MMT，巴西的货币主权和财政政策空间（1999-2019）

0 ECONOMICS

Cuadernos de Economia-Spain Pub Date : 2023-04-21 DOI:10.15446/cuad.econ.v42n88.102926

Norberto Montani Martins, Isadora Bonitz Silva Gomes

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引用次数: 0

摘要

关于现代货币理论在新兴国家的适用性存在争议。在本文中，我们通过分析1999年至2019年巴西的货币主权和财政政策制度来阐明这一争论。一项实证评估显示，政府拥有相当程度的货币主权。然而，财政规则对国家的支出能力施加了许多限制，将财政政策置于紧缩之下。由于巴西货币主权没有重大的宏观经济制约因素，因此有必要改变财政规则，根据MMT的规定，将财政政策调整为充分就业。

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MMT, monetary sovereignty and fiscal policy space in Brazil (1999-2019)

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.

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来源期刊

Cuadernos de Economia-Spain ECONOMICS-

CiteScore

3.80

自引率

0.00%

发文量

期刊介绍： Cuadernos de Economía - Spanish Journal of Economics and Finance es una publicación cuatrimestral abierta a la publicación de artículos científicos y de referencia relativos a un gran número de materias relacionadas con el análisis económico, tanto desde una perspectiva teórica como aplicada. Cuadernos de Economía está editada por los departamentos de Teoría Económica de la Universidad Autónoma de Madrid y de la Universidad de Barcelona, y forma parte desde 2011 del grupo de revistas editadas por ELSEVIER. Cuadernos de Economía es una de las revistas españolas más citada en el ámbito de la Economía. Cuadernos de Economía acepta artículos en español y en inglés.