Mestrado em Economia (FACE)
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Navegando Mestrado em Economia (FACE) por Por Orientador "Meyrelles Filho, Sérgio Fornazier"
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Item Distribuição funcional da renda e crescimento econômico: elementos teóricos e uma análise econométrica com dados em painel dinâmico(Universidade Federal de Goiás, 2018-05-16) Freneau, Breno Nahuel; Meyrelles Filho, Sérgio Fornazier; http://lattes.cnpq.br/9533124727129779; Meyrelles Filho, Sérgio Fornazier; Araújo, Ricardo Silva Azevedo; Teixeira, Anderson MutterIn this study, we investigate the relationship between functional income distribution and economic growth by means of a literary survey, formal mathematical modeling and econometric analysis. We begin by reviewing the literature regarding economic distribution and growth theories and identifying different perspectives on this issue. In the context of this discussion, we emphasize the interpretation originally developed by Amit Bhaduri and Stephen Marglin who, by modeling the characteristics of underutilization of productive capacities and involuntary unemployment of the workforce attributed to a monetary economy of production, defined, under a post-Keynesian view, a rigorous and flexible framework of analysis. The Bhaduri-Marglin model predicts positive effects of a higher wage share on consumption as well as positive effects of a higher profit share on investment. Therefore, this framework is capable of explaining wage-led results, which are observed when the consumption effect dominates the investment effect, as well as profit-led results, which are otherwise verified. Upon formally presenting the model and a brief synthesis of the current stage of empirical research in this area of investigation, we propose an econometric study as a means of contributing to the debate. Based on an empirical specification of the Bhaduri-Marglin model for an open economy, we estimate regressions through the use of panel data. We highlight, as central aspects of the contribution proposed here: (1) the inclusion of developing countries in the samples and (2) the application of econometric estimators which are capable of handling potential endogeneity issues. In our empirical study, we apply the Arellano-Bover/Blundell-Bond estimator for dynamic panel data seeking to estimate and analyze the demand regime. Additionally, we employ autoregressive vectors in panel data in order to identify the accumulation regime as well as the demand regime. In our investigation with the Arellano-Bover/Blundell-Bond estimator, we find that most demand regimes estimated are wage-led. Nevertheless, we managed to estimate profit-led demand regimes in one instance related to the average economy. On the other hand, the autorregressive estimator suggests that the average economy has profit-led demand and wage-led accumulation. However, no significant coefficients were detected for the average developing economy while applying this autorregressive structure.Item Efeitos do desalinhamento da taxa real de câmbio sobre o crescimento econômico, 2001-2014(Universidade Federal de Goiás, 2019-05-23) Kamenach, Kerssia Preda; Missio, Fabrício José; http://lattes.cnpq.br/5047485742216555; Meyrelles Filho, Sérgio Fornazier; http://lattes.cnpq.br/9533124727129779; Meyrelles Filho, Sérgio Fornazier; Missio, Fabrício José; Monsueto, Sandro Eduardo; Lucena, Andréa Freire deThere is an important empirical literature that tries to demonstrate the misalignment of the real rate of exchange effects on economic growth. This literature is divided into at least two main approaches: the first, inspired by the Washington Consensus literature, argues that misalignment of the real exchange rate is prejudicial to economic growth, while the second admits that the undervaluation of the real exchange rate favors product expansion. Rodrik’s studies (2008) are one of main references of this approach. In this context, this dissertation advances in the literature when presenting new econometric evidences for this relation, contemplating a sample of sixty-five developing countries and thirty-one developed countries, observed in the period of 2001 to 2014. A control variables in the growth model is the economic complexity index (ECI), understood as a possible proxy for the level of echnological development, since as the same is more present in the tradable sector goods than in the nontradable goods. In methodological terms, the panel data model with fixed effects was used. The results of the model proposed indicate that the real exchange rate misalignment index coefficient is positive and significant, thus providing empirical support for the hypothesis that the maintenance of an undervalued real exchange rate tends to have a positive impact on economic growth.Item A relação entre endividamento público e crescimento econômico em países em desenvolvimento(Universidade Federal de Goiás, 2019-09-19) Mendes, Celira Botelho; Meyrelles Filho, Sérgio Fornazier; http://lattes.cnpq.br/9533124727129779; Meyrelles Filho, Sérgio Fornazier; Hamberger, Paula Andréa do Valle; Teixeira , Anderson MütterThe present study investigates the relationship between economic growth and public debt in developing countries. The starting point of the analysis is the theoretical and empirical review identifying different perspectives on the subject. In this context, this work contributes to the empirical literature by presenting econometric evidence for this relationship, contemplating a sample of 67 developing countries, observed with annual data from 2001 to 2016. The empirical study was carried out using the estimator SGMM Blundell-Bond (1998) for dynamic panels aiming to generate consistent estimates or at least with reduced bias caused by endogeneity. The investigation using the SGMM estimator was done in two regression blocks and the results showed that the public debt is statistically significant, and its coefficient showed positive sign. However, when public debt interacted with other variables such as openness, population and interest rates, the coefficient showed a negative sign. Other variables also showed a positive and significant relationship, such as investment, education and democracy. However, the relationship between openness, population and public debt presented a significant but negative coefficient.Item Dominância fiscal e monetária no Brasil: uma análise do período de 2003 a 2017(Universidade Federal de Goiás, 2019-07-11) Santos, Daniel Fichman dos; Meyrelles Filho, Sérgio Fornazier; attes.cnpq.br/9533124727129779; Meyrelles Filho, Sérgio Fornazier; Monsueto, Sandro Eduardo; Queiroz, Antônio Marcos deThis paper analyzes the coordination between fiscal policy and monetary policy in the Brazilian economy, in order to investigate possible evidence of a fiscal dominance process, observing the data for the years 2003 to 2017. In this sense, preliminary, it presents, in general lines, the relevant theoretical reference for a reasoned discussion of the theme. Following, the recent evidence for the Brazilian economy on the existence of fiscal and monetary dominance regimes, in which a lack of coordination between both policies, has recently been brought about, has recently provoked the macroeconomic imbalances that make Brazil's interest rate one of the which is intended to finance a sequence of government expenditures that corroborates an increase in the risk of default, currency depreciation and inflation. Next, we present the empirical method of autoregressive vectors (VAR) used to investigate the coordination between fiscal policy and monetary policy, through a causal relationship between the variables primary outcome, net public sector debt, country risk, real exchange rate and inflation. Evidence obtained suggests that the Brazilian economy seems to have moved from an environment of monetary dominance from 2003 to 2010 to an environment of fiscal dominance from 2011 to 2017.