cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.5792577.v1
title: Productivity, social expenditure and income distribution in Latin America

description: ABSTRACT This paper discusses the role of institutions and structural change in shaping income inequality. It is argued that while social expenditure and direct redistribution are crucial for improving income distribution, sustainable equality requires structural change. The relative importance of these variables in different countries is analyzed and a typology suggested. It is argued that the most equal countries in the world combine strong institutions in favor of redistribution and knowledge-intensive production structures that sustain growth and employment in the long run. Both institutions and the production structure in Latin America fail to foster equality and this explains its extremely high levels of inequality. The paper presents empirical evidence that supports this view, based on a sample of developed and developing countries for the period 1990-2010. Institutions for redistribution are captured through social expenditures as a percentage of GDP, while the role of structural change is captured by indicators of the technological intensity of production and the evolution of labor productivity. The technological intensity of the production structure is proxied through two indicators, the Economic Complexity Index and the ECLAC Index of Technological Intensity.
DOI: 10.6084/m9.figshare.5792793
title: Brazil: The cost of delaying fiscal consolidation

description: ABSTRACT In the present situation, the debt/GDP ratio in Brazil is increasing both due to the payment of interests and to a positive primary deficit. The later the fiscal adjustment is done, the higher must be the reduction of the primary deficit to attain long-run debt sustainability. This work makes the deduction of the cost of delay explicit and uses it to derive some data concerning the present Brazilian case. It considers three different scenarios and a two-and-a-half year period starting in June of 2016. The cost of delaying the adjustment is measured in terms of the additional reduction of the primary deficit relative to that which would have been necessary had the sustainability condition been met in June of 2016. Depending upon the scenario and on the concept of debt, a one year delay may demand between 0.14% and 0.67% of GDP of additional reduction of the primary deficit. The inertia may also lead to more uncomfortable figures, in case the average yearly periodic real interest rate as of June 2016 exceeds 6.6%. Or if average GDP yearly growth is lower than -1.6% in the period considered.
DOI: 10.6084/m9.figshare.5792793.v1
title: Brazil: The cost of delaying fiscal consolidation

description: ABSTRACT In the present situation, the debt/GDP ratio in Brazil is increasing both due to the payment of interests and to a positive primary deficit. The later the fiscal adjustment is done, the higher must be the reduction of the primary deficit to attain long-run debt sustainability. This work makes the deduction of the cost of delay explicit and uses it to derive some data concerning the present Brazilian case. It considers three different scenarios and a two-and-a-half year period starting in June of 2016. The cost of delaying the adjustment is measured in terms of the additional reduction of the primary deficit relative to that which would have been necessary had the sustainability condition been met in June of 2016. Depending upon the scenario and on the concept of debt, a one year delay may demand between 0.14% and 0.67% of GDP of additional reduction of the primary deficit. The inertia may also lead to more uncomfortable figures, in case the average yearly periodic real interest rate as of June 2016 exceeds 6.6%. Or if average GDP yearly growth is lower than -1.6% in the period considered.
DOI: 10.6084/m9.figshare.5792250
title: Recent dynamics of Brazilian inflation in different environments of forward-looking expectations

description: ABSTRACT This work analyzes how the recent Brazilian inflation responds to economic cycles and its inertial component considering different environments of forward-looking expectations in the framework of the Hybrid New-Keynesian Phillips Curve (HNKPC). To do this, use is made of monthly data from January 2002 to August 2015 and GMM-HAC estimates of the HNKPC. The results suggest that Brazilian inflation still has a strong inertial component and that in an environment of lower predictability of economic agents, inflation seems to be more sensitive to cyclical fluctuations in economic activity. Finally, it was observed a positive and significant pass-through exchange rate to inflation in Brazil.
DOI: 10.6084/m9.figshare.5792250.v1
title: Recent dynamics of Brazilian inflation in different environments of forward-looking expectations

description: ABSTRACT This work analyzes how the recent Brazilian inflation responds to economic cycles and its inertial component considering different environments of forward-looking expectations in the framework of the Hybrid New-Keynesian Phillips Curve (HNKPC). To do this, use is made of monthly data from January 2002 to August 2015 and GMM-HAC estimates of the HNKPC. The results suggest that Brazilian inflation still has a strong inertial component and that in an environment of lower predictability of economic agents, inflation seems to be more sensitive to cyclical fluctuations in economic activity. Finally, it was observed a positive and significant pass-through exchange rate to inflation in Brazil.
DOI: 10.6084/m9.figshare.5791926.v1
title: Dismemberment of Municipalities: Impacts on the Municipal Legislative

