IMPACT OF THE COMMODITIES SUPER-CYCLE ON THE BRAZILIAN PETROCHEMICAL SECTOR: AN ANALYSIS FROM MINSKY'S VIEWPOINT
In the period leading up to the 2008 economic crisis there was a significant jump in commodity prices. In the period from 2002 to 2008, the price of commodities in general grew more than 300%, with the main component of growth being energy commodities (such as oil and natural gas), which recorded more than 500% appreciation before the crisis, starting the fourth commodity super cycle. This rapid leverage of raw materials, according to the post-Keynesian approach, is associated with cycles of economic expansion where the mismatch between the demand for raw materials and its supply results in an expansion of prices in the short term until the capacity to supply can meet demand. In addition, a reading that has gained prominence in the last decade has been Hyman Minsky's view of financial instability, where a cyclical period of the economy would be associated with increasing risk absorption by agents until a liquidity deflation occurs. It is important to note from Minsky's perspective the systemic effect linked to financial dynamics, that is, a reversal of expectations in a single sector can spread economic crises throughout the economy, revealing the intertwining of the financial system and the constant advance of financialization. Thus, understanding the relationship between the dynamics of prices for energy commodities, responsible for the largest price fluctuations, and the dynamics of the oil and gas chain, mainly responsible for the fluctuations of these commodities, is necessary to understand the cyclical effect that a of the most integrated sectors has under the entire economy.