Um Estudo sobre a Dinâmica da Conta Financeira do Balanço de Pagamentos de Brasil, Rússia, Turquia e Coréia do Sul: a subordinação dos fluxos de capitais ao movimento da liquidez internacional entre 2003 e 2019

Abstract

Peripheral capitalist economies have historically suffered from asymmetries and external constraints to articulate their economic development processes. However, in addition to technical-productive asymmetries, the emergence of a pattern of dominance of financial accumulation made such economies exposed to new forms of vulnerability, especially with regard to financial vulnerabilities. In a strongly hierarchical context of the international monetary system, the increase in speculative capital flows promoted by globalization and financial liberalization contributed to peripheral economies to integrate in a subordinate manner to the new financial markets. Therefore, this dissertation aims to study the volatility of financial flows directed to selected peripheral economies (Brazil, Turkey, Russia and South Korea) in order to better understand the relationship of the subordinate nature of financial integrations in these countries and its impacts on the vulnerability and economic instability.