Resumo Este artigo analisa as mudanças nas estratégias patrimoniais das empresas não-financeiras ao longo dos anos 2000 com base na literatura sobre financeirização e ciclo financeiro de Minsky. A análise empírica mostra que a repercussão interna da crise financeira internacional de 2008 resultou em um aumento na fragilidade financeira das empresas não financeiras (ENFs), o que explica em grande parte o quadro recessivo atual. A contribuição do artigo é mostrar a adequação da hipótese da fragilidade financeira de Minsky para explicar a reversão do ciclo expansivo de investimento observado em meado dos anos 2000 e como avança o processo de financeirização na economia brasileira.

The contribution of this paper is to discuss the particularities of financialisation in peripheral economies, emphasising the channels through which financialisation contributes to redefining their trajectory of structural change. This paper has, as a reference, the structural regression of the Brazilian case, which is characterised by the deindustrialisation and trade specialisation marked by export reprimarisation. The aspects covered are the financialisation of non-financial corporations, of the exchange rate and of the determination of the commodity prices, which are associated with the Dutch disease.

<p>The aim of this paper is twofold. At first, we briefly review the current debate in Brazil between the new-developmentalists and the social-developmentalists. Both groups assume that the investment is the main component of aggregate demand to explain growth. However, the key variable to determine demand for investment is different for each group. For the new-developmentalists, the key variable is the real exchange rate. For the second group, public investment and domestic mass consumption are the most relevant variables. Given this debate, our next step is to test econometric models that capture the determinants of investment in Brazil in the 2000s. We start with the investment function presented by Bhaduri and Marglin (1990) and add other variables according to the developmentalist debate. We found robust results that confirm the validity of Bhaduri and Marglin´s hypothesis as well as the ones proposed by the new-developmentalists and the social-developmentalists.</p>

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