Effects of Economic Liberalization in Brazil: Empirical Analysis of Industries and Firms

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Brazil has been conducting economic liberalization very drastically since 1990s, of which effects on economy and society in Brazil has been very significant. In Brazil there are many opposing opinions on liberalization. As one of basic researches on this question regarding Brazilian liberalization, this projects aims to investigate the effects of liberalization on Brazilian industries and firms with two different objectives. First we investigated the effects of liberalization on growth performance, productivity improvements and profitability of industry and firm. Second, we created a database that makes possible econometrical analysis. The database collected 500 Maiores Empresas by FGV, Investment Climate Assessment database by World Bank, Balanco Annual by Gazeta Mercantil, Valor 1000 by Valor Economico, Melhores e Maiores by EXAME and Pesquisa nacional por Amastra de Domicilios by IBGE.During three years of the project, we published various papers on automobile industry, steel indust … More ry, bio-ethanol industry, telecommunication industry and beer industry in Brazil focusing on the following subjects: the effects of liberalization, productivity improvements, growth performance, M&A and management strategies, profit structures, market competition, changes in employments and wages, export performance, technological change and new technological acquisitions, etc. Moreover, using firm micro-data, a tentative analysis was carried out to capture the effects of liberalization on the relation among growth of firms, total factor productivity of firms, and firm attitude for openness such as export behavior, foreign operation, R&D behavior, import materials, licensing from abroad. In a tentative conclusion of panel analysis by 2 stage least square regression, we can say that the firms that are open to world economy is likely to have higher TFP and on the other hand higher TFP is likely to have higher growth rates of firms. However by a simultaneous estimation, we can say that higher firm's growth in revenue has a tendency to reduce TFP by resorting to use of production factors to respond to a high growth of their products Less