Connecting Brazil to the world

Patricia Ellen, Jaana Remes 12 July 2014

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Despite a decade of rapid growth and falling poverty rates, Brazil has failed to match the global average for income growth – let alone to achieve the kind of impressive gains posted by other rapidly transforming emerging economies. As of 2012, Brazil had become the world’s seventh-largest economy, but it ranked only 95th in the world for gross national income per capita (IHS Economics and Country Risk data). To raise household living standards, Brazil needs to find a new formula for accelerating productivity growth.

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Topics:  Development International trade Productivity and Innovation

Tags:  development, growth, productivity, globalisation, MERCOSUR, trade, openness, Brazil, global value chains

Institutions, trade shocks, and regional differences in long-run educational and development trajectories

André Carlos Martínez, Aldo Musacchio, Martina Viarengo 09 July 2014

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Understanding the determinants of long-run socio-economic development is a major concern for academics and policymakers in many countries around the world. In particular, beyond understanding differences in development or educational and other outcomes across countries, the origins of within-country inequality are now a fundamental issue, given the impact inequality has on the long-run prosperity of nations.

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Topics:  Development Economic history Education

Tags:  development, education, growth, institutions, Inequality, Brazil, colonialism, trade shocks, extractive institutions

Do capital controls deflect capital flows?

Paolo Giordani, Michele Ruta, Hans Weisfeld, Ling Zhu 23 June 2014

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The size and volatility of capital flows to developing countries have increased significantly in recent years (Figure 1), leading many economists to argue that national policies and multilateral institutions are needed to govern these flows (Forbes and Klein 2013, Blanchard and Ostry 2012). The IMF itself has reviewed its position on the liberalisation and management of capital flows, while recognising that “much further work remains to be done to improve policy coordination in the financial sector” (IMF 2012, p. 28).

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Topics:  International finance

Tags:  China, capital flows, spillovers, South Africa, capital controls, Brazil, Capital inflows, international capital flows

Football in the time of protest

Nauro F Campos 13 June 2014

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Football is actually coming home. Brazil is the spiritual home of the ‘beautiful game’. It is the only country to have competed in all 20 World Cup tournaments, it has won the tournament a record five times, and it is the only country to have won the tournament ‘away’ (Ponzo and Scoppa 2014).1 Brazilians worship football. As in all previous World Cups, the country will stop when the Seleção plays. Unlike all other Cups, however, this time there may be protests.

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Topics:  Institutions and economics Politics and economics

Tags:  Corruption, Political Economy, soccer, rent-seeking, Football, Brazil, infrastructure, sport, protests, FIFA

Policymaking in crises: Pick your poison

Kristin Forbes, Michael W Klein 24 December 2013

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In 2010, the Brazilian finance minister Guido Mantenga declared a ‘currency war’ because of the harmful effects of the strengthening of the real. He blamed the currency’s appreciation on easy money in advanced countries, and to a lesser extent on reserve accumulation in some emerging markets. More recently, concerns were raised by slides in the values of the Indian rupee – which lost 18% of its value against the dollar between February and August – and by the fall in the value of the Indonesian rupiah – which has lost almost a quarter of its value against the US dollar in 2013.

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Topics:  Exchange rates Macroeconomic policy

Tags:  exchange rates, foreign exchange reserves, India, Indonesia, global financial crisis, capital controls, Brazil, currency war

Should Brazil’s central bank be selling foreign reserves?

Márcio Garcia 25 September 2013

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The US dollar’s rise in August and the Brazilian Central Bank’s (BCB) interventions in forex markets have started a debate about whether the BCB should keep on intervening as it has been doing, mostly via currency derivatives markets, or if it should also be selling its international reserves.

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Topics:  Exchange rates International finance

Tags:  exchange rates, Central Banks, capital flows, derivatives, Brazil

The BRICs party is over

Anders Åslund 04 September 2013

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After a decade of infatuation, investors have suddenly turned their backs on emerging markets. In the BRIC countries – Brazil, Russia, India and China – growth rates have quickly fallen and current-account balances have deteriorated.1 The surprise is not that the romance is over but that it could have lasted for so long.

From 2000 to 2008 the world went through one of the greatest commodity and credit booms of all times. Goldman Sachs preached that the BRICs were unstoppable (e.g. Wilson and Purushothaman 2003).

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Topics:  Development International trade

Tags:  Russia, China, India, commodities, protectionism, BRICs, Brazil, BRIC

What drives protests in Brazil? Corruption, ineptitude and elections

Nauro F Campos 23 July 2013

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The conventional wisdom is that Brazilians are a laid-back people who can always find a way (‘jeitinho’) even if that involves dribbling the rules. If that was actually true, political protest would be extremely rare in Brazil.

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Topics:  Development Politics and economics

Tags:  Brazil, protest

Brazil: Did inward capital controls work?

Márcio Garcia 01 March 2013

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As the developed economies struggle to revive growth and create jobs, the debate about currency wars has come to forefront, with generalised quantitative easing, an EU Tobin tax, and confusing comments from G7 official regarding the effects of Abenomics on the yen.

Emerging markets have been experimenting with capital controls with the aim of combating real exchange-rate appreciation. Among financially open emerging markets, no country has gone to a greater length than Brazil. It thus serves us well to to analyse the recent Brazilian experience with capital controls.

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Topics:  Global governance International trade

Tags:  capital controls, Brazil

Capital controls: Gates versus walls

Michael W Klein 17 January 2013

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Capital controls are no longer considered rogue policies.

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Topics:  Macroeconomic policy

Tags:  China, South Korea, capital controls, Brazil

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