{"title":"The theory of endogenous money and the LM schedule: prelude to a reconstruction of ISLM","authors":"T. Palley","doi":"10.1590/0101-31572016V37N01A01","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A01","url":null,"abstract":"Money is at the center of macroeconomics, which makes understanding the money supply central for macroeconomic theory. This paper presents the Post Keynesian theory of endogenous money supply and shows how it is fundamentally different from the conventional money supply theory. The conventional approach relies on the money multiplier and bank lending is invisible. Post Keynesian theory discards the money multiplier and focuses on bank lending which drives money creation. The paper emphasizes the structuralist version of Post Keynesian theory which retains Keynes’ liquidity preference theory of long term interest rates and also recognizes banks are subject to financial constraints that limit their lending activities. The paper then shows how to derive the LM schedule in an endogenous money economy, which is a necessary prelude to reconstructing the ISLM model.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"516 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113997668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Raúl Prebisch e a concepção e evolução do sistema centro-periferia","authors":"Joaquim Miguel Couto","doi":"10.1590/0101-31572016V37N01A04","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A04","url":null,"abstract":"ABSTRACT : This paper describes the career of Raul Prebisch and, at the same time, analyze his theoretical contribution when he tried to decipher the history and problems of economic development in Latin America. From adviser to ministers to the direction of the Argentine Central Bank, from ECLAC to UNCTAD he faced many battles. While worked in public positions, Prebisch was theoretically interpreting the world in which he lived. Thus emerged the core-periphery system, which included ideas of growth, the deteriorating terms of trade and the struggle for industrialization through import substitution. KEyWoRDS : Prebisch, Raul; Core-periphery system; ECLAC; UNCTAD.JEL Classification: B31; B22; o14. INTRoDUcaoA trajetoria profissional do economista argentino Raul Prebisch (1901-1986) foi repleta de desafios para uma unica vida. Ao encerrar uma etapa logo se inicia-va outra, ainda mais importante. os diferentes cargos que ocupou nao o impedi- Revista de Economia Politica, vol. 37, no 1 (146), pp. 65-87, janeiro-marco/2017","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130439178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Monetary Policy in the Post Keynesian Theoretical Framework","authors":"F. Terra, P. Arestis","doi":"10.1590/0101-31572016V37N01A03","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A03","url":null,"abstract":"O objetivo desta contribuicao e desenvolver um modelo pos-keynesiano de politica monetaria, apresentando seus objetivos, instrumentos e canais de transmissao. A originalidade desta contribuicao consiste, seguindo-se as propostas de (Keynes 1936, 1945), em se instituir a administracao de divida como um dos instrumentos da politica monetaria, em conjunto com os tradicionais, taxa de juros e regulacao. Ademais, o artigo constroi seu modelo teorico resgatando amplamente os escritos originais de John Maynard Keynes. Um modelo de politica monetaria erigido desta forma relaciona-se diretamente aos esforcos pos-keynesianos de oferecer uma forma de conducao da politica monetaria que seja alternativa ao Regime de Metas de Inflacao, proposto pelo Novo Consenso Macroeconomico.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133000963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cooperação monetária: Uma análise sobre o SUCRE","authors":"Alexandre Jeronimo de Freitas, M. P. Fernandes","doi":"10.1590/0101-31572016V37N01A13","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A13","url":null,"abstract":"The initiative of the Unified System for Regional Compensation, the so-called SUCRE, concerted among the main countries that comprise ALBA, born in a context of great international turmoil caused by the financial crisis of 2008. Still in the consolidation process, the system has very ambitious goals, including the use of the progressive decoupling of the dollar. The aim of this paper is to analyze the SUCRE in force since January 2010. The initiative may be a key step towards construction of a new regional financial architecture to reduce external vulnerability and structural asymmetries in the region.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"38 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120856113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Marxista e pós-keynesiana","authors":"M. D. L. R. Mollo","doi":"10.1590/0101-31572015V37N01A14","DOIUrl":"https://doi.org/10.1590/0101-31572015V37N01A14","url":null,"abstract":"","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131295276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Felipe de Sousa Bastos, Guilherme Irffi, Ivan Castelar
{"title":"A balança comercial é uma restrição ao crescimento econômico dos estados brasileiros? Uma análise para o período de 1991 a 2009","authors":"Felipe de Sousa Bastos, Guilherme Irffi, Ivan Castelar","doi":"10.1590/0101-31572016V37N01A12","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A12","url":null,"abstract":"ABSTRACT : This paper investigates whether there is a restriction imposed by the balance of payments – through the relationship between income elasticities of imports and exports – on the economic growth of Brazilian states. In other words, it checks the validity of Thirlwall’s Law to the Brazilian states in the period from 1991 to 2009. These elasticities were estimated using the dynamic panel estimator System-GMM, which circumvents the classical endogeneity problem inherent to dynamic panels. The results point out to the validity of the law, since the income elasticity of imports was higher than the income elasticity of exports. KEyWoRDS : Thirlwall’s Law; Economic Growth; Brazilian states.JEL Classification: E12; F00; C01. Revista de Economia Politica, vol. 37, no 1 (146), pp. 226-242, janeiro-marco/2017 * Respectivamente, Doutorando em Economia – Centro de Aperfeicoamento de Economistas do Nordeste da Universidade Federal do Ceara - CAEN/UFC, E-mail: flpsbastos@gmail.com; Professor Adjunto do Departamento de Economia Aplicada da Universidade Federal do Ceara - DEA/UFC, E-mail: ghidirffi@gmail.com; Professor Titular da Universidade Federal do Ceara, email: lume1250@yahoo.com.br. Submetido: 23/Janeiro/2015: Aprovado: 24/Fevereiro/2016. 