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Macrodynamic Capacity and Financial Development: Theoretical Conception and Observations on the Brazilian Economy

Author

Listed:
  • Joanílio Rodolpho Teixeira

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

  • Maria de Lourdes Rollemberg Mollo

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

Abstract

We consider the concept of Macrodynamic Capacity, exploring an heterodox content whose analytical foundation is derived from a number of scholars of diverse ideological conceptions which casts light on the different ways that economies deal with the role and impact of institutional, monetary and financial development to attain some degree of effectiveness in investment, innovation, structural change and economic development. Relevant aspects of the Brazilian economy are considered. In particular, we show some empirical evidence of the banking sector’s concentration and monetary policy which explains to a large extent the prevailing interest rates and high spreads, in disfavour of productive investment and leading to the country’s poor socioeconomic performance and the absence of what we are calling macrodynamic capacity.

Suggested Citation

  • Joanílio Rodolpho Teixeira & Maria de Lourdes Rollemberg Mollo, 2006. "Macrodynamic Capacity and Financial Development: Theoretical Conception and Observations on the Brazilian Economy," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 325, Departamento de Economia da Universidade de Brasilia.
    • Handle: RePEc:brs:wpaper:325
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    File URL: http://e-groups.unb.br/face/eco/textos/didaticos/325junho2006.pdf
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    More about this item

    Keywords

    Macrodynamic Capacity; Finance; Structural Change; Economic Policy; Brazil;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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