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Determinants of Private and R&D Investments in Brazil: an Emperical Analysis of the Period 1996-2011.

Ano de publicação: 2.013 Publicação:  Business Management Dynamics, v.3, n.2, p. 34-45, 2013. Paginação:   Autores: TADEU, Hugo Ferreira Braga;  SILVA, Jersone Tasso Moreira. Tipo de Publicação: Artigo Autor Principal: Tadeu, Hugo Ferreira Braga Outros Autores: TADEU, Hugo Ferreira Braga;  SILVA, Jersone Tasso Moreira. Resumo: Empirical studies regarding the determinants of private and R&D investments in developing countries, including Brazil, have demonstrated the negative impact of high inflation rates on innovation. However, the recent Brazilian experience clearly shows that stabilization, in and of itself, is not capable of recovering the investment rates. With this in mind, this study's goal is to answer, with the help of econometric simulation models, the questions: (i) what are the key-drivers to assess the Brazilian economy?; and (ii) what are the keyfactors to be considered when investments are made, particularly in R&D and innovation? To answer the first question we evaluated the impacts of macroeconomic
variables on private investments, using a strategic bias and a long term vision plan. The estimates demonstrate empirical crowding-in evidence of public investments in infrastructure over private investments a s a real impact to innovation. As for public investments (non-infrastructural) we suggest that the crowding-in impact dislocates private investments. All these indicators were obtained as presented in the theory, with the exception of the real interest rates variable (r), in which we observed that the coefficient is positive and insignificant in the estimated equation. Idioma: Inglês Número de Referência: 005 T121d 2013