BREVES ASPECTOS DO SISTEMA MONETÁRIO MODERNO, SUA APRESENTAÇÃO NO BRASIL ATUAL E AS PROPOSTAS DE ALTERAÇÃO – UMA ABORDAGEM PÓS-KEYNESIANA
Abstract
The issue of money is a cornerstone in Keynes since his first’s writings, which will end up in a concept of monetary economy of production in his General Theory. Understanding this concept and how the money influences all system is fundamental to us comprehending the current economy. Given the importance of money in Keynes, it’s natural to suppose that his modern followers would study how the monetary system in a modern capitalist economy works and how it is connected to real sectors to explain the functioning of this complex system and, from that, contribute positively to its stability with equity, employment and operational efficiency. From this, I seek to show how this theory applies to the Brazilian reality and to the recent debate about the operation of the monetary policy in the country.
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References
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DAVIDSON, P. 1982. International Money and the Real World, London: Macmillan.
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FULLWILER, S. 2013. Modern central bank operations: the general principles, em B. Moore e L. P. Rochon (eds), Post-Keynesian Monetary Theory and Policy: Horizontalism and Structuralism Revisited. Cheltenham e Northampton: Edward Elgar.
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MOORE, B. J. 1988. Horizontalists and Verticalists. The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.
MUTH, J. F. 1961. Rational Expectations and the Theory of Price Movements. Econometrica, Vol. 29, No. 3 (Jul., 1961): 315-335. Acesso em 17/07/2020. Disponível em: http://www.parisschoolofeconomics.eu/docs/guesnerie-roger/muth61.pdf
ROCHON, L. P. ROSSI, S. 2011. Monetary policy without reserve requirement: central bank money as means of final payment on the interbank market. Cheltenham e Northampton: Edward Elgar: 98-115.
SICSÚ, J. 1997. Keynes e os Novo-Keynesianos. Revista de Economia Política, vol19, nº2 (74), abril-junho.
SMITHIN, J. 1996. Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity. Cheltenham e Northampton: Edward Elgar.
SULLIVAN, K. 2003. Profits, dividends and capital - considerations for central banks in Neil Courtis and Benedict Mander (eds) Accountancy Standards for Central Banks. London: Central Banking Publications.
TAYLOR, J. B. 1993. Discretion versus policy rules in practice. Carnegie-Rochester Conference Seres on Public Policy, 39: 195-214. Acesso em 17/07/2020. Disponível em: http://opendata.dspace.ceu.es/bitstream/10637/2345/1/p%20195_214.pdf
TYMOIGNE, E. WRAY, L. R. 2013.Modern Money Theory 101: A Reply to Critics. Levy Economics Institute: Working Paper No. 778. Acesso em 17/07/2020. Disponível em: https://www.econstor.eu/bitstream/10419/110016/1/770835929.pdf
WALRAS, L. 1996. Compêndio dos Elementos de Economia Política Pura. São Paulo: Nova Cultural.
WHITE, W. R. 2002. Bank for International Settlements, at the Central Bank Governors' Club Meeting held in Nafplio, Greece.
WICKSELL, K. 1962. Interest & Price. New York: Mises Institute.
WRAY, L. R. 1997. Deficits, inflation, and monetary policy. Journal of Post Keynesian Economics, 19 (4), Summer: 543-572.
BINDSEIL, U. 2004. The operational target of monetary policy and the rise and fall of reserve position doctrine. Working Paper series No. 372. European Central Bank. Acesso em 17/07/2020. Disponível em: https://www.econstor.eu/bitstream/10419/152806/1/ecbwp0372.pdf
BLANCHARD, J. O.; DELL’ARICCIA, G.; MAURO, P. 2010. Rethinking Macroeconomic Policy. IMF staff position note. Disponível em: https://www.imf.org/external/pubs/ft/spn/2010/spn1003.pdf. Acessado em: 17 abr. 2016
BLANCHARD, J. O.; SUMMERS, L. H. 1986. Hysteresis and the European Unemployment Problem. NBER Macroeconomics Annual 1986, Volume 1: 15-90. Acesso em 17/07/2020. Disponível em: https://www.journals.uchicago.edu/doi/pdfplus/10.1086/654013
BORIO, C.; DISYATAT, P. 2010. Unconventional monetary policies: an appraisal. Manchester School , 78, Supplement, September, 53-89. Acesso em 17/07/2020. Disponível em: https://www.bis.org/publ/work292.pdf?noframes=1
CARVALHO. F. J. C. 1992. Mr Keynes And The Post Keynesians. Principles Of Macroeconomics For A Monetary Production Economy. Cheltenham: Edward Elgar.
COSTAS, R. Alta de juros terá impacto bilionário na dívida pública. BBC Brasil, 21 de janeiro de 2015.
DAVIDSON, P. 1982. International Money and the Real World, London: Macmillan.
DOW, S. C. 2005. Axioms and Babylonian thought: a reply. Journal of Post Keynesian Economics, 27 (3), Spring, 385-92.
