2014. In developing countries it is not enough to secure demand for entrepreneurs to invest; additionally, is required access to it, which only a competitive exchange rate can assure. (Paper Keynesian Brazilian Review)
ECONOMICS
ECONOMICS - ALL TEXTS
2013. A revised version of my 2008 paper on the Dutch disease in which I distinguish the value from the market price of the exchange rate. (Paper: Brazilian Journal of Political Economy)
2012. In this paper I finally defined the relation between the exchange rate and the investment rate (and so, the growth rate). Investment depends on the exchange rate because as the theory says that it tends do become overvalued in the long-term (for several years) within the exchange rate cycle, companies will take this overvalued currency as reference in their investment decision and will refrain from investing (Paper: Estudos Avançados) English version
2012. In this paper I finally defined the relation between the exchange rate and the investment rate (and so, the growth rate). Investment depends on the exchange rate because as the theory says that it tends do become overvalued in the long-term (for several years) within the exchange rate cycle, companies will take this overvalued currency as reference in their investment decision and will refrain from investing (Paper: Estudos Avançados) Portuguese version
2012. A sum up of a structuralist development macroeconomics and of the ensuing national development strategy: new developmentalism. A theoretical step ahead in relation to Globalization and Competition. (Paper: Brazilian Journal of Political Economy)
2013. The core of neoclassical economics (general equilibrium and rational expectations macroeconomics) is demoralized. A Keynesian-structuralist alternative is available. What is necessary to do to become mainstream again. English version available.
2011. The core of neoclassical economics (general equilibrium and rational expectations macroeconomics) is demoralized. A Keynesian-structuralist alternative is available. What is necessary to do to become mainstream again. Portuguese version available. Also available a Slide presentation.
2012. Since economics is a social science, good economics is historical and assumes uncertainty. Thus, it should be modest and reasonable, See corresponding paper. (Conference receiving the James Street Award from the Association for Evolutionary Economics: slide presentation)
2011. My more complete paper on new developmentalism. In José Antonio Ocampo and Jaime Ros, eds. Handbook of Latin America Economics, Oxford: Oxford University Press. (Paper). Portuguese version available.
2010. With Paulo Gala. A summary of the structuralist development macroeconomics: the theory that is behind new developmentalism, the national development strategy required for catching up. Spanish version available. (Paper Revista de Economia Política).
2010. Why some middle income countries catch up while others do not. Behind new developmentalism this book drafts a structuralist development macroeconomics in which the exchange rate plays a strategic role. (Book: Cambridge University Press).In the bookstores and in kindle
2009. Why some middle income countries catch up while others do not. Behind new developmentalism this book drafts a structuralist development macroeconomics in which the exchange rate plays a strategic role. (Book: Éditions La Découverte) In the bookstores.
2010. Why some middle income countries catch up while others do not. Behind new developmentalism this book drafts a structuralist development macroeconomics in which the exchange rate plays a strategic role. (Book: Siglo XXI). Avaliable here in pdf format.
2009. Why some middle income countries catch up while others do not. Behind new developmentalism this book drafts a structuralist development macroeconomics in which the exchange rate plays a strategic role. (Book: Elsevier).Disponível nas livrarias
2009. The history of the discovery of inertial inflation. The role played by the São Paulo (FGV) and the Rio (PUC) groups. (Paper: Revista de Economia Contemporânea)
2008. Neoclassical economists use the hipothetical deductive method, but an empirical-deductive method, particularly the new historical facts approach, is a a more advisable aternative. (Paper: Journal of Post Keynesian Economics). Portuguese version available.
2009. Neoclassical economists use the hipothetical deductive method, but an empirical-deductive method, particularly the new historical facts approach, is a a more advisable aternative. (Paper: Revista de Economia Política). English version available.
2008. In developing countries there is the tendency to the overvaluation of the exchange rate. If countries do not neutralize it, they will experiment slow growth, and catching up will not happen. (Chapter 4 of book to be published, Globalization and Competition). Spanish version and Portuguese version available.
2008. A country suffering from the Dutch disease has two "equilibrium" exchange rates: the "current equilibrium" that is inconsistent with economic growth, and the"industrial equilibrium" that will be achieved if the country is able to neutralize the disease. (Paper: Brazilian Journal of Political Economy)
2008. The Dutch disease or natural resources curse is a major market failure to the extent that appreciates the exchange rate and makes not profitable industries using technology in the state of the art. English version available.