{"title":"The rentier behavior of the Brazilian banks","authors":"BRUNO MADER","doi":"10.1590/0101-31572023-3457","DOIUrl":"https://doi.org/10.1590/0101-31572023-3457","url":null,"abstract":"ABSTRACT Brazil is an emblematic financialization case in which a high Selic interest rate benefited financial institutions. However, the real Selic rate has historically declined, becoming negative in 2020. As a result, one should expect banks’ incomes to be negatively affected, yet this was not the case. Banks overcame this macroeconomic challenge by increasing credit operations. Within this context, our study confirms that the increasing credit spread income is inversely correlated to the declining Selic rate. Hence, we conclude that banks have maintained a rentier behavior: security gains derived from the past high Selic rate phase were replaced by a high spread charged to credit consumers.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135658872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"State planning and the sustainable development convention: an introduction","authors":"CARMEM FEIJÓ, FERNANDA FEIL, LINNIT PESSOA","doi":"10.1590/0101-31572023-3488","DOIUrl":"https://doi.org/10.1590/0101-31572023-3488","url":null,"abstract":"ABSTRACT The climate crisis is a humanitarian crisis. Extreme weather events disrupt the world, and adaptation and mitigation policies should be part of the National States’ planning. Failing to meet the target set by the Paris Agreement, which aims to limit the temperature rise to 1.5ºC or a maximum of 2ºC by 2050 compared to pre-industrial levels, threatens living standards and conditions. In this context, the State needs to resume its role as a promoter of public policies capable of bringing stability, reducing inequality and establishing rules for planning aimed at long-term growth with environmental sustainability - i.e., growth with economic development in the context of the climate crisis. The sustainable green transition process requires coordination among economic agents in a new configuration of production relations - a new Sustainable Development Convention. This process should involve the active participation of the State, the market and civil society. Therefore, the resumption of State planning practices will be essential to coordinate the allocation of resources and direct economies toward a sustainable green transition. Promoting a change in the economic convention focused on the sustainable green transition is essential to face the challenge ahead. Hence, economic planning is part of the sustainable green transition strategy. This article argues for the need for a Sustainable Development Convention that rescues the developmental State in counterpoint to the neoliberal State, primarily subordinated to the rentier interests of the financial system.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135658978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Tribute to Ignacy Sachs (1927-2023)","authors":"JORGE FELIX","doi":"10.1590/0101-31572023-3625","DOIUrl":"https://doi.org/10.1590/0101-31572023-3625","url":null,"abstract":"","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135660550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The dilemma of growth: pollution and health impacts in the BRICS countries (Brazil, Russia, India, China, South Africa)","authors":"Amir Elalouf","doi":"10.1590/0101-31572023-3422","DOIUrl":"https://doi.org/10.1590/0101-31572023-3422","url":null,"abstract":"ABSTRACT One of our era’s greatest menaces is pollution, particularly air pollution, on account of its negative impact on climate change which has greatly influenced morbidity, mortality, and has a devastating effect on health. Pollution and its impact on health is a major substratum of economic growth because it tends to have a crippling effect on the economy of countries that have overindulged in pollution-causing activities. Pollution-prone countries are countries that are known to dominate the manufacture and supply of goods, services, and raw materials and countries whose growth models are based on the availability of natural resources and their products. A perfect example of these types of countries is the group called the BRICS (Brazil, Russia, India, China, and South Africa). In this study, the mixed-method methodology was utilized in acquiring and analyzing secondary data on the economic growth and pollution in the BRICS countries, and case studies on the impact of pollution in certain parts of these countries were explored. The result of all the investigations showed that the creation of the NDB helped to preclude the “state of dependency” described by Andre Gunder Frank. We discovered that the high growth rate of the BRICS countries has had a negative impact on environmental quality over the years, industrialization and urbanization being the major factors influencing the growth rate.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135658865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Abertura comercial, produtividade e emprego no Brasil","authors":"Thalita Borges, João P. Romero, Fabrício Silveira","doi":"10.1590/0101-31572023-3450","DOIUrl":"https://doi.org/10.1590/0101-31572023-3450","url":null,"abstract":"RESUMO O presente artigo propõe uma reavaliação do efeito da abertura comercial na década de 1990 sobre a produtividade do trabalho e emprego no Brasil. A discussão é ancorada em um exercício de decomposição da produtividade no período anterior e posterior à abertura comercial, o qual permite avaliar a participação da realocação intersetorial do emprego e dos ganhos de eficiência intrasetoriais na produtividade agregada. A principal contribuição do estudo está na inclusão do setor de desocupados no exercício, o que permite mensurar o efeito do aumento do número de desempregados e de inativos sobre a produtividade média da força de trabalho. Os resultados sugerem que embora a abertura comercial tenha contribuído para elevar a produtividade intrasetorial média, ela está associada tanto a um aumento da desocupação e do desemprego, como a uma realocação do trabalho em setores de menor produtividade. O estudo mostra que estes efeitos negativos sobre o mercado de trabalho tendem a ser dominantes, resultando na redução do crescimento da produtividade média dos trabalhadores quando comparada ao período pré-abertura.