description: ABSTRACT The article evaluates the effects of the division of municipalities on the elections in the composition in the municipal legislative chambers, where we try to identify the gerrymandering hypothesis, that is, change of the composition of the power in these municipalities involved with the dismemberment. Our results suggest that there is (i) a positive impact of dismemberment on the concentration of seats in a few parties in the city councils in the municipalities of origin, and (ii) a reduction of participation in the municipality of origin of minority parties, concomitantly with an increase of concentration in the chamber of the new municipalities of these parties.
DOI: 10.6084/m9.figshare.5791926
title: Dismemberment of Municipalities: Impacts on the Municipal Legislative

description: ABSTRACT The article evaluates the effects of the division of municipalities on the elections in the composition in the municipal legislative chambers, where we try to identify the gerrymandering hypothesis, that is, change of the composition of the power in these municipalities involved with the dismemberment. Our results suggest that there is (i) a positive impact of dismemberment on the concentration of seats in a few parties in the city councils in the municipalities of origin, and (ii) a reduction of participation in the municipality of origin of minority parties, concomitantly with an increase of concentration in the chamber of the new municipalities of these parties.
DOI: 10.6084/m9.figshare.5792400
title: Regional distribution of the National System of Innovation actors and economic development: an international comparison

description: ABSTRACT It is believed that actors of the National System of Innovation (NSI) influence and are influenced by regional aspects, like geographical allocation. Based on this perspective the scientific, technological and economical performances in sub-national divisions of nine developed and developing countries are analyzed in this paper. The aim is to evaluate the hypothesis on the existence of higher regional concentration of NSI actors in developing countries. The results suggest that this hypothesis may be correct, since S,T&I activities are more likely to be regionally concentrated in the richest regions in the developing countries analyzed, opposing what happens in developed countries.
DOI: 10.6084/m9.figshare.5792400.v1
title: Regional distribution of the National System of Innovation actors and economic development: an international comparison

description: ABSTRACT It is believed that actors of the National System of Innovation (NSI) influence and are influenced by regional aspects, like geographical allocation. Based on this perspective the scientific, technological and economical performances in sub-national divisions of nine developed and developing countries are analyzed in this paper. The aim is to evaluate the hypothesis on the existence of higher regional concentration of NSI actors in developing countries. The results suggest that this hypothesis may be correct, since S,T&I activities are more likely to be regionally concentrated in the richest regions in the developing countries analyzed, opposing what happens in developed countries.
DOI: 10.6084/m9.figshare.5792253
title: Economic growth and structural change in a multi-sector and multilateral approach to balance-of-payments constrained growth

description: ABSTRACT This study aims to develop a multi-sector and multilateral model of balance-of-payments constrained growth. As a starting point, we adopted the models proposed by Araujo and Lima (2007) and Nell (2003). The paper also presents computer simulations to test how structural changes in the Pasinetti-Kaldor sense affect long-term economic growth. This approach is relevant insofar as it enables the identification of sectors and trading partners that contribute the most to long-term growth, as well as proposing economic and industrial policies that improve trade relations and economic competitiveness.
DOI: 10.6084/m9.figshare.5792253.v1
title: Economic growth and structural change in a multi-sector and multilateral approach to balance-of-payments constrained growth

description: ABSTRACT This study aims to develop a multi-sector and multilateral model of balance-of-payments constrained growth. As a starting point, we adopted the models proposed by Araujo and Lima (2007) and Nell (2003). The paper also presents computer simulations to test how structural changes in the Pasinetti-Kaldor sense affect long-term economic growth. This approach is relevant insofar as it enables the identification of sectors and trading partners that contribute the most to long-term growth, as well as proposing economic and industrial policies that improve trade relations and economic competitiveness.
DOI: 10.6084/m9.figshare.6007913
title: Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model

