Financiamento do desenvolvimento: teoria, experiência coreana (1950-80) e reflexões comparativas ao caso brasileiro

Abstract

The purpose of this work is to analyze investment finance in economic development. The central hypothesis of this study is that the Korean and Brazilian financial structure offers us an important key to understand their swift to industrialization during the period 1950-80. Numerous comparisons have been made between Brazil and Korea, most of them stressing the differences and similarities of the industrial development (catch up). Few analyses emphasizes (and compare) the evolution of financial systems. Also, most treatments of finance are static, missing the Gerschenkronian developmental perspective which would tell us that a credit system based in equity and securities markets is an artifact of early industrialization (as it is the case of England and U.S industrialization), and that the model of state or bank-influenced industrialization is a consequence of lateness vis-à-vis the absence of abundant capital in the private sector. This thesis is organized in four different and independent articles. Article I is a review on the literature about investment finance. Article II examines Korean economic and financial development during the period 1950-80. The third article is a shorter essay, presenting a panel data model to test the relevance of banking finance in explaining economic growth in the case of Korea during the 1950s and the 1960s. Finally, the fourth compares Brazilian and Korean development outcomes (1950-80) in a broad sense. Together, the articles form a set that discusses the needs and challenges of investment finance in economic development, using two late-late-comers experiences.