Evolução da produtividade total dos fatores na economia brasileira: uma análise comparativa

Abstract

This paper analyzes the evolution of total factor productivity (TFP) for the Brazilian economy from 1950 until 2000. The results indicate that the Brazilian economy was approximately in a balanced growth path between 1950 and 1967, with a small increase in TFP above the evolution of the technological frontier and stability of the capital-output ratio. Between 1967 and 1976 there was a sizable increase in TFP above the frontier and a small decrease in the capital-output ratio. From 1976 until 1992 TFP decreases markedly relative to the technological frontier and the economy experiences a strong process of capital deepening. For the final period, from 1992 until 2000, there is evidence of a balanced growth path, with TFP increasing at the same pace of the technological frontier and a stable capital-output ratio. The evidence shows that the increase in TFP above the technological frontier observed in Brazil between 1967 and 1976 did not occur in other countries. Although the reduction of TFP (detrended by the evolution of the technological frontier) observed in Brazil between 1976 and 1992 has also been observed in other countries, its intensity and duration parallels only the dynamics of other Latin American economies.