Luiz Carlos Bresser-Pereira – författare

Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth.

While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the interest rate, the inflation rate and the profit rate). It develops a group of concepts and models and blends them together in the model of the tendency to the cyclical overvaluation of the exchange rate in developing countries. According to this model, the exchange rate tends to be chronically overvalued. In so far that this is true the exchange rate ceases to be just a short-term problem to be treated by macroeconomics and becomes central to development economics and should be crucially oriented to manage the exchange rate and keep it competitive at the industrial equilibrium level.

The book closes with the presentation of new developmentalism – a national development strategy based on the system of models previously discussed that is both an alternative to old national-developmentalism and to liberal orthodoxy or the Washington consensus.

Developmental Macroeconomics: Access to Demand, the Exchange Rate and Growth offers a new approach to development economics and macroeconomics. It is a Keynesian-structuralist approach to economics applied to middle income countries that emphasizes the strategic role of demand in creating investment opportunities that are essential to economic development. It also explores crucial links between short-term full employment and financial stability with medium term growth.

While this book emphasizes the central role played by the exchange rate it does not ignore other macroeconomic prices (the interest rate, the inflation rate and the profit rate). It develops a group of concepts and models and blends them together in the model of the tendency to the cyclical overvaluation of the exchange rate in developing countries. According to this model, the exchange rate tends to be chronically overvalued. In so far that this is true the exchange rate ceases to be just a short-term problem to be treated by macroeconomics and becomes central to development economics and should be crucially oriented to manage the exchange rate and keep it competitive at the industrial equilibrium level.

The book closes with the presentation of new developmentalism – a national development strategy based on the system of models previously discussed that is both an alternative to old national-developmentalism and to liberal orthodoxy or the Washington consensus.

The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this.

The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism.

This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.

The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this.

The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism.

This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.