Abstract
This article examines the relationship between investment and economic growth in Brazil. In light of the Keynesian and Kaleckian approaches, it aims to understand the stagnation the Brazilian economy has experienced since the 1990s, despite the monetary stabilization achieved with the Real Plan. Empirical evidence shows that investment increased for a period of time in the past few years, but not to the point of getting the economy back on track in terms of high growth rates and higher investment-GDP ratios. The econometric analysis is compatible with the theoretical underpinnings and identifies important issues such as the high real interest rates.
Keywords:
Investment theory; Economic growth; Brazilian economy; Kaleckian theory; Keynesian theory
Nota: A linha pontilhada representa o polinômio de melhor ajuste para o crescimento da FBKF (terceiro grau). Fonte: Elaborado pelos autores com dados do Ipeadata (2015) (não há informação sobre o ano-base para deflacionar as taxas nominais de crescimento).
Fonte: Elaborado pelos autores com dados do Ipeadata (2015).
Fonte: Elaborado pelos autores com dados do Ipeadata (2015).
Fonte: Elaborado pelos autores com base nos dados do Ipeadata (2015) e do BCB (2015).
Fonte: Elaborado pelos autores com base no Ipeadata (2015).