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Do demand and profitability stimulate capital accumulation? An analysis for Brazil

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Date
2015-08
Author
Morrone, Henrique
UN Symbol
LC/G.2643-P
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Abstract
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.
Translation
¿La demanda y la rentabilidad estimulan la acumulación de capital? Un análisis para el Brasil
Published in:
CEPAL Review   No.116

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Serie
CEPAL Review
ECLAC Subtopics
MACROECONOMICS
United Nations Subtopics
ECONOMIC DEVELOPMENT ; CAPITAL FORMATION ; ECONOMIC GROWTH ; ECONOMETRIC MODELS
Country / Region
BRAZIL
URI
http://hdl.handle.net/11362/39618
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