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Growth, Distribution, and External Constraints: A Post-Kaleckian Model Applied to Brazil

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  • Douglas Alencar
  • Frederico G. Jayme
  • Gustavo Britto

Abstract

The purpose of this research is to analyze whether the Brazilian economy behaved under a wage-led or profit-led regime between 1960 and 2011, considering a Post-Kaleckian model in a context of external constraints. The time span is limited by data availability (i.e., 2011). To answer the question of whether the Brazilian economy works under a wage-led or profit-led regime, we propose a simple Post-Kaleckian model. The model suggests that a profit-led regime is more probable for Brazil. Moreover, a wage-led regime occurs when a balance of payments constrained growth model is taken into consideration. Likewise, the real exchange rate has a positive impact on economic growth through the export channel. This result is a novelty in the recent literature about the relationship between real exchange rate and economic growth within a Post-Kaleckian model. The Brazilian economy was chosen as it is one of the biggest economies in Latin America.

Suggested Citation

  • Douglas Alencar & Frederico G. Jayme & Gustavo Britto, 2021. "Growth, Distribution, and External Constraints: A Post-Kaleckian Model Applied to Brazil," Review of Political Economy, Taylor & Francis Journals, vol. 33(1), pages 44-66, January.
    • Handle: RePEc:taf:revpoe:v:33:y:2021:i:1:p:44-66
    DOI: 10.1080/09538259.2020.1720149
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