This note discusses the possibility of converting external debt into investment. For the author, this is already an ongoing phenomenon and should be guided by a policy that issues how this should be done as an integral part of Brazil’s industrial policy.
KEYWORDS:
External debt; capital flux; debt crisis
| 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 (P) | |
|---|---|---|---|---|---|---|---|---|---|
| A) Investimentos | 1.160,6 | 1.831,2 | 1.595,1 | 1.903,2 | 1.369,9 | 567,0 | 49ô,1 | 4’85,2 | 432,9 |
| B) Repatriações | 124,1 | 353,5 | 147,1 | 110,3 | 143,0 | 157,8 | 112,3 | 262,9 | 636,7 |
| C) Lucros e Dividendos | 560,5 | 635,7 | 309,8 | 369,6 | 585,2 | 757,8 | 796,1 | 1.056,5 | 1.236,7 |
| D) Liquido (A-B-C) | 476,0 | 842,0 | 1.138,2 | 1.423,3 | 641,7 | -348,6 | -418,3 | -834,2 | -1.440,5 |
| E) ( + ) Conversões | 159,9 | 207.4 | 39,3 | 1,8 | 143,2 | 452,0 | 745,6 | 581,3 | 205,8 |
| 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | |
|---|---|---|---|---|---|---|---|
| A) Ingresso líquido | 1.447,9 | 1.792,9 | 1.226,9 | 409,2 | 377,7 | 222,3 | -203,6 |
| B) Reinvestimento | 411,2 | 741.4 | 1.555.9 | 694,8 | 472,1 | 542,8 | 448,6 |
| C) Subtotal (A + 8) | 1.859,1 | 2.534,3 | 2.782,8 | 1.104,0 | 849,8 | 765,1 | 245,0 |
| D) Conversões | 39,3 | 1,8 | 143,2 | 452,0 | 745,6 | 581,2 | 205,8 |
| E) Total (C + D) | 1.898,4 | 2.536,1 | 2.926,0 | 1.556,0 | 1.595.4 | 1.346,3 | 250,8 |
