2006. The rate of substitution of foreign for domestic savings was high in Brazil in the period 1994-99, as the inverse rate was also high in the 2000-05 period. The critique of growth with foreign savings applied to Brazil.(Paper)
NEW-DEVELOPMENTAL THEORY (NDT)
ND - GROWTH AND THE EXCHANGE RATE
2006. The exchange rate determines not only exports and imports, but also real wages, consumption and the savings rate. (Preface to book edited by Mathias Vernengo)
2005 China evluated 2,1% the yuan, but this does not mean that she will submit to the US. The secret of her enormous growth has been to reject foreign savings and foreing advices.(Article: Folha de S.Paulo)
2004. With Carmen Varela. Latin Americas quasi-stagnation in the 1990s can be explained principally by the growth cum foreign savings strategy. (Paper: Journal of Post Keynesian Economics)
2001. With Yoshiaki Nakano. A critique of economic policy - particularly of the high interest rates - adopted from 1995. Originally it was written as a document to PSDB. It is one of the founding papers of New Developmentalism. Spanish version available. (Paper/document: Revista de Economia Política, July 2002).*
2001. First economic paper since I left the Cardoso administration in June 1999. Incompetence and subordination to the North characterized Latin American economic policies since the early 1980s'. Portuguese version available with the original title of the paper, "Incompetência e confidence building por trás de 30 anos de quase-estagnação da América Latina". (Paper in book edited by Paul Davidson).
2001. My first paper after leaving the Cardoso administration in June 1999. Incompetence and subordination to the North characterized Latin American economic policies since the early 1980s'. English version available. (Paper: Revista de Economia Política) *
2001 Critique of the growth with foreign savings policy. This short article is New Developmentalism's founding article, together with a paper that I wrote with Nakano no ano seguinte, "Economic growth with foreign savings?" (Valor 1000, 2001).
1999. Capital is made at home. Growth is a challenge that Brazilians must face using their own savings. (Folha de S.Paulo, 17.3.1999).
1997. An disguised (because I was part of the Cardoso administration) critique of exchange rate policy adopted by Brazil after the Real Plan. (Paper in Revista de Economia Política). *
1991. With Aldo Ferrer. While dollarization is limited in Brazil, is generalized in Argentina (Paper written before the 'plan de convertibilidad': Revista de Economia Política )*