Crescimento com restrição no Brasil: uma abordagem com diferentes elasticidades

Using Thirwall´s model, we can conclude that the restriction of the balance of payments was crucial in the determination of the Brazilian economic growth in the period 1947-2000. The estimated income elasticity of the demand for imported products, based on the extended Thirwall´s model, was similar to the one observed for the period under analysis. This elasticity is an essential parameter to explain Brazilian growth rates. Therefore, the external sector cannot be discarded in the formulation of governmental measures to promote a sustainable economic growth.