226","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"184 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124676157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Transformações na estrutura produtiva global, desindustrialização e desenvolvimento industrial no Brasil","authors":"Célio Hiratuka, F. Sarti","doi":"10.1590/0101-31572016V37N01A10","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A10","url":null,"abstract":"This paper aims to highlight the major changes in the global economy that affect Brazilian industrial development and mark out the strategies that could move the country toward a more robust productive structure. It is argued that the debate on deindustrialization in Brazil, although it had an important contribution to highlight the importance of manufacturing for economic development, did not deep the discussion about the limits and possibilities of Brazilian industrial development. That debate did not adequately consider those changes in the global economy, related to the more fierce global competition scenario and to the changes in the strategies of Transnational Corporations.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116542438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The euro and the recent European crisis vis-à-vis the gold standard and the great depression: institutionalities, specificities and interfaces","authors":"G. C. Oliveira, P. Wolf","doi":"10.1590/0101-31572016V37N01A08","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A08","url":null,"abstract":"The paper aims to establish interfaces between the Great Depression of the 1930s under the Gold Standard and the recent European Crisis under the Euro. It is argued that, despite their specificities, both crises revealed the potentially harmful effects, in economic and social terms, of institutional arrangements that considerably reduce the autonomy of monetary, fiscal and exchange rate policies of participating countries, without being accompanied by increased cooperation between them, which should be led by a global (in the case of the Great Depression) or regional (in the case of the European Crisis) hegemonic power, which is not only capable of, but is also willing to act as a buyer and lender of last resort, especially in circumstances characterized by increased uncertainty, the deterioration of the general state of expectations and increased liquidity preference. In fact, central European countries in the past and peripheral European countries nowadays were effectively pushed toward deflationary adjustments in which a reduction of prices and wages was accompanied by a reduction of output and employment levels. Thus, in the absence of the possibility of restoring the autonomy of economic policy, the overcome of the crisis necessarily requires, both before - under the Gold Standard - and nowadays - under the Euro -, joint actions aimed to assure that the responsibility for the adjustment will be equally distributed among all the economies, in order to avoid that some of them benefit at the expense of the others in this process.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126982956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The behavioral turn in development economics: a tentative account through the lens of economic methodology","authors":"Roberta Muramatsu, Flavia Avila","doi":"10.1590/0101-31572017V37N02A06","DOIUrl":"https://doi.org/10.1590/0101-31572017V37N02A06","url":null,"abstract":"ABSTRACT : This paper aims to provide an interpretation of why behavioral economics has come into the complex field of development economics that draws on insights from methodology of economics. We engage in an extensive survey of the literature that focuses on the actual practice of “behavioral development economics and behavioral economics view of poverty” that emerged in the early years of the 21st century in order to identify and discuss some directions and implications that this movement might carry for economics science and art of Economics. KEyWORDS : Behavioral economics; development; field experiments; methodology; policy.JEl Classification: B40; B41; D11; D91. Brazilian Journal of Political Economy, vol . 37, no 2 (147), pp . 363-380, April-June/2017http://dx.doi.org/10.1590/0101-31572017v37n02a06 Revista de Economia Politica 37 (2), 2017 • 363 * Adjunct Professor of Economics, universidade Presbiteriana Mackenzie, Email robertamuramatsu@gmail.com, robertam@insper.edu.br, roberta.muramatsu@mackenzie.br; Posgraduate Program Coordinator and lecturer of Behavioural Economics, ESPM - Escola Superior de Propaganda e Marketing, e-mail: flavia.avila@espm.br. Submetido: 17/August/2015; Approved: 11/April/2016.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125108319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Democracy and growth in pre-industrial countries","authors":"Luiz Carlos Bresser-Pereira","doi":"10.1590/0101-31572016V37N01A05","DOIUrl":"https://doi.org/10.1590/0101-31572016V37N01A05","url":null,"abstract":"This paper distinguishes three types of countries (rich, middle-income, and pre-industrial) and focus on the latter, which, in contrast to the other two, didn’t complete their industrial and capitalist revolutions. Can pre-industrial countries be governed well and under democracy? Today democracy is a universal value, and, so, these countries are under pressure from the West and from its own society to be democratic, even though they do not dispose of mature enough societies in which the economic surplus is appropriated through the market. In fact, no country completed its industrial and capitalist revolution within the framework of even a minimal democracy. Additionally, pre-industrial countries are extremely difficult to govern because they usually don’t have a strong nation and capable states. This double pressure represents a major obstacle to their development.","PeriodicalId":274789,"journal":{"name":"Revista de Economia Política","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116495576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}