1991. Based on research conducted in 1970 and repeated in 1990, this paper shows that, in 'abnormal times', when the interest rate is abnormally high, business enterprises' decisions on investment take into consideration the interest rate more attentively than they do in normal times. (Paper presented to LASA meeting)
OTHER TYPES OF WORKS
ACADEMIC PAPERS
1991. With Yoshiaki Nakano. A successful estabilization of high and inertial inflation will depend on the size of the 'inflationary residuum' left after a price freeze is undertaken. Examples in the Collor I and II stabilization plans. (Paper in book edited by Clovis de Faro)
1991. A 1990 repetition of a research on the motives to invest of major Brazilian firms originally conducted in 1970. And a comparison between the two results, showing that with the rise of the interest rate, it became more relevant in the decision process. (Research report/NPP/EAESP/FGV).
1990. There is a perverse logic in the Brazilian macroeconomic system involving foreign debt, fiscal deficit and inertial inflation. Portuguese version available.(Paper: Journal of Post Keynesian Economics).
1990.The neoliberal wave can be understood in the framework of my theory of the cyclical character of state intervention. (Paper: Revista de La CEPAL)
1990. The three versions of the old left (communist, social-democrat, and developmental) are in crisis because lack a growth strategy. Yet, a modern, social-democrataic, left is emerging. (Paper: Lua Nova)
1990. Between high inertial inflation and hyperiflation we have the present 'indexated hyperinflation' (73%) It is an intermediary stage before full hyperinflation. (Paper in book edited by JM Rego)
1990. This paper discusses two alternatives - neo-liberal and modern progressive - and asserts that Brazil is already sufficiently mature to protect its the national interest. (Paper in the book A Crise do Estado)
1990. Three months after the Collor Plan, the prediction of its failure. A critique of the monetarist and of the Keynesian explanation only a neo-structuralist approach based on distributive conflict and indexation can explain the return of inflation.(Paper: Indicadores Econômicos FEE)
1990. Given the failure of the Collor Plan, the new stabilization plan must be a transparent and well prepared price freze.(Paper in book edited by JP Reis Velloso)
1990. With Yoshiaki Nakano. This paper predicts the failure of the Collor Plan for failing to neutralize inertia, in a moment conventional orthodoxy was sure that it would be successful. Portuguese and French versions available. (Paper in book edited by Davidson and Kregel).
1989. State intervention has a cyclical character now the neo-liberal ideological wave is causing a reduction of the state, and distortions are being corrected, but sooner or later the movement will be reversed confirming the cycle. Improved English version available. (Paper: Revista de Economia Política)
1989 [1993]. State intervention has a cyclical character now the neo-liberal ideological wave is causing a reduction of the state, and distortions are being corrected, but sooner or later the movement will be reversed confirming the cycle. Portuguese version available. (Paper in World Development).
1989. The transition to democracy was an outcome of successful political popular-business pact, but mistaken ideoloiges originated in old nationalism and left populism, and on conservative clientelism, opportunism, social conservatism, monetarism, crude liberalism, and subordinated internationalism represent an obstacle to democratic consolidation and growth in Brazil. Portuguese version available.
(Paper in book edited by Diane Ethier)
1989. The transition to democracy was an outcome of successful political popular-business pact, but mistaken ideologies originated in old left populism, and on conservative clientelism (pork barrel), opportunism, social conservatism, monetarism, crude liberalism, and subordinated internationalism represent an obstacle to democratic consolidation and growth in Brazil. (Paper: Estudos Avançados). English version available.
1989. While monetarists emphasize expectation, the strucuturalist theory of inertial inflation privileges distributive conflict. When prices are being increased in a staggered or indexed way, economic agents cannot change their expectatives: they have to increase prices just to keep their share in income. PUC's Rio de Janeiro group, that participate in the formulation of the theory, are falling in a monetarist trap when they privilege expectations instead of distributive conflict. (Introductory paper in book edited by José Marcio Rego)
1989. Inertial inflation is accelerating in Brazil and threatening to turn into hyperinflation. An explanation of why inertial inflation is rigid is is to be reduced, but tends to increase as distributive conflict increases. (Paper in book edited by José Marcio Rego)
1988. A critique of Caio Prado Jr.'s application of the concept of mercantilist capitalism to Brazil after 1930; and also a critique of mercantilist (patrimonial) practices in the Sarney administration. (Paper in book edited by Maria Angela D'Incao)
1989. The Brazilian crisis in the 1980s as a debt and a fiscal crisis. A summary of the negotiations. The solution of the debt crisis requires that creditors accept the seccuritization of the debt with a discount. Portuguese version available. (Paper in book edited by Christine Bogdanowicz-Bindert).
1989. There is a perverse logic in the Brazilian macroeconomic system involving foreign debt, fiscal deficit and inertial inflation. Portuguese version available.(Paper in book edited by Fukuchi and Kagami).