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135658874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The concept of Developmental State revisited","authors":"ISAIAS ALBERTIN DE MORAES","doi":"10.1590/0101-31572023-3516","DOIUrl":"https://doi.org/10.1590/0101-31572023-3516","url":null,"abstract":"ABSTRACT The article lists as a hypothesis that the concept of Developmental State has recently undergone variations and needs to be revisited and updated, but not discarded; on the contrary, it remains extremely important nowadays. In order to test its hypothesis, the article adopted as a technical-methodological procedure a systematic approach of bibliographic sources, intending to conduct a State-of-the-Art Study about the Theory and the concept of the Developmental State. The results obtained were that the concept of Developmental State remains elementary, but it has become more complex, intricate, aggregated and dynamic. The article dares, therefore, to present a new concept of Developmental State.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135659131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"New steps in the construction of New Developmentalism","authors":"LUIZ CARLOS BRESSER-PEREIRA","doi":"10.1590/0101-31572023-4005","DOIUrl":"https://doi.org/10.1590/0101-31572023-4005","url":null,"abstract":"ABSTRACT In this paper I propose new or relatively new steps in the construction of New Developmentalism: the existence of current account policies, the policy of growth with current account deficit, besides the current and the industrial equilibriums, the equilibrium with current account deficit, and the extended Dutch disease. The three equilibriums are depicted in a new figure. A new form of neutralizing the Dutch disease using import tariffs and export subsidies on manufactured goods is discussed.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135659118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mario G. Schapiro, Pedro Salomon Bezerra Mouallem, Eric Gil Dantas
{"title":"PIX: explaining a state-owned Fintech","authors":"Mario G. Schapiro, Pedro Salomon Bezerra Mouallem, Eric Gil Dantas","doi":"10.1590/0101-31572023-3470","DOIUrl":"https://doi.org/10.1590/0101-31572023-3470","url":null,"abstract":"Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and operate a new instant payment system: PIX. Understanding that “digital financialization” can take different forms, this study sheds light on the factors that led to the BCB’s choice to launch a “state-owned Fintech”. The analysis considers three complementary factors. Firstly, the BCB’s institutional trajectory has made it protective of its perimeter of power. Secondly, the ideas shared by transnational networks support the active role of central banks in managing instant payment issues. Thirdly, the interests of traditional banks were not significantly impacted to the extent that they would oppose the creation of PIX. Through examining BCB documents and secondary literature, this study provides a first-hand account of the motivations and circumstances that led to the creation of PIX in Brazil.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135660526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Pemex in the context of the global oil company: investment policy and lessons learned","authors":"ANGÉLICA TACUBA SANTOS","doi":"10.1590/0101-31572023-3420","DOIUrl":"https://doi.org/10.1590/0101-31572023-3420","url":null,"abstract":"ABSTRACT The article analyzes Pemex’s investment policy for the period 1980-2019, based on the management of other oil companies. The central question is whether in the last four decades, it has been convenient for Pemex to be specialized in oil extraction, while other companies focused on the comprehensive development of the supply chain. The answer is negative. The sale of crude oil and the abandonment of refining made Mexico a net importer of fuels, a trend, which, today, is seeking to be reversed, in an environment of a high fiscal burden and high indebtedness of the company.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135659848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The real exchange rate matters, but why? A new developmentalist assessment","authors":"HUGO C. IASCO-PEREIRA, FABRÍCIO J. MISSIO","doi":"10.1590/0101-31572023-3482","DOIUrl":"https://doi.org/10.1590/0101-31572023-3482","url":null,"abstract":"ABSTRACT New Developmentalism doctrine defends the central role played by a competitive real exchange rate in promoting catch-up in developing economies. Recently, this theory has been questioned by critics; the main criticism has been that an outward growth strategy based on a competitive real exchange rate would harm income/real wage distribution and have a negative effect on the economy. This study discusses how the real exchange rate influences growth in light of the new developmentalist doctrine and the contrasting experiences of Asian and Latin American countries. Its main contribution is to document the influence of the real exchange rate on economic performance, specifically through certain transmission channels. The article’s findings suggest that a competitive RER is an important aspect in a country’s growth path, insofar as it favors profits, capital accumulation, net exports, and gains in social capabilities.","PeriodicalId":35163,"journal":{"name":"Revista de Economia Politica/Brazilian Journal of Political Economy","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135660120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}