Correo Electrónico
DNINFOA - SIA
Bibliotecas
Convocatorias
Identidad U.N.
Publicado
MMT, monetary sovereignty and fiscal policy space in Brazil (1999-2019)
MMT, soberanía monetaria y espacio fiscal en Brasil (1999-2019)
DOI:
https://doi.org/10.15446/cuad.econ.v42n88.102926Palabras clave:
Modern monetary theory, sovereign money, fiscal policy, functional finance, full employment, Brazil (en)teoría monetaria moderna, dinero soberano, política fiscal, finanzas funcionales, pleno empleo, Brasil (es)
Descargas
There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on this debate by analyzing the monetary sovereignty and fiscal policy regime in Brazil from 1999 to 2019. An empirical assessment shows the government has a considerable ‘degree’ of monetary sovereignty. However, fiscal rules imposed many restrictions on the State’s capacity to spend, subordinating fiscal policy to austerity. As there are no major macroeconomic constraints to Brazilian monetary sovereignty, it is necessary to change fiscal rules to reorient fiscal policy towards full employment in line with MMT prescriptions.
Existen controversias con respecto a la aplicabilidad de la teoría monetaria moderna (MMT) a los países emergentes. En este artículo analizamos la soberanía monetaria y el régimen de política fiscal en Brasil desde 1999 hasta 2019. Una evaluación empírica muestra que el gobierno brasileño tiene un “grado” considerable de soberanía monetaria. Sin embargo, las reglas fiscales impusieron restricciones a la capacidad de gasto del Estado, subordinando la política fiscal a la austeridad. Dado que no existen restricciones macroeconómicas para la soberanía monetaria brasileña, es necesario cambiar las reglas fiscales para reorientar la política fiscal hacia el pleno empleo en línea con las prescripciones de la MMT.
Referencias
Belluzzo, L. G. M., & Almeida, J. S G. (1990). Crise e reforma monetária no Brasil. Revista São Paulo em Perspectiva, 4(1), 63-75.
Blanchard, O. (2022). Fiscal policy under low interest rates. MIT Press. DOI: https://doi.org/10.7551/mitpress/14858.001.0001
Blanchard, O., Felman, J., & Subramanian, A. (2021). Does the new fiscal consensus in advanced economies travel to emerging markets? (Policy Brief 21-7). Peterson Institute for International Economics.
Blanchard, O., Leandro, A., & Zettelmeyer, J. (2021). Redesigning EU fiscal rules: From rules to standards. Economic Policy, 36, 195-236. https://doi.org/10.1093/epolic/eiab003 DOI: https://doi.org/10.1093/epolic/eiab003
Brito, E. C., Araújo, E. C., & Araújo, E. L. (2019). Inter-relações entre a dívida pública e política monetária no Brasil: uma análise histórica. Economia e Sociedade, 28(1), 153-175. https://doi.org/10.1590/1982-3533.2019v28n1art08 DOI: https://doi.org/10.1590/1982-3533.2019v28n1art08
Brochado, A., Barbosa, F. F. R., Leister, M. D., Marcos, R. P., Mota, T. O., Sbardelotto, T., & Araújo, V. L. A. (2019). Regras fiscais: uma proposta de arcabouço sistêmico para o caso brasileiro (Texto para Discussão 31). Tesouro Nacional.
Dalto, F., Gerioni, E., Ozzimolo, J. A., Decacche, D., & Conceição, D. N. (2016). Teoria monetária moderna: a chave para uma economia a serviço das pessoas. Nova Civilização.
Delong, B., & Summers, L. (2012). Fiscal policy in a depressed economy (Papers on Economic Activity, Spring). The Brookings Institution. DOI: https://doi.org/10.1353/eca.2012.0000
Deos, S., Mattos, O. B., Ultremare, F., & Mendonça, A. R. R. (2021). Modern money theory: ascensão no cenário internacional e debate no Brasil. Brazilian Journal of Political Economy, 41(2), 314-332. https://doi.org/10.1590/0101-31572021-3141 DOI: https://doi.org/10.1590/0101-31572021-3141
Eyraud, L., Debrun, X., Hodge, A., Lledó, V., & Pattillo, C. (2018). Second-generation fiscal rules: Balancing simplicity, flexibility, and enforceability (Staff Discussion Notes 18/04). The International Monetary Fund. DOI: https://doi.org/10.5089/9781484350683.006
Fiebiger, B., & Lavoie, M. (2017). The IMF and the new fiscalism: Was there a U-turn? European Journal of Economics and Economic Policies: Intervention, 14(3), 314-32. https://doi.org/10.4337/ejeep.2017.03.04. DOI: https://doi.org/10.4337/ejeep.2017.03.04
Furman, J., & Summers, L. (2020). A reconsideration of fiscal policy in the era of low interest rates. Mimeo.
Gimene, M., & Modenesi, A. M. (2021). Alternativas de aperfeiçoamento das regras fiscais brasileiras. Mimeo.
Graeber, D. (2011). Debt: The first 5000 years. Melville House.
IMF. (2009). Fiscal rules – anchoring expectations for sustainable public finances. The International Monetary Fund.
