A liberalização comercial brasileira após 1990 e o desempenho das grandes empresas industriais

Abstract

The paper analyses the effects of the 1990 Brazilian trade liberalizaton on the total factor productivity, market share and profits of a sample of 318 large manufacturing firms. A panel data production function analysis for the period 1986/94 indicates very large total factor productivity gains in the period to 1994, which were accompanied by large falls in market shares and profits. The explanation advanced is that the shock of trade liberalization to profits was so great that firms were stimulated to improve their efficiency dramatically.