000			02319naa a2200205uu 4500
001			8031316144019
003			OSt
005			20190212110545.0
008			080313s1992 bl ||||gr |0|| 0 por d
100	1		_aCARDOSO, Eliana _933712
245	1	0	_aO investimento privado na américa Latina
260			_aSão Paulo : _bNobel, _cout./dez. 1992
520	3		_aThis paper studies investment in Latin America and explores the relationship of investment with growth, exchange rates and the terms of trade. It addresses the theoretical issue of the relationship between the real exchange rate and the real price of capital with a model of a small open economy with four assets. It discusses the dynamics of both the real price of capital and the real exchange rate in response to different shocks, including a change in monetary policy, an increase in external interest rates and a deterioration of the terms of trade. In the model (with a nominal exchange rate rule fixed by the central bank) a deterioration of the terms of trade leads to an immediate decline of the real price of capital, followed by a depreciating real exchange rate while the real price of capital slowly recovers. The paper explores the determinants of investment in Latin America. The regressions use quadrennial panel data for the period 1970-1985 in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela. Together, these six countries account for 86 percent of the total GDP of the region. The decline in private investment shares in Latin America during the 1980s seems to result from the deterioration in the terms of trade, from the decline in growth (resulting from adjustment programs designed to reduce current account deficits), from a reduction in complementary public investment, from increased macroeconomic instability, and from a large stock of foreign debt. The real exchange rate and the real rate of depreciation have no significant role in the determination of private investment
590			_aRevista de Economia Política 1992
590			_av. 14, n. 4(48)
773	0	8	_tRevista de Economia Política = Brazilian Journal of Political Economy _g12, 4, p. 73-88 _dSão Paulo : Nobel, out./dez. 1992 _xISSN 01013157 _w
942			_cS
998			_a20080313 _b1614^b _cMariana
998			_a20140221 _b0952^b _ckarina
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c25928 _d25928
041			_apor