Mobilidade de Capitais e Crescimento Econômico: Evidências Empíricas a Partir da Estimação de um Modelo Dinâmico com Dados em Painel

The mainstream economics view about capital mobility and economic growth faces a serious dilemma. Although in this perspective strong theoretical arguments support the view that free capital movements act to accelerate growth in the economies integrated to the international capital markets, actual empirical evidence is known to be fragile. Furthermore, once considered the theoretical conception underlying the vast majority of those studies is not surprise that the questions associated with the balance of payments equilibrium have been improperly absent from the analysis. This work presents an integrated effort in order to contribute for the mentioned debate through a panel data study. The econometric analysis proposed is based on the estimation methodology developed by Bundell-Bond (1998) from which emerged the so-called System GMM estimator. Pooled OLS estimates are also reported as a complement.