Determinantes macroeconômicos da formação bruta de capital fixo no Brasil: 1996-2014

Abstract

The objective of this article is to analyze quantitatively the macroeconomic determinants of gross fixed capital formation in Brazil, in the period 1996-2014. The analysis of the data was done through the estimation of a vector error correction model (VEC), considering the existence of seasonality and structural breaks in the analyzed series. The VEC model’s impulse-response functions showed that the response to gross fixed capital formation was more sensitive to shocks in domestic savings than to shocks in other variables. Thus, there is empirical support for the adoption of measures that encourage private savings and public savings.