Policy space in a financially integrated world: The Brazilian case in the 2000s

This paper makes the argument that policy space in Brazil has been narrowing since the trade and capital opening made in the 1990s. This is so because the opening of the Brazilian economy has implied that real and nominal interest rates have been kept high and the real exchange rate has shown a trend towards appreciation. The behavior of the main macroeconomic prices of the Brazilian economy brought, as a minimum, two negative results to economic growth. On one hand, the annual average growth rate was reduced because structural change had been moving towards less technologically productive sectors, which deepened deindustrialization. On the other hand, short-term economic growth had become more volatile, given that the evolution of the investment position of the country increased its potential degree of external fragility.

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More on the Dynamics of Agricultural Contribution to Economic Growth — Reply

The Review of Black Political Economy ◽

10.1007/bf02689956 ◽

1992 ◽

Vol 21 (1) ◽

pp. 75-81

Author(s):

Edward Nissan

Keyword(s):

Economic Growth ◽

Growth Rate ◽

Entire Period ◽

Rate Data ◽

Average Growth Rate ◽

Annual Average ◽

Average Growth ◽

Period Data ◽

Annual Average Growth Rate

In his note on my recent two articles in this journal, Professor Addington Coppin states that the results obtained for estimating agricultural contribution to economic growth in various economies are sensitive to employing annual average growth rate data, end-of-period output shares, and geometric “weights” in some of the calculations. He suggests that the results would have been more accurate by employing (1) simple percentage changes in the level variables over the entire period of consideration; (2) beginning-of-period data on output shares; and (3) arithmetic weights. This reply addresses the logic and correctness of the approach undertaken in my research that strengthen the confidence in the results offered in my articles.

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The Dynamics of Agricultural Contribution to Economic Growth — Comment

The Review of Black Political Economy ◽

10.1007/bf02689955 ◽

1992 ◽

Vol 21 (1) ◽

pp. 69-73

Author(s):

Addington Coppin

Keyword(s):

Economic Growth ◽

Growth Rate ◽

Rate Data ◽

Average Growth Rate ◽

Annual Average ◽

Average Growth ◽

Analytical Errors ◽

Annual Average Growth Rate

This note points out several analytical errors in two recent articles by Edward Nissan on the agricultural contribution to economic growth in various economies. Inter alia, Nissan inappropriately employs annual average growth rate data, end-of-period output shares, and geometric “weights” in some of his calculations. In light of these errors, Nissan's results should, where possible, be recalculated.

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