The opinions expressed in this study are those of the authors and do not reflect the views of the Brazilian government and the BNDES. The authors are highly indebted to Annina Kaltenbrunner, Luiz Carlos Bresser- Pereira and Francisco Eduardo Pires de Souza, who carefully read an earlier manuscript and provided comments and advice which we believe have significantly improved our theoretical and empirical approach. We are also grateful to Antônio Delfim Netto, Fábio Giambiagi, Nelson Marconi, Paulo Gala, Julio Lopez, Cláudio Leal, Alexandre Sarquis, Victor Pina Dias, Roberto Meurer and Bruno Feijó for additional suggestions to this final version. The remaining errors are the authors’ responsibility. This paper will be presented at the 5th Post-Keynesian Conference at Roskilde University, Denmark (May 13 -14, 2011) and at the 8th International Conference Developments in Economic Theory and Policy (Bilbao, June 29 to July 1, 2011), organized by the Department of Applied Economics V of the University of the Basque Country (Spain) and the Cambridge Centre for Economic and Public Policy, Department of Land Economy of the University of Cambridge (United Kingdom).


André Nassif, Carmem Feijó and Eliane Araújo

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