External Balance and Financialization

An Interpretation of the Evolution of the Brazilian Economy Since 2000

Bibliographic Data

ID12155479
AuthorsLeandro de Almeida Monteiro (0000-0002-0013-2324, Universidade Federal Fluminense, corresponding author), Carmem Feijo (0000-0002-6376-4599, Universidade Federal Fluminense)
Year2023
Volume52
Issue2
Pages181-196
Publication date2023-04-03
Open AccessNo
TypeARTICLE
VenueInternational Journal of Political Economy (JOURNAL)
Journal identifiersISSN: 0891-1916 • E-ISSN: 1558-0970
PublisherTaylor & Francis (PUBLISHER • GB)
DOI10.1080/08911916.2023.2230030
OpenAlexW4385843720
LanguageEN
References cited24

Brazil experienced a complete economic cycle with an ascending phase in the 2000s, followed by a decline during the following decade. Using the national accounts, the objective of this article is to trace the growth path of the Brazilian economy from the 2000s onwards through a detailed analysis of the financial balance and income flows of the institutional sectors. It will be shown that the economy has two relevant points of inflection: the first was the external shock occasioned by the 2008 global financial crisis, and the second was the change in domestic economic policy after 2015 following an austerity agenda. The article compares the financial balance of the institutional sectors at the two historical moments. It sheds new light on why the Brazilian economy entered the descending phase of the economic cycle and is stagnating and deepening its financialization process

Austerity · Balance (ability · Business cycle · Economic system · Economics · Economy · Financial crisis · Financialization · Macroeconomics · Market economy · Political science · Shock (circulatory · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political Economy and Marxism

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