in foreign indebtedness.