Balance of Payments Constraints Applied to Brazil
International Liquidity, Growth, Brazil, public debt and seigniorage
In the doctoral thesis we intend to analyze the relationship between economic growth and international liquidity in Brazil. To this end, three articles will be prepared. The first article will survey the main models of external restriction in the mainstream and non-mainstream economic literature. In the second article the Thirwall Law (1979) will be estimated for the context of endogenous price and income elasticities. Finally, the third article will update the liquidity constraint model proposed by Barbosa-Filho (2001), re-estimating the original equation and extending the analysis to the relationship between reserves and means of payment.