Determinantes do investimento privado no Brasil: 2000 - 2020

Abstract

This paper presents a study on the determinants of private investment in Brazil between 2000 and 2020, with the aim of demonstrating the main characteristics and variables for determining investment. Through this, we initially seek to present what the Neoclassical, Keynesian and Kaleckian economic schools of thought discuss about the referred topic. Further on, the review of the empirical literature brings a synthesis of five articles, with different econometric applications, but which converge in the formulation of an equation that allows the understanding of the factors. From this, the multiple regression methodology was used, with analysis of heteroscedasticity, multicollinearity and the respective significance levels of each estimator. The dependent variable is private investment and the explanatory variables are public investment; inflation, interest rates and gross domestic product (GDP). The results show that private investment in the Brazilian economy is positively influenced by GDP and inflation. So, a one percent (1%) increase in GDP results in a 3.48% increase in private investment. As for inflation, an increase of 1% raises private investment by around 0.075%. These are the main considerations of the model.