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No 609 ISSN 0104-8910

Perspectivas de Crescimento no Longo Prazo

para o Brasil: Quest ˜oes em Aberto

Samuel de Abreu Pess ˆoa

(2)
(3)

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' ())* # + * ,() & ())-.

%/ 01'

/ 2 3 3 3 + 4 5

6 +

. ' 2 7 2 3 8+ 5 9 6 ' 2 3

5 / 0 : 5 8+ ;

(. 3 < =5 8+ >

5 2 3 8+ < 6 3

5 8+ < ? @ 2 2

8+ ;

A. B 3 :

< C) ? + ? D 8+

5 ;

E. ' 2 > = D 3 ? ? =

9 3 < F F + = , / 2 @ 2 .

< ? 3

8+ = 6

6

8+

G 3 3 5

2 4 5 6 ' 5 :

2 6 B 5 3 H 3

H 2 ? 8+ H 2

? @ 5 8 2 6 /

5 ? H ? 3 3 2 @ <

3 8+ 2 + 5D

6 / 3 5 8 3 5 !I

8+ 3 D 3 3 3

<? 8+ D , <: ? = = . +

HD 5 > 3 6 3 < 2 5

H 3 6 ' ? ? 5 :

5 8+

? ? = ,

H ? 3 D ? 8+ 6.6 3

/ 5 ? 3 (E ' ())*

+ ! 6 8 = 1 %

/ J & 6 6 8 " I

= 6 / + 5 5 K 8+ ? D ?

= 9 6 / + 2

6

(4)

(

= 5 8+ =5 ? <? <

= KH H 8+ ? 5 8 3

7 2 5 8

? = 3 8+ =5 2

5 8+ 6 N D 3 @ D

=5 6

I= 3 <

5 = 6 0 5 <

H 5 8+ 7

'/ O = 6 / 3 5 ?

3 < C) 6 '

3 < < + D

8 3 2 @

6 H 2 K 3 5 6 '

< 2 L5 2 6M

L5 2 M 2 3 = KH < 3

D ? 8+ , 2 ?

. ?A 2+ D , <

. 2 8 5D 6

/ 8+ 3 D 2 3 5

7 8+ 3 D 2 2

3 5 7 + 6 3

5 8+ =

H 8+ 6 = 3 5 D P /H

5 8+ = P 3

2 5 *) + 5 KH 6

! + < 8+ 5

2 6 8+ H 5 8 ?

8+ ? ? 8+ ? 8+ 8+

2 3 5 H 5 8 6

3 = =

3 8+

H 5 8 6

6

B

O

' = 3 D 2 < Q) 5 8

R6 / 3

: 7 8+ K ? 3 < HK 6 O 5 8

? 3 5 8 D 7 8+ ?

6 ? 5

+ ? H

5 D 6

G D Q) 2 8+ 3 +

(5)

A

H 8+

+ H 6 ?

= 3 5 = 2

3 2 8+ 6 /

3 H D ? ?

3 5 D

H 6 / 8+ D 5 5 @ 5 ,& ? S TT*U.6

> D 5 3 2 D

= + 2 ,V ? S TT*U.6

I @ 3 2 = + 5

5 ,!

S())*U.6 ? 2= 3 5 3

H : 3 + 5 8

K ? 3 + D 3 8+ 6

/ ? < D 3 5 8 2 K

, + 5 8 K

5 8 .6

3W ? 3 5

= 8 6 ? :

3 ? 5 8

5 5 , 3 H

? 3 < HK ?

2 .6 ? : 3 5 8

8+ 8+ 5 8 2 6(

% ? ? 8+

8+ 8+

2 6 > ? D > 3

7 H ? ? ? D 5

? < 3 5 3 5 8+ +

2 H 6

2 > 3 8+ KH

? ? ? 5 6 G D 3

5 ? / J ,()) . : 2 2 , TT-.?

6 > D 3 8 8+ 2

2 + 2 ? 2

= 6 <? 2 8+ + 6 O

2 + > 2 6 B , TTT. X

2 ,()) . 3 2 2 3

3 + : 5 2

H D < 8+ ? ?

H ? 5 8+ 8+ 3 = 6 / 9 <

5 2 5

(

(6)

E

< 5D ? 2 K @ 6A % ? 2

+ B X 2 3 5 8+

2 8+ + 2 3 3 >

! 6 ,())E. 5 8+ 8+ 5 8+

8+ 6

6

3

5

2

P

H D

8+ 6 ? 5 2 K >

H 7 8+ 2 ? 5 3 9

3 @ 3 5 8+ 2

5 8 2 6

> 9 = 5 8+

R 2 5 8+

3 2 @ 5

5 ? < 8+ ? D ?

