Os limites da inserção internacional dos países em desenvolvimento no limiar do século XXI

Abstract

This article is an attempt to discuss the behaviour of international credit and debt markets and foreign direct investment from a perspective of difficulties faced by Brazil in financing its balance of payments. The authors support the hypothesis that the retraction of international capital flows into emergent countries seems to put in evidence the emergence of a new way of insertion by those countries. One feature of this new insertion is that large deficits in current account are less probable to be funded by international capitals. The authors argue the pro-cyclical behaviour of international capital flows and emphasizes the need to decrease dependence and external vulnerability of peripheral countries by strengthening mechanisms of domestic private and public funding.