Fluxo de capitais, diferencial de juros e o modelo de crescimento com restrição no balanço de pagamentos: uma perspectiva teórica

• Autores: Marwil J. Dávila-Fernández
• Localización: Nova Economia, ISSN 0103-6351, Año 26, Nº. 1, 2016, págs. 241-262
• Idioma: portugués
• DOI: 10.1590/0103-6351/2007
• Títulos paralelos:
  • Capital flow, interest rate differential, and balance of payments constraint growth model: a theoretical perspective
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• Resumen
  • English

    Abstract: This paper aims to contribute to the debate on long-term economic growth, clarifying aspects of the balance of payments constraint growth models. We formalized a theoretical model in which foreign direct investment is distinguished from portfolio investment in determining the external constraint growth rate, so that part of the attraction of foreign capital results from the differential rates of domestic and foreign interest and a risk premium.

  • português

    Resumo: O trabalho tem como objetivo contribuir para o debate em torno do crescimento econômico de longo prazo, esclarecendo aspectos dos modelos de crescimento com restrição no Balanço de Pagamentos (BP). Formalizamos um modelo teórico em que o investimento externo direto é diferenciado do investimento em carteira na determinação da taxa de crescimento compatível com a restrição externa, de modo que parte do fluxo de capitais decorre do diferencial das taxas de juros doméstica, internacional e do prêmio de risco.

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