المستودع الأكاديمي جامعة المدينة

Brazil: Another lost decade? Domestic policies and attractiveness for foreign capital

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dc.creator Funke, Norbert
dc.creator Nunnenkamp, Peter
dc.creator Schweickert, Rainer
dc.date 1992
dc.date.accessioned 2013-10-16T06:04:54Z
dc.date.available 2013-10-16T06:04:54Z
dc.date.issued 2013-10-16
dc.identifier urn:isbn:3894560274
dc.identifier http://hdl.handle.net/10419/746
dc.identifier ppn:117929298
dc.identifier RePEc:zbw:ifwkdp:188
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/746
dc.description Formerly a favourite location for private capital inflows, Brazil was virtually cut off from further bank lending in the 1980s. The country's rating in secondary loan markets plummeted, and foreign direct investment dwindled. New external financing was replaced by an accumulation of interest arrears. Retained resources were used for consumption or fueled capital flight, rather than being used for productive investment. Brazil is significantly lagging behind Asian and Latin American competitors in facing the fiercer worldwide competition for foreign capital. The seriously impaired attractiveness in international capital markets is to be attributed to pronounced macroeconomic instability, excessive government interference into goods and factor markets, as well as confrontation with commmercial lenders and restrictive attitudes towards foreign investors. After having lost one decade, Brazil should not risk another one. The country should follow the example of Chile and Mexico, where the implementation of domestic policy reforms was supported by voluntary debt-service concessions of external creditors. This cooperative approach lowered the perception of country risk, led to the repatriation of flight capital, and triggered a favourable investment response. Domestic policy reforms are indispensable for regaining access to international capital markets. The centerpiece of macroeconomic stabilization in Brazil must be to break inflationary expectations through sustained fiscal consolidation. Recent progress in dismantling trade barriers must be supplemented by abandoning the tradition of interventionist price policies in domestic goods markets. The deep-rooted structural deficiencies of labour and financial markets have to be tackled, in order to stimulate human capital formation and enhance efficient financial intermediation.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Diskussionsbeiträge 188
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.subject Direktinvestition
dc.subject Internationale Kapitalmobilität
dc.subject Auslandsverschuldung
dc.subject Wirtschaftspolitik
dc.subject Brasilien
dc.subject Entwicklungsländer
dc.title Brazil: Another lost decade? Domestic policies and attractiveness for foreign capital
dc.type doc-type:workingPaper


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