description: ABSTRACT The objective of the present article is to develop a Kaldorian Growth model that (i) had a balance of payments constraint, in order to eliminate the inconsistency of balance of payments growth models; and (ii) defines a precise mechanism by which the level of real exchange rate can affect long-term growth. An important innovation introduced in the model is the idea that Kaldor-Verdoorn coefficient - that measures the sensibility of growth rate of labor productivity to output growth - depends on the share of manufacturing output on GDP. This hypothesis allowed us to introduce the possibility of structural change, defined as a dynamic process by which the share of manufacturing industry on real output could change over time. In this case, it will be possible to analyze the dynamic properties of the model either in the case where productive structure is kept constant (case with no structural change), as in the case where it evolves over time as a result of some economic process (case with structural change).
DOI: 10.6084/m9.figshare.6007913.v1
title: Real exchange rate and structural change in a Kaldorian balance of payments constrained growth model

description: ABSTRACT The objective of the present article is to develop a Kaldorian Growth model that (i) had a balance of payments constraint, in order to eliminate the inconsistency of balance of payments growth models; and (ii) defines a precise mechanism by which the level of real exchange rate can affect long-term growth. An important innovation introduced in the model is the idea that Kaldor-Verdoorn coefficient - that measures the sensibility of growth rate of labor productivity to output growth - depends on the share of manufacturing output on GDP. This hypothesis allowed us to introduce the possibility of structural change, defined as a dynamic process by which the share of manufacturing industry on real output could change over time. In this case, it will be possible to analyze the dynamic properties of the model either in the case where productive structure is kept constant (case with no structural change), as in the case where it evolves over time as a result of some economic process (case with structural change).
DOI: 10.6084/m9.figshare.19964743
title: The structuralist revenge: economic complexity as an important dimension to evaluate growth and development

description: ABSTRACT This paper brings elements from the economic complexity literature to the discussions of the structuralist tradition on the central role of manufacturing and productive sophistication to economic growth. Using data provided by the Atlas of Economic Complexity this study sought to verify if countries’ complexity is important to explain convergence and divergence among poor and rich countries and, if so, which are the countries that will be able to reduce the income gap compared to developed countries. The econometric analysis revealed that exports and production complexity is significant to explain convergence and divergence among countries.
DOI: 10.6084/m9.figshare.19964743.v1
title: The structuralist revenge: economic complexity as an important dimension to evaluate growth and development

description: ABSTRACT This paper brings elements from the economic complexity literature to the discussions of the structuralist tradition on the central role of manufacturing and productive sophistication to economic growth. Using data provided by the Atlas of Economic Complexity this study sought to verify if countries’ complexity is important to explain convergence and divergence among poor and rich countries and, if so, which are the countries that will be able to reduce the income gap compared to developed countries. The econometric analysis revealed that exports and production complexity is significant to explain convergence and divergence among countries.
DOI: 10.6084/m9.figshare.19964746
title: Varieties of capitalism, growth and redistribution in Asia and Latin America

description: ABSTRACT Both Latin America and Asia observed an impressive growth of their economies from the turn of the century until 2013. One of the differences between Asia and Latin America is that while redistribution and social security increased significantly in the second and growth was accompanied by reduced inequality, in Asia we have seen the contrary, increasing inequality, a more inefficient and decreasing social protection and no intent to redistribute. This paper wants to answer in what respects the mode of development of Asia, as characterized mainly by China, is more sustainable than the one followed by Latin America.
DOI: 10.6084/m9.figshare.19964746.v1
title: Varieties of capitalism, growth and redistribution in Asia and Latin America

description: ABSTRACT Both Latin America and Asia observed an impressive growth of their economies from the turn of the century until 2013. One of the differences between Asia and Latin America is that while redistribution and social security increased significantly in the second and growth was accompanied by reduced inequality, in Asia we have seen the contrary, increasing inequality, a more inefficient and decreasing social protection and no intent to redistribute. This paper wants to answer in what respects the mode of development of Asia, as characterized mainly by China, is more sustainable than the one followed by Latin America.
DOI: 10.6084/m9.figshare.19964747
title: Determinants of the rates of profit and accumulation in Brazil: the structural factors of the cyclical deterioration of 2014-2015

description: ABSTRACT The trends in profit and accumulation rates are key indicators in the analysis of economic crises. These variables account for the trajectories of economic growth and they are conditioned by the functional distribution of income. The deterioration of the macroeconomic conjuncture from 2014, in Brazil, has often been attributed, by mainstream analysis, to the errors inherent in the so-called “new matrix of economic policy”. However, the analysis of profit and accumulation rates, immediately after the impact of the US crisis in Brazil, in 2009, shows the existence of structural factors that are characteristic of the current Brazilian economy, which could not be overcome by countercyclical fiscal and monetary policies.
DOI: 10.6084/m9.figshare.19964747.v1
title: Determinants of the rates of profit and accumulation in Brazil: the structural factors of the cyclical deterioration of 2014-2015

