Vulnerabilidade das economias emergentes financeirizadas, explicadas pela hierarquia das moedas: uma análise da formação bruta de capital produtivo para o Brasil de 2001 a 2019

Abstract

The phenomenon of financialization can be understood as the increased importance of markets, institutions, and financial actors for economic transactions. Thus, it establishes a condition of gradually greater influence on productive activity. Therefore, productive activity is subordinated to finance, leading the economy to a structure of slower growth and greater vulnerability to crises. Considering a global economy, the relationship between countries takes place within the center-periphery dynamic and its main connecting instrument is the relationship between currencies within the international monetary system. In this way, it establishes structural conditions for countries regarding the sovereignty of monetary policy, control of capital mobility, exchange rate, domestic value of the currency and control of financial activity, defining the degree of vulnerability to crises. In addition to understanding this relationship, the work aims to statistically explain the influences of the financialization rate, domestic interest rate and central country interest rate, to elucidate the trajectory of gross fixed capital formation for Brazil from 2001 to 2019. The main purpose of the work is to understand how the trajectory of financialization occurred in Brazil, which carries characteristics of peripheral countries, and to analyze the impact on productive investment. In this way, it will be possible to understand the heterodox analysis for financialization as a global phenomenon and portray the phenomenon in Brazil.