Uma análise teórico-institucional da gestão monetária em economias em desenvolvimento

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.