description: ABSTRACT The trends in profit and accumulation rates are key indicators in the analysis of economic crises. These variables account for the trajectories of economic growth and they are conditioned by the functional distribution of income. The deterioration of the macroeconomic conjuncture from 2014, in Brazil, has often been attributed, by mainstream analysis, to the errors inherent in the so-called “new matrix of economic policy”. However, the analysis of profit and accumulation rates, immediately after the impact of the US crisis in Brazil, in 2009, shows the existence of structural factors that are characteristic of the current Brazilian economy, which could not be overcome by countercyclical fiscal and monetary policies.
DOI: 10.6084/m9.figshare.19964749.v1
title: Real exchange rate and innovation: empirical evidences

description: ABSTRACT The recent debate on the determinants of the lung-run economic growth highlights the role of a competitive and stable real exchange rate to foster growth. In this debate, the works follow two approaches: theoretical and empirical. In the theoretical approach a considerable portion of the works points towards the innovation as a transmission mechanism of the real exchange rate effects on income. These works emphasize that the real exchange rate affects growth because of its impacts on the determinants of innovation, such as investment. Despite the theoretical debate, the focus of empirical works is on the analysis of the exchange rate effects on income while the relationship between exchange rate and innovation remains untapped. This article seeks to contribute to the literature by providing empirical evidence that supports the link between the real exchange rate and innovation.
DOI: 10.6084/m9.figshare.19964749
title: Real exchange rate and innovation: empirical evidences

description: ABSTRACT The recent debate on the determinants of the lung-run economic growth highlights the role of a competitive and stable real exchange rate to foster growth. In this debate, the works follow two approaches: theoretical and empirical. In the theoretical approach a considerable portion of the works points towards the innovation as a transmission mechanism of the real exchange rate effects on income. These works emphasize that the real exchange rate affects growth because of its impacts on the determinants of innovation, such as investment. Despite the theoretical debate, the focus of empirical works is on the analysis of the exchange rate effects on income while the relationship between exchange rate and innovation remains untapped. This article seeks to contribute to the literature by providing empirical evidence that supports the link between the real exchange rate and innovation.
DOI: 10.6084/m9.figshare.19964750
title: Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis

description: ABSTRACT The Spanish crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices.
DOI: 10.6084/m9.figshare.19964750.v1
title: Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis

description: ABSTRACT The Spanish crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position in the non-financial corporate sector and a declining trend in profitability under a regime of financial liberalization and loose and unregulated lending practices.
DOI: 10.6084/m9.figshare.19964752
title: Insights on deflation theory

description: ABSTRACT Irving Fisher offered a ‘tentative’ debt-deflation theory of great depressions rather than a fully consistent theory of his ‘creed’: “I say ‘creed’ because, for brevity, it is purposely expressed dogmatically and without proof. [...] it is quite tentative” (Fisher 1933, p. 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes’ General Theory escapes the contradiction.
DOI: 10.6084/m9.figshare.19964753
title: Labor market trends in a low and heterogeneous productivity country. Evidence from Argentina’s manufacturing

description: ABSTRACT During Substitution Industrialization (1930-1975), wages rose, and unemployment and poverty were low. During the “neoliberal process” (1976-2002) the liberalization of the goods and financial markets resulted in the regression of the productive structure, high unemployment and the decline of real wages. Finally, since the collapse of 2002, Argentina has had enormous success in terms of unemployment, with limited achievements in wages or poverty. This paper tries to answer why Argentina faces difficulties to return to past labor market figures highlighting the process of capital differentiation and the new international division of labor.
DOI: 10.6084/m9.figshare.19964753.v1
title: Labor market trends in a low and heterogeneous productivity country. Evidence from Argentina’s manufacturing

description: ABSTRACT During Substitution Industrialization (1930-1975), wages rose, and unemployment and poverty were low. During the “neoliberal process” (1976-2002) the liberalization of the goods and financial markets resulted in the regression of the productive structure, high unemployment and the decline of real wages. Finally, since the collapse of 2002, Argentina has had enormous success in terms of unemployment, with limited achievements in wages or poverty. This paper tries to answer why Argentina faces difficulties to return to past labor market figures highlighting the process of capital differentiation and the new international division of labor.