Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries.

Vol. 31 No. 5 (2011)

Dec / 2011
Published December 1, 2011
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

de Paula, Luiz Fernado, and Fábio Campos Barcelos. 2011. “Financial Liberalization, Macroeconomic Policy and Economic Growth Within the BRIC’s Countries.”. Brazilian Journal of Political Economy 31 (5):699-729. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/380.

Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries.

Luiz Fernado de Paula
professor adjunto da Faculdade de Ciências Econômicas da Universidade do Estado do Rio de Janeiro (FCE/uerj) e pesquisador do CNPq.
Fábio Campos Barcelos
Técnico do Grupo de Memória da Administração Pública, do Arquivo Nacional.
Brazilian Journal of Political Economy, Vol. 31 No. 5 (2011), Dec / 2011, Pages 699-729

Abstract

Financial liberalization, macroeconomic policy and economic growth within the BRIC’s countries. The objective of this paper is to analyze the relationship between exchange rate regime, capital account convertibility and economic growth in 1990-2007 period within the emerging countries that constitute what has been called BRIC – Brazil, Russia, India and China. Our hypothesis is that economic performance of these countries is the result, at least partially, of the quality of the macroeconomic policy management adopted in each country, in which exchange rate policy, capital account convertibility and the degree of external vulnerability plays a key role.

JEL Classification: E58; F31; F32; F34.


Keywords: BRIC financial liberalization capital account convertibility