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Resumo
Esta contribuição fornece uma explicação teórica do processo de acumulação, enfatizando a presença de correlações entre os investimentos produtivo e financeiro e, sobretudo, como este último pode afetar o primeiro. Também se considera a influência do custo do financiamento externo e do impacto da incerteza financeira, tomando como proxies, respectivamente, a taxa de juros e a taxa de câmbio. Ou seja, utiliza-se a noção keynesiana de convenções na determinação do investimento. O modelo é estimado a partir da aplicação de modelo GMM num painel de 14 países da OCDE de 1970 a 2010.
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