How to Cite
Bresser-Pereira, Luiz Carlos, Maryse Farhi, Daniela Magalhães Prates, Maria Cristina Penido de Freitas, Marcos Antonio Macedo Cintra, Jennifer Hermann, Ana Rosa Ribeiro de Mendonça, Fernando Ferrari Filho, Luiz Fernando de Paula, João Sicsú, José Luís da Costa Oreiro, Flávio Augusto Correa Basilio, and Paulo Gala. 2009. “The 2008 Financial Crisis”. Brazilian Journal of Political Economy 29 (1):133-49. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/474.
The 2008 financial crisis
Maryse Farhi
Professora do IE-Unicamp e pesquisadora do Centro de Estudos de Conjuntura e Política Econômica - CECON
Daniela Magalhães Prates
Professora do IE-Unicamp e pesquisadora Cecon. Pesquisadora do CNPq
Maria Cristina Penido de Freitas
Doutora pela Universidade Paris XIII e pesquisadora do Cecon
Marcos Antonio Macedo Cintra
Professor do IE-Unicamp e pesquisador do CNPq.
Jennifer Hermann
Professora Adjunta do Instituto de Economia da Universidade Ferderal do Rio de Janeiro (IE/UFRJ)
Ana Rosa Ribeiro de Mendonça
Professora Assistente do Instituto de Economia da UNICAMP
Fernando Ferrari Filho
Professor Titular da FCE/UFRGS e Presidente da Associação Keynesiana Brasileira
Luiz Fernando de Paula
Professor Adjunto da FCE/UERJ e Vice-Presidente da Associação Keynesiana Brasileira
João Sicsú
Diretor de Estudos Macroeconômicos do IPEA e professor do IE-UFRJ
José Luís da Costa Oreiro
Professor do Departamento de Economia da UnB e Pesquisador Nível I do CNPq
Flávio Augusto Correa Basilio
Doutorando em Economia pela Universidade de Brasília (UnB)
Paulo Gala
Professor da Escola de Economia de São Paulo – FGV/SP
Abstract
In developing countries there is a tendency to the overvaluation of the exchange rate. It has two structural causes: the Dutch disease and the attraction that higher profit and interest rates usually prevailing in developing countries exert on foreign capitals, and four policy causes: the growth with foreign savings policy, the control of inflation to exchange rate anchors, the ‘capital deepening’ policy, and exchange rate populism. Either the country neutralizes this tendency and grows fast, or does not and will suffer cyclical balance of payment crises.
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