5 K , S())*U.6 @ 3 8+ 8+

( )

(

φ

)

δ

= +

? ?

3

< 3 5D ;

< + ;

< 5 ;

< / ;

< 8+ K 2 ;

( )

φ

+ 8 2

2

δ < H 8+ 5D 6

G = 2 <

( )

( )

?

φ +

=

3 < 2 ≡ +φ( ) < 2

5 5 8 ? 3 <

8+

A 8+ 5D : 3 3 8+

< : ? 5 8+ D 5 8+

(7)

*

( )

/! ? , .

3 < H 8+ δ/! < 8+ 5 ?

6

/! δ

δ = + +

G R 3 8+ :

< 5 H

( ) ( ) 6

. , . , . ?

, δ/!

κ = +φ = +φ = =

5 = 2 5 8+ :O 6 5

5 , . 3 3 = <

α δ −       /! ?

3 α < 8+ 6 :

( ) ( ) ( ) ( ) 6 /! /! α α α φ α α α α φ α α φ α φ κ δ

δ − −

+ − − + + − + + =       =       = =

O 3 / 0 H

8+ ? <? 8+ : A ? 3

5 < ( ) α ϕ − −       = /0 % /0

% /0 % ?

3 5 8+ 3 < + ? φ

( )

=ϕ 6 2

< 2

D 3 5

( ) ( )

?

Y /0 % /0 %

/0 % /0 % /0 % 5 /0 % − − − − − =               =       = ϕ α α ϕ α

3 8+ Z O 5

8+ 2 =

( ) 6 Y % /0 /0 % 5 /0 % − = ϕ

: 3 = )[? <?

2 K 3 ϕ =)? ? 3 / <

/ 0 ? ? 2 K > H

(8)

-K = / 3

6 G ? 9 6

3 H @ E[ 3 ?

3 5 3 9 5 3

9 ? 3 3 6E / 9 ? ?

(?(A? A?)A E?A*6 2 /0 : < *

3 2 3 8+ ? : 5

? D ? H D ? ? (?(*? ?-A

? *6 G 2 2 K 8+ 5 =

5 /0 : 3 8+

6

H 5 8 ϕ

5 8 D /0 H 8+ ? <

( )

(

)

6 * *

% /0

%

/0 −

=

ϕ

ϕ

/ 3 < H

5 6

1 2 8+ H D < 3 5 8

3 H 5 2

6 / K

/ J S,()) .? D EU 3 ? >

2 , TT-.? 2 8+ KH 6

8+ ? > D @ 6

E ' 2R ,())(. L' / 3 < Q\

< 9 E\ < ? < E] <

5 3 >6 + D @ ? H 6

3W ? Q\ < + 8+ >

< ?M = (*6

2

Q

)?*

ϕ

)?)C

A* E*

)? )

*) -*

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C

O 8

. B 3 3 8+ 6 /

3 5 D

8+ ;

(. O I ^ :X ,())A.6 2 =:

<: ? 8+ = , <? 9

2 9 .? ? = ;

A. < 8 3 <

8+ / 5 P*

E. 2 =

9 5 ;

*. + = 3 9 )? *

< 5 8+ 8+ H <

2 P

#6

/

KH

3

D

=5

P

I= 8+ =5 C 3 ? : ? +

K 5 4 6

+ 3 < ? 8+

=5 ? + 8+ H < 5

5 H < 3

5 H 5 H 8+ 6

' 5 5 H

8+ 2 7 5 8 5

5 2 3 5 2 3 5 6 = 3

9 8+ 6 /

4 3 D 9 3 ?

D 2

3 8+ @ = ?

D 9 =

,X 2 ? ())).6

? ? 3 K 5 +

8+ 6 ? K 5 + +

8 =5 3 D 2 ?

3W ? 8+ 6 / < 3

5 6 ? K 5 +

* 8+ D <: ? /

0 ? ^ ,())(. 8+ 3 5

+ ,()) .6

- # 4 O ,())A.6 8+ 2

< 5 8+ = D /0 1 "

,())E.6

C

(10)

Q

< = ? H ?

? 5 6 B ?

K 5 8+ =5 3 4 3

H 8+ ? <? 5 2 2 ? 8+

3 > 5 2 6 <? + 2= 2 3

? < 5 8+ + 5 2 ?

