rp2006-81_1 - Research Paper No 2006/81 The Rise and Halt...

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Copyright © UNU-WIDER 2006 1 Law Graduate Program at Candido Mendes University, and Department of Economic Evolution at the State University of Rio de Janeiro; 2 National Bank for Economic and Social Development, Brazil; 3 Institute of Economics, Federal University of Rio de Janeiro. This study has been prepared within the UNU-WIDER project on Institutions for Economic Development: Theory, History and Contemporary Experiences, directed by Ha-Joon Chang. UNU-WIDER acknowledges the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs), Finland (Ministry for Foreign Affairs), Norway (Royal Ministry of Foreign Affairs), Sweden (Swedish International Development Cooperation Agency – Sida) and the United Kingdom (Department for International Development). ISSN 1810-2611 ISBN 92-9190-859-2 (internet version) Research Paper No. 2006/81 The Rise and Halt of Economic Development in Brazil, 1945-2004 Industrial Catching-up, Institutional Innovation and Financial Fragility Leonardo Burlamaqui, 1 José A.P. de Souza, 2 and Nelson H. Barbosa-Filho 3 August 2006 Abstract This paper seeks to explain the dynamics of Brazilian industrial catch-up in the last 60 years by discussing its background institutional conditions as well as its main macroeconomic features. After a brief introduction, the second section describes how after the institutional innovations introduced during the Vargas’ and Kubitschek’s administrations, a Brazilian version of the Developmental State was created, releasing the growth potential of the economy during the 1950s. The third section analyses the inflationary crisis and institutional inertia of the mid-1960s, and its solution through the introduction of a new of wave of institutional innovations and conflict management devices, which lead to the Brazilian growth miracle, until the debt crisis of early 1980s signaled its end. The fourth section analyses why the financial crisis, …/. Keywords: development, catch-up, institutions JEL classification: N16, N26, O16
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The World Institute for Development Economics Research (WIDER) was established by the United Nations University (UNU) as its first research and training centre and started work in Helsinki, Finland in 1985. The Institute undertakes applied research and policy analysis on structural changes affecting the developing and transitional economies, provides a forum for the advocacy of policies leading to robust, equitable and environmentally sustainable growth, and promotes capacity strengthening and training in the field of economic and social policy making. Work is carried out by staff researchers and visiting scholars in Helsinki and through networks of collaborating scholars and institutions around the world. www.wider.unu.edu
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rp2006-81_1 - Research Paper No 2006/81 The Rise and Halt...

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