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2010. The Brazilian economy is undergoing deindustrialization due to a chronic overvaluation of the real. The structural development macroeconomics that I have been developing since the early 2000s explains why. (Cadernos FGV Projetos)

2005. The balance of payment crises in developing countries (originated in the strategy of growth with foreign savings) and the enormous US current account deficit are both the outcome of economic populism. The later problem points out to a hard landing. English version available.(Paper: Estudos Econômicos) .

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