5 ? H

5 + , @ KH = 5 .6 ' 3 < K 6 3

8+ 7 3 , ? 3 = ?

5 . 2 8+

< : 2 D D 6

0 H D 3 8 3 8+ ?

8+ 8+ ? 7 H > ? 5 2 7

+ 8 = H 6 2 3 , . 2 @

2 8+ D 6 2 ?

? 3 2 3 D ? D 6

G 8+ = 2 6 G D

8+ = + + ( D + + ( + A

6 G 3 D ?

2 K 3 3 D ? 2 ?

3W ? 8+ = + ( + A+ E

6 / ? :<

8+ = −A

(

+ + ( + A

)

2 6 8+ ?

5 2 D ? 3 2 = D

8 3 ? 8+ 6

D 9 2 8+ = ( , .

A (

A

( + = +

− − −

5 ( , .

A (

(

( + = +

− −

6 + 9 2

8 = 7 H (

A

3 = 3 > 6

' 8+ 3 @ 3 2 @

8+ 3 > 5 2 3 3 8+

6 2 3 D 8

3 2 @ 8+ D 6 O 5

8+ = D 6 D

5 2 D 3 ? 3 D

8+ D 6 <? 5 < H H

8+ 6 2 3 D 8+

5 2 D , ? 3

8+ ? D ? D ? > 5 2 .6

N 3 K > D 8+ 8+ =

D 6 3 3

8+ > 5 2 ? D 8+

3 > 5 2 D 6 / 8+ 5 2

3 D 6 B < < 3 K

(11)

T

D ? D 6 G < ? 9 D 8+ 3

= 8+ 3 ?

8 7 H 8+ , <? H D

D 9 5 2 .6

/ H 3 5 8+ 7

8+ 8+ 3 . 5 = 5

5 ? (. =

D 3 5 2 +

? A. 2

< ? E. 2

6 / 4 ? : 3

< 5 6

H O ^ ,())A. ? 2= 8+ 5

5 , ? ? .6 / + 5

D D 7 8+ 3 + 5 H D 3 5

8+ 6 <? 3 8+

< D 3 8+ H 5

8+ '/ O @

6

#6

H

>

<

P

I= 3 < ? < ? H

5 , 8+ D '/ O = .6Q G ? 5

3 + ? < 3 ? <

< ? < 6

' =5 H ? ! ())*? 8+ B! <

T-) < ()))6 G =5 + < <

D < ? 3

D 6TG -) 6 6

Q)[ C)

T)[ < 3 D 6 O C) < 2 @

B! < < T)[ E*[ Z

N 5 3 + + 3 2=

8+ = B!6 3 > <

T*)6 K (* D = D 6 / >

3 + 6 5 D *) -) 3

B!P @ 5 3

H 6 D

. N D 3 8 D

D 8+ 8 2 5

Q# @ ? H ? ,())E.6 T

(12)

)

3 D3 5 H D

8+ 6 H ? ? 5 8+ H

8 = D 7 8+ ? 3 ? ?

+ 2 < 6

H 3 D G ? 3

2 5 8 8+ ;

(. N D 3 + 2

: 6 /

K 3 @

5 8+ ? 3 3 2 @

8+ 5 8+ 8+

6 0 @ 9 < H 5<

+ 3 8 5 6 8+

? @ 5 8+

8+ 8+ 6 H ? I ,())A.

3 < D H 3 B!

# 5 8+ 3 8 K 6

N D 3 2 9 < 6

& 2 ,())*. 3 8 ? ?

5 . 8 H 8+

H 8+ ? H @ = 5 5 ? ? (.

8 3 6 + 8 3

8+ 8+ D

3 5 : 7 8+ D

$ 3 D + 6

& 2 9 + <

B! < ,0 _ .

)?E) )?*) )?-) )?C) )?Q) )?T) ?))

T-) T-( T-E T-- T-Q TC) TC( TCE TC- TCQ TQ) TQ( TQE TQ- TQQ TT) TT( TTE TT- TTQ ()))

(13)

3 6 : @ 3

8+ 6 6 5 9

2 3 5 8+

3 T)6

# 6

'

2

8+

<

G D !I 7 H < (?E[

H 6 I= 3 : A?* E[6

5 3 + = 5 3 H

8+ 6

< D ? 2 8+

5 4 5 8+

? 2 9 ? 5 8+

8 ? 2 H 8+ 8+ H

6 < 5 = ? 2

5 4 ? 3 8+

5 6

8+ 3 6 2= > 3 ?

