This paper analyzes the impact of international financial cycles on structural change in developing economies. It is argued that the impact of these cycles depend on the specific combination of macroeconomic and industrial policies adopted by the developing economy. The cases of Brazil and...

This paper revisits a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources toward capitalists in technology-intensive sectors with a higher potential for innovation and the creation of...