Accounting for the rise and fall of post-WW-II Brazil’s Growth by Edmar Bacha and Regis Bonelli. “Brazil’s GDP grew vigorously from the early-WW-II period untill 1980. GDP growth then collapsed and never again recovered its previous performance, not even after inflation was tamed in 1994. With the help of a commodity boom and large capital inflows, growth rates increased after 2004, but remained below those of the pre-1980 period. We investigate this historical process with the help of an accounting framework that emphasizes capital deepening and total factor productivity. A novel feature is the decomposition of capital growth according to a formula involving the savings rates, the relative price of investiment, the degree of capacity utilization, and the output to capital-in-use ratio.”
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