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Estudos Econômicos (São Paulo)

Print version ISSN 0101-4161On-line version ISSN 1980-5357


MEIRELLES, Antonio J. A.  and  LIMA, Gilberto Tadeu. Regimes de endividamento, fragilidade financeira e dinâmica da atividade produtiva. Estud. Econ. [online]. 2003, vol.33, n.3, pp.529-557. ISSN 1980-5357.

It is developed a post-keynesian dynamic macromodel of utilization and growth of productive capacity, in which the supply of credit-money is endogenous and firms' debt position is explicitly modeled. The interest rate is set by banks as a markup over the base rate, which is exogenously determined by the monetary authority. Over time, the banking markup varies in response to changes in the level of economic activity, which is measured by the utilization of productive capacity. In turn, firms' debt position varies according to the rates of profit, capital accumulation and interest. Regarding dynamics, it is shown the possibility of relating the stability properties of a system having the interest rate and the debt position by firms as state variables to the type of minskyan regime hedge, speculative or Ponzi which prevails among firms.

Keywords : indebtedness; financial fragility; productive activity.

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