Jorge, C. T. (2020). A critical analysis of Brazilian public debt in the 2000s from an MMT perspective [Unpublished doctoral dissertation, Universidade Federal do Rio de Janeiro].
Kelton, S. (2020). The deficit myth: Modern monetary theory and the birth of the people’s economy. Public Affairs.
Kregel, J. (2021). External debt matters: What are the limits to monetary sovereignty? The Japanese Political Economy, 46(4), 287-299. https://doi.org/10.1080/2329194X.2020.1860678 DOI: https://doi.org/10.1080/2329194X.2020.1860678
Lerner, A. P. (1943). Functional finance and the federal debt. Social Research, 10(1), 38-51.
Lledó, V., Yoon, S., Fang, X., Mbaye, S., & Kim, Y. (2017). Fiscal rules at a glance. The International Monetary Fund.
Lopreato, F. L. C. (2013). Caminhos da política fiscal no Brasil. Editora Unesp.
Lopreato, F. L. C. (2006). O papel da política fiscal: um exame da visão convencional (Texto para discussão 119). Instituto de Economia da Unicamp.
Marques, M. S. B., & Werlang, S. R. C. (1989). Moratória interna, dívida pública e juros reais. Pesquisa e Planejamento Econômico, 19(1), 19-44.
Oreiro, J. L., & Paula, L. F. (2021). Macroeconomia da estagnação Brasileira. Alta Books.
Orszag, P. R., Rubin, R. E., & Stiglitz, J. E. (2021). Fiscal resiliency in a deeply uncertain world: The role of semiautonomous discretion (Policy Brief 21-2). The Peterson Institute for International Economics.
Paincera, J. P. (2021). Financialisation in emerging economies: Changes in central banking. Routledge. DOI: https://doi.org/10.4324/9781315670287
Paula, L. F., & Saraiva, P. J. (2015). Novo consenso macroeconômico e regime de metas de inflação: algumas implicações para o Brasil. Revista Paranaense de Desenvolvimento, 36(128), 19-32.
Prates, D. M. (2020). Beyond modern money theory: A post-Keynesian approach to the currency hierarchy, monetary sovereignty, and policy space. Review of Keynesian Economics, 8(4), 494-511. https://doi.org/10.4337/roke.2020.04.03 DOI: https://doi.org/10.4337/roke.2020.04.03
Ramey, V. A. (2019). Ten years after the financial crisis: What have we learned from the renaissance in fiscal research? Journal of Economic Perspectives, 33(2), 89-114. https://doi.org/10.1257/jep.33.2.89 DOI: https://doi.org/10.1257/jep.33.2.89
Rezende, F. C. (2009). The nature of government finance in Brazil. International Journal of Political Economy, 38(1), 81-104. https://doi.org/10.2753/IJP0891-1916380104 DOI: https://doi.org/10.2753/IJP0891-1916380104
Sandbu, M. (2021, April 11) A new Washington consensus is born. Financial Times. https://www.ft.com/content/3d8d2270-1533-4c88-a6e3-cf14456b353b
Serrano, F., & Summa, R. (2013). Uma sugestão para simplificar a teoria da taxa de juros exógena. Ensaios FEE, 34(2), 383-406.
The White House. (2022). The Biden-Harris economic blueprint. The White House.
Vergnhanini, R., & De Conti, B. (2017). Modern monetary theory: A criticism from the periphery. Brazilian Keynesian Review, 3(2), 16-31. https://doi.org/10.33834/bkr.v3i2.115 DOI: https://doi.org/10.33834/bkr.v3i2.115
Vernengo, M., & Caldentey, E. P. (2020). Modern money theory (MMT) in the tropics: Functional finance in developing countries. Challenge, 63(6), 1-17. https://doi.org/10.1080/05775132.2020.1747729 DOI: https://doi.org/10.1080/05775132.2020.1747729
Vilella, C., & Vaz, C. (2021). Regras fiscais no Brasil: prática e teoria (Texto para Discussão 039-2021). Instituto de Economia da Universidade Federal do Rio de Janeiro.
Wray, L. R. (2019). Alternative paths to modern money theory. Real-World Economics Review, 89, 5-22.
Wray, L. R. (2020). The “Kansas City” approach to modern money theory (Working Paper 961). The Levy Economics Institute of Bard College. DOI: https://doi.org/10.2139/ssrn.3650357
Cómo citar
APA
ACM
ACS
ABNT
Chicago
Harvard
IEEE
MLA
Turabian
Vancouver
Descargar cita
CrossRef Cited-by
Dimensions
PlumX
- Citations
- Scopus - Citation Indexes: 1
- Captures
- Mendeley - Readers: 2
- Mendeley - Readers: 1
- Mentions
- News: 1
Visitas a la página del resumen del artículo
Descargas
Licencia
LicenciaCuadernos de Economía a través de la División de Bibliotecas de la Universidad Nacional de Colombia promueve y garantiza el acceso abierto de todos sus contenidos. Los artículos publicados por la revista se encuentran disponibles globalmente con acceso abierto y licenciados bajo los términos de Creative Commons Atribución-No_Comercial-Sin_Derivadas 4.0 Internacional (CC BY-NC-ND 4.0), lo que implica lo siguiente:
