Uma análise teórico-institucional da gestão monetária em economias em desenvolvimento
- Autores
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Eduardo Strachman
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Marcos Roberto Vasconcelos
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- Palavras-chave:
- Política monetária, Fluxo de capitais, Mercado de capitais
- Resumo
- The paper shows the difficulties that the increasing International mobility of capitals set to the execution of monetary policy in the development countries. We defend the perspective that in a modern capitalist economy money should be viewed as an institution. There from, it is first necessary to comprehend what are institutions (being money one of them) in order to understand the institutional and theoretical prerequisites t o monetary policies and monetary stability. In t h is discussion, we emphasize the challenges that the monetary and financial opening of many national markets establish for the realization of economic policies. In t h is sense, we also examine some of t he specific institutional prerequisites to monetary stability in the development countries, because of facts as the inconversibility of their currencies, the frequent inconsistency of their fiscal, monetary and exchange policies, etc. We try to demonstrate that those institutional difficulties are responsible for the growing appeal of proposals to a complete abandonment of some national currencies, or for the adoption of currency boards in which the policymakers relinquish to their power to decide about the liquidity level of their economies, in spite of the formal existence of their national currencies. Finally, we present some suggestions to the solution of the referred problems.
- Downloads
- Edição
- v. 22 n. 1 (2001)
- Seção
- Artigos
- Licença
- A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.