FULLWILER, S. 2013. Modern central bank operations: the general principles, em B. Moore e L. P. Rochon (eds), Post-Keynesian Monetary Theory and Policy: Horizontalism and Structuralism Revisited. Cheltenham e Northampton: Edward Elgar.
KALDOR, N. 1982. The Scourge of Monetarism. Oxford: Oxford University Press.
KEYNES, J. M. 1971. Tract on Monetary Reform. The Collected Writings of John Maynard Keynes, IV, London: Royal Economic Society.
KEYNES, J. M. 1996. Teoria Geral do Emprego, do Juro e da Moeda. São Paulo: Nova Cultural.
LAVOIE, M. 2005. Monetary base endogeneity and the new procedures of the Canadian and American monetary systems. Journal of Post Keynesian Economics. Acesso em 17/07/2020. Disponível em: http://herzog.economia.unam.mx/amhe/pdfs/conferencia_marc_lavoie_01.pdf
LAVOIE, M. 2011. The Monetary and Fiscal Nexus of Neo-Chartalism: A friendly Critical Look. Journal of Economic Issues. Acesso em 17/07/2020. Disponível em: https://www.nbp.pl/badania/seminaria/19vi2019-2.pdf
LAVOIE, M. 2014. Post-Keynesian Economics: New Foundations. Cheltenham e Northampton: Edward Elgar.
LIMA, F. Para analistas, BC e Tesouro devem 'rever relação'. Valor Econômico, 10 de março de 2016. Acesso em 17/07/2020. Disponível em: https://valor.globo.com/brasil/noticia/2016/03/10/para-analistas-bc-e-tesouro-devem-rever-relacao.ghtml
LIMA, T. G. SICSÚ, J. PAULA, L. F. (Orgs.). 1999. Macroeconomia Moderna: Keynes e a Economia Contemporânea. Rio de Janeiro: Campus.
MARTELLO, A. Para baixar dívida, governo propõe que BC receba depósitos de bancos. Globo.com, 21 de março de 2016. Acesso em 17/07/2020. Disponível em: http://g1.globo.com/economia/noticia/2016/03/para-baixar-divida-governo-propoe-que-bc-receba-depositos-de-bancos.html
MENDES, M. J. 2016. Depósito remunerado no Banco Central: inovação institucional ou contabilidade criativa? Boletim Legislativo: Núcleo de Estudos e Pesquisas da Consultoria Legislativa. Acesso em 17/07/2020. Disponível em: https://www12.senado.leg.br/publicacoes/estudos-legislativos/tipos-de-estudos/boletins-legislativos/bol45
MOORE, B. J. 1988. Horizontalists and Verticalists. The Macroeconomics of Credit Money. Cambridge: Cambridge University Press.
MUTH, J. F. 1961. Rational Expectations and the Theory of Price Movements. Econometrica, Vol. 29, No. 3 (Jul., 1961): 315-335. Acesso em 17/07/2020. Disponível em: http://www.parisschoolofeconomics.eu/docs/guesnerie-roger/muth61.pdf
ROCHON, L. P. ROSSI, S. 2011. Monetary policy without reserve requirement: central bank money as means of final payment on the interbank market. Cheltenham e Northampton: Edward Elgar: 98-115.
SICSÚ, J. 1997. Keynes e os Novo-Keynesianos. Revista de Economia Política, vol19, nº2 (74), abril-junho.
SMITHIN, J. 1996. Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity. Cheltenham e Northampton: Edward Elgar.
SULLIVAN, K. 2003. Profits, dividends and capital - considerations for central banks in Neil Courtis and Benedict Mander (eds) Accountancy Standards for Central Banks. London: Central Banking Publications.
TAYLOR, J. B. 1993. Discretion versus policy rules in practice. Carnegie-Rochester Conference Seres on Public Policy, 39: 195-214. Acesso em 17/07/2020. Disponível em: http://opendata.dspace.ceu.es/bitstream/10637/2345/1/p%20195_214.pdf
TYMOIGNE, E. WRAY, L. R. 2013.Modern Money Theory 101: A Reply to Critics. Levy Economics Institute: Working Paper No. 778. Acesso em 17/07/2020. Disponível em: https://www.econstor.eu/bitstream/10419/110016/1/770835929.pdf
WALRAS, L. 1996. Compêndio dos Elementos de Economia Política Pura. São Paulo: Nova Cultural.
WHITE, W. R. 2002. Bank for International Settlements, at the Central Bank Governors' Club Meeting held in Nafplio, Greece.
WICKSELL, K. 1962. Interest & Price. New York: Mises Institute.
WRAY, L. R. 1997. Deficits, inflation, and monetary policy. Journal of Post Keynesian Economics, 19 (4), Summer: 543-572.
Published
2020-11-11
How to Cite
Mellini, A. (2020). BREVES ASPECTOS DO SISTEMA MONETÁRIO MODERNO, SUA APRESENTAÇÃO NO BRASIL ATUAL E AS PROPOSTAS DE ALTERAÇÃO – UMA ABORDAGEM PÓS-KEYNESIANA. A Economia Em Revista - AERE, 27(2), 1-17. Retrieved from https://periodicos.uem.br/ojs/index.php/EconRev/article/view/54845
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