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2019 | OriginalPaper | Buchkapitel

11. Why Does Brazil Have a Small Participation in the Global Value Chains? An Analysis of the External Insertion of the Brazilian Economy

verfasst von : Marcos Reis, Daniel Sampaio

Erschienen in: International Integration of the Brazilian Economy

Verlag: Palgrave Macmillan US

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Abstract

More than half of global trade consists of trade in intermediate goods and services that are incorporated at various stages in the production process of products and services for final consumption. These processes, which can be formed by sequential chains or complex networks, are referred to as Global Value Chains (GVCs). Despite its increasing global importance, Brazil still has a very low participation in the GVCs. This chapter discusses the external insertion of the Brazilian economy to understand the determinants of its currently small involvement in that system. For that, the chapter discusses the external insertion of the Brazilian economy in historical perspective, examine the participation of Brazil—compared to other emerging and developed economies—in the GVCs, and analyzes what prevents Brazil to participate more actively in GVCs. The chapter concludes that by falling behind during the times in which the first GVCs were being formed, Brazil now finds it more difficult to enter the global markets. The country should seek to coordinate supply chains in Latin America to be able to be competitive and participate more actively—and in more high-value-added parts—in the GVCs.

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Vorheriges Kapitel Balance-of-Payments Constrained Growth Model: The Brazilian Case over the Period 1980–2011

Nächstes Kapitel Mercosur’s Trade Performance and the Brazilian Economy

Intermediate inputs represent more than half of the goods imported by OECD economies and close to three-fourths of the imports of large developing economies, such as Brazil and China (World Economic Forum 2012).

For authors who considered the ISI a relative success in Brazil, see, for instance, Tavares (1999) and Carneiro (2002). For the critics, see Fishlow (2013) and Paiva Abreu (1989).

Currency interventions which may aim at creating a competitive advantage for exporters lose relevance, as any export advantage gained from a cheaper currency is at least partially eroded by the cost of more expensive imported inputs (World Economic Forum 2012).

The motto of Juscelino Kubitschek’s campaign for president was promoting a comprehensive project of modernization of Brazilian society with the motto “50 years in 5”. Juscelino won the elections and governed Brazil in the period 1956–1961. During his mandate, he implemented the development plan promised during his campaign and was responsible for the construction of Brasilia, the current capital.

The control of the Brazilian inflation, which guides the main economic policy decisions since 1999, is based on the Inflation Targeting system. The main tool is the use of the basic interest rate (known as SELIC rate) that is set by the Central Bank. The center’s goal since 2006 is 4.5%, with a 2% tolerance up and down. Since the beginning of the international financial crisis until 2014, the inflation remained below 6.5% but with values close to the target ceiling.

According to (OECD, WTO, and UNCTAD 2013), the main ones are the follows: Size of the economy. Large economies tend to have significant internal value chains and to rely less on foreign inputs; Composition of exports and position in GVCs. Countries with significant shares of natural resources, oil, or other commodities in their exports, tend to have higher relative value-added trade shares, as such exports are at the “beginning” of global value chains (GVCs) and require little foreign inputs. In contrast, countries with significant shares of exports in highly segmented industries may need to import more to generate exports and Economic structure and export model. Countries with significant shares of entrepôt trade, such as Hong Kong (China), Singapore, or the Netherlands, will have higher shares of foreign value added and lower shares of domestic value added in trade. Similarly, countries with important processing trade sectors will capture less domestic value added.

Large countries may have lower upstream participation levels, both because of the nature of their exports (natural resources and services exports tend to have less need for imported content or foreign value added) and because larger economies display a greater degree of self-sufficiency in production for exports. They may also have lower downstream participation levels because of a focus on exports of so-called final-demand goods and services, that is, those not used as intermediates in exports to third countries (Timmer et al. 2014).

This was the case with Japan’s reconstruction in post-WWII (Teixeira 1983) and South Korea’s recent development (Coutinho 1999).

For instance, ministerial councils, planning agencies, and public companies that were privatized.

For an analysis of the current role of Brazilian Development Bank (BNDES) in the Brazilian economy, see Pinto and Reis (2015).

Countries like China have been increasing value-added products by promoting real import substitution and adding higher value-added steps in their production processes (Morais 2012).

Creation of upstream and downstream links between local and global companies.

Intersectoral dimension. For example, seek to join similar production processes.

Increase the variety of products and processes to allow a greater link between companies.

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Titel: Why Does Brazil Have a Small Participation in the Global Value Chains? An Analysis of the External Insertion of the Brazilian Economy
verfasst von: Marcos Reis
Daniel Sampaio
Verlag: Palgrave Macmillan US
Buch: International Integration of the Brazilian Economy
Print ISBN: 978-1-137-46295-4

Electronic ISBN: 978-1-137-46260-2

Copyright-Jahr: 2019
DOI: https://doi.org/10.1057/978-1-137-46260-2_11

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