Do demand and profitability stimulate capital accumulation? An analysis for Brazil
- Author(s):
- Morrone, Henrique
- Date Issued:
- 2015-08
- Serie:
- CEPAL Review
- UN symbol:
- Published in:
- CEPAL Review No.116
This article tests whether the profit share of gdp and capacity utilization affect capital accumulation in Brazil in the period 1950-2008 (in the sense of Granger causality). The methodology developed by Toda and Yamamoto (1995) is used to verify the Granger non-causality hypothesis. The results show that capacity utilization “Granger-causes” capital accumulation in the Brazilian economy and, also that the profit share of gdp does not “Granger-cause” the national investment-capital ratio. This corroborates the Kaleckian proposal based on the fundamental role of the accelerator, and suggests that the Brazilian economy can grow with either a concentration or a de-concentration of income, provided a suitable institutional arrangement is in place.
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Revista CEPAL [2856]
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