The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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Financialization, coalition of interests and interest rate in Brazil

Luiz Carlos Bresser-Pereira, Luiz Fernando de Paula e Miguel Bruno

Submitted to Review de la Régulation.


In this paper, we go back to the hypothesis of a proconservative monetary policy convention in Brazil, as initially formulated by Bresser-Pereira and Nakano (2002) and Erber (2011), and add three particular sub-hypotheses to it: (i) the prevalence of high real interest rates in Brazil for decades has led to the formation of a coalition of rentierfinancier interests for keeping interest rates high and the resulting "financialization from interest income"; (ii) the existence of a "two-way" public-debt contagion effect between the banking reserves market and the public securities market; (iii) the use of a high interest rate to finance current-account deficits. To this end, the paper takes as its starting point Keynes's view of the interest rate as an eminently conventional phenomenon.
     

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