: < ? 8+ 8+ =

H 8+ 6 G 5 H 8+ H 8+ <

6 G : 3 9 2 8+ 8+

= ? : (A[ ())) (T[ ())* D

8+ 8+ 5 6 G 5 + 5

8+ 8 6 / 8+

8+ = D 3 3

= : 6 <? < 8+

8 = 5 8+ 8

6 /? : ? +

2 + + 2 D 6

? 3 2 H<

2 ? + 2 = 8+ 2

= , 3 8 .6 3W ?

3 = @ 5 0 +

< + 2= 8 D 7 8+ H

2 > 6 O 5 ? 3 5 <

? 8 3 D : := 3

(14)

(

1 2 8+ < 3 D = D

4 3 9 3 < F F < + 6

/ D 5 2 D

? 8+ 5 ? 6

< D 5 H 8 =

6 ) O 5 3 5

2 5

. 0 8+ =

P /H +

8+ P 0 < H 7

5 + 8+ 6

(. I= D 3 8+ 2 5 <

8+ < 6 = 3 5 =P

8+ ? < 8+

H 5 8 8+ 8+

2 5 8+ 8 6

G ? 2 = 5 8+ 2 ?

5 8 8+ 5 ? 3 < <

6 N 5D 5 D3 6 (

)# ` , TTQ. < ` ,())A.6

# ` ,())(.6

( ,())). / 2 -?A <

5 3 3 ? ? E?T? 3

2 5 8+ 6

8+ /H 8+ : 1<

)?))) )? )) )?()) )?A)) )?E)) )?*)) )?-)) )?C)) TTE ) TTE

)-TTE TT* )E TT* )T TT -)( TT -)C TT -( TTC )* TTC ) TTQ )A TTQ )Q TTT ) TTT

)-TTT ())) )E ())) )T ()) )( ()) )C ()) ( ())( )* ())( ) ())A )A ())A )Q ())E ) ())E )-())E ())*

(15)

A

3 2= 8+ D 8+

= D 5 7 8+ 6 G 3

2 8+ = 6 I @ ? <

H 8+ 5 < < 5 7 = 6

/H D 6 / H 7 L

M O @ 6 O 3 3 5

2 2 5

2 6 5 2 5 : = 8+

5 8 2 $A 6

/ 8+ 5 < = 5

3 3 + ? ? 5 +

? ? 6

# 6

+

G 2 2 3 3

5 6 / 2=

K 6 O 5 2 8+

5 2

6 G 2= > 3 2

2 : D

H + 6 3 < 2 5

H 3 6 O 9 > 3

< 8 < 5

5 3 : 6 . / 3

D 9

8+ 6 N D 3 = 3 8+ < @

8+ <: 6 (. = 4

5

@= 8+ 6 / 5 3 <

3 5 5 <

5 5 , . 5 8

, . 3 5 2 + 6

= 8+ =5 3 < D 3

2 4 2 5

+ 8+ < 6

' KH 3 < 2 5

5 3 D 6 6 6 I=

> 3 3

5 8+ + 9 D

5 > K 8+ 6

5 8+ 3 4 8+

3 + 5 6 8+ 8+ 9

5 5 5 > 8+

5D 2 5 5 : 9 6

5 8+ = 8 5 5

(16)

E

3 B!6 G L5 2 M D

5 8+ = 5

5 6

8+ + = 3 = 5

L5 2 6M

3 + 5

+ = K 8+ 2 =

1 % / J & 6 3 3

, G O. TQ ()) + 2 8+ < 2 ?

< / 6 N D 3 8+ 5

2 3 5 2 , . 8+

3 3 8+ ? 5 8+ ? 2

3 2 2 3 6

3 8 8+ 5

3 6 G ? : 3 H

8+ 8+ 2 ? D D ? 5

8+ 5 , B!.? 5

, " ? S())AU.6 N D 5 3 3 B!

" : 7 5 5 6 /

2 ? " ? 8+ B!

? 3 2 6 G

? < 5 " 3 2

5 D , ? 3 < ? 3 2 3

8+ 2 D 8+ 3 . ? TQ

()))? 2= 3 A[

, TCE 3 B! < )[.6 <? 5 3

8+ 5 > C)

: 6 A ? 3

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5 > 5 2 6

% 5 >

!!"#L0 ?M

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(18)

-= $ % & 3:::# L 1 ^ / " R 2?M +

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(19)

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(21)

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