Ciclos econômicos em economia aberta: a integração financeira internacional como elemento de fragilização financeira

Abstract

The work aimed to find in the theoretical literature in the Keynes-Minsky line on economic cycles elements that allowed capturing substantive diferences in the cyclical processes of more and less developed countries. However, the canonical theory of these authors concerns, mainly, to developed economies, for which the closed economy hypothesis is not so harmful. However, the same does not occur in the case of less developed countries. In this sense, based on lesser-known works by the authors themselves, as well as by authors of the same line, but after them, the present work sought to study components related to the external sector that may be related to the cyclical fluctuation of less developed economies. Thus, it was concluded that it is possible to build an adequate theoretical framework also for the interpretation of cyclical phenomena in less developed economies. These can then be included in the center of the debate on the conduct of economic policy, aiming to smooth the cycles and promote social well-being.