Determinants of Aggregate Investment in Brazil during the period 1995-2013
The aim of the article was to identify the determinants of aggregate investment in Brazil in the period 1995-2013. Initially we conducted a panorama of recent developments in private investment in the country and its importance for economic development. The article also presents the main theories on...
Main Authors: | , |
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Format: | Article |
Language: | Portuguese |
Published: |
Universidade Estadual de Londrina
2015-07-01
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Series: | Economia & Região |
Subjects: | |
Online Access: | http://www.uel.br/revistas/uel/index.php/ecoreg/article/view/21576/16531 |
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author | Rossana Lott Rodrigues Carlos Roberto Ferreira |
author_facet | Rossana Lott Rodrigues Carlos Roberto Ferreira |
author_sort | Rossana Lott Rodrigues |
collection | DOAJ |
description | The aim of the article was to identify the determinants of aggregate investment in Brazil in the period 1995-2013. Initially we conducted a panorama of recent developments in private investment in the country and its importance for economic development. The article also presents the main theories on investment as well as a brief survey of the main empirical studies already undertaken on the subject. From the empirical results and the Keynesian and neoclassical theories of investment, the econometric model with Autoregressive Distributed Lags (ARDL) was formulated. The results showed that the GDP, taxes, interest rates, loans and past investments determined the aggregate investment in Brazil during the studied period, getting signs of the estimated coefficients consistent with economic theory. The results also indicated that lower Brazilian tax burden without obtaining primary deficits and with better allocation of resources, together with the reduction of the interest rate that does not generate inflationary pressure, and commitment to permanent political and economic development programs are ways to foster Brazilian investment. |
first_indexed | 2024-12-21T03:01:49Z |
format | Article |
id | doaj.art-bcb449afaf714b9dafae3d4cea512a1c |
institution | Directory Open Access Journal |
issn | 2317-627X |
language | Portuguese |
last_indexed | 2024-12-21T03:01:49Z |
publishDate | 2015-07-01 |
publisher | Universidade Estadual de Londrina |
record_format | Article |
series | Economia & Região |
spelling | doaj.art-bcb449afaf714b9dafae3d4cea512a1c2022-12-21T19:18:09ZporUniversidade Estadual de LondrinaEconomia & Região2317-627X2015-07-0131395610.5433/2317-627X.2015v3n1p39Determinants of Aggregate Investment in Brazil during the period 1995-2013Rossana Lott Rodrigues0Carlos Roberto Ferreira1UEL- BrazilUEL - BrazilThe aim of the article was to identify the determinants of aggregate investment in Brazil in the period 1995-2013. Initially we conducted a panorama of recent developments in private investment in the country and its importance for economic development. The article also presents the main theories on investment as well as a brief survey of the main empirical studies already undertaken on the subject. From the empirical results and the Keynesian and neoclassical theories of investment, the econometric model with Autoregressive Distributed Lags (ARDL) was formulated. The results showed that the GDP, taxes, interest rates, loans and past investments determined the aggregate investment in Brazil during the studied period, getting signs of the estimated coefficients consistent with economic theory. The results also indicated that lower Brazilian tax burden without obtaining primary deficits and with better allocation of resources, together with the reduction of the interest rate that does not generate inflationary pressure, and commitment to permanent political and economic development programs are ways to foster Brazilian investment.http://www.uel.br/revistas/uel/index.php/ecoreg/article/view/21576/16531InvestmentBrazilGPDInterest RatesTax Burden |
spellingShingle | Rossana Lott Rodrigues Carlos Roberto Ferreira Determinants of Aggregate Investment in Brazil during the period 1995-2013 Economia & Região Investment Brazil GPD Interest Rates Tax Burden |
title | Determinants of Aggregate Investment in Brazil during the period 1995-2013 |
title_full | Determinants of Aggregate Investment in Brazil during the period 1995-2013 |
title_fullStr | Determinants of Aggregate Investment in Brazil during the period 1995-2013 |
title_full_unstemmed | Determinants of Aggregate Investment in Brazil during the period 1995-2013 |
title_short | Determinants of Aggregate Investment in Brazil during the period 1995-2013 |
title_sort | determinants of aggregate investment in brazil during the period 1995 2013 |
topic | Investment Brazil GPD Interest Rates Tax Burden |
url | http://www.uel.br/revistas/uel/index.php/ecoreg/article/view/21576/16531 |
work_keys_str_mv | AT rossanalottrodrigues determinantsofaggregateinvestmentinbrazilduringtheperiod19952013 AT carlosrobertoferreira determinantsofaggregateinvestmentinbrazilduringtheperiod19952013 |