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Toward the crisis: a Kaleckian-Keynesian interpretation of the instability of growth and capital accumulation in Brazil

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  • Eduardo Maldonado Filho
  • Fernando Ferrari Filho
  • Marcelo Milan

Abstract

This article examines theoretically and empirically the instability of Brazilian investment and growth for the past couple of decades, highlighting the evolution that led to the current crisis. A theoretical discussion highlights the importance of Kaleckian and Keynesian approaches in understanding the semi-stagnation of the Brazilian economy since the 1990s. Empirical evidence shows that investment has increased until 2013, but not to the point of getting the economy back on the track of high growth rates and higher investment-GDP ratios. The econometric findings are compatible with the theoretical underpinnings of investment activity based on Keynes and Kalecki and suggest the existence of room for activist policies in Brazil in order to stimulate economic activity.

Suggested Citation

  • Eduardo Maldonado Filho & Fernando Ferrari Filho & Marcelo Milan, 2017. "Toward the crisis: a Kaleckian-Keynesian interpretation of the instability of growth and capital accumulation in Brazil," International Review of Applied Economics, Taylor & Francis Journals, vol. 31(5), pages 608-624, September.
    • Handle: RePEc:taf:irapec:v:31:y:2017:i:5:p:608-624
    DOI: 10.1080/02692171.2017.1297387
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    References listed on IDEAS

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    1. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    2. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, October.
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    Cited by:

    1. Dobdinga Cletus Fonchamnyo & Gildas Dohba Dinga & Vahsegmi Carolle Ngum, 2021. "Revisiting the nexus between domestic investment, foreign direct investment and external debt in SSA countries: PMG‐ARDL approach," African Development Review, African Development Bank, vol. 33(3), pages 479-491, September.

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