Neoliberalism is a normative system that endeavors to universalize competition and the generation... more Neoliberalism is a normative system that endeavors to universalize competition and the generation of inequality as fundamental behavioral norms, encompassing not only corporate entities but extending to the whole society. The tenets of this system came under strain amid the coronavirus pandemic which, on one hand, has accentuated its more assertive traits, and on the other, compelled certain strategic concessions primarily in response to pressures coming from society. An assessment of a representative array of economic, political, and health care measures implemented by the neoliberal administration of Jair Bolsonaro during the critical period of 2020–2021, corresponding to the most acute phase of the pandemic, indicates that these measures were underpinned by a regrettable, misguided, and detrimental notion positing a dichotomy between economic prosperity and public health preservation. They were based on the idea that life is not a right for everyone, only for the strongest, and t...
O objetivo deste trabalho é resgatar a formação e as transformações da estrutura regulatória do s... more O objetivo deste trabalho é resgatar a formação e as transformações da estrutura regulatória do sistema bancário brasileiro desde o seu surgimento até o período que precede a adoção das normas internacionais de Basileia no país (1808-1994). Para o seu desenvolvimento foi realizada pesquisa bibliográfica e pesquisa documental direta, através da análise de documentos oficiais do Banco Central do Brasil, Conselho Monetário Nacional e Comitê de Basileia. A partir da pesquisa pode-se concluir que desde a sua origem, o sistema bancário nacional possui um aparato regulatório marcado por regras prudenciais e de uma rede de segurança. Além disso, verificou-se que a formação e as transformações do sistema bancário e do aparato regulatório aconteceram de forma simultânea, evidenciando o pressuposto assumido. Nesse sentido, no início da década de 1990 o quadro regulatório nacional podia ser considerado relativamente complexo, no sentido de contar com a participação de diversos agentes e instrum...
Os materiais publicados na revista Análise Econômica são da exclusiva responsabilidade dos autore... more Os materiais publicados na revista Análise Econômica são da exclusiva responsabilidade dos autores. E permitida a reprodução total ou parcial dos trabalhos, desde que seja citada a fonte. Aceita-se permuta com revistas congêneres. Aceitam-se, também, livros para divulgação, elaboração de resenhas e recensões, Toda correspondência, material para publicação (vide normas na terceira capa), assinaturas e permutas devem ser dirigidos ao seguinte destinatário:
This paper has a twofold purpose. The first one is to present the core ideas of MMT. The second o... more This paper has a twofold purpose. The first one is to present the core ideas of MMT. The second one is to explain its recent rise in Brazil after the publication of Andre Lara Resende’s articles in the press in 2019 and a book in 2020. In order to do that, the paper is organized as follows. After the introduction, the first session presents the core ideas of MMT: i) chartal money, or tax driven money; ii) functional finance; iii) Minskyan financial fragility; iv) sectoral balances approach; v) employer of last resort. The second session presents some critiques MMT has received both from the orthodox and the heterodox sides at the international level. The third section discusses the particular way in which MMT’s ideas have recently arrived in Brazil, considering peculiarities of the Brazilian economic debate and political scenario. The final session brings back the main ideas presented in the paper and raises critics to Lara Resende’s contributions from a political economy perspective.
The International Labour Office welcomes such applications. Libraries, institutions and other use... more The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country.
The International Labour Office welcomes such applications. Libraries, institutions and other use... more The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country.
The end of the Bretton Woods agreement led not only to changes in the international economic rela... more The end of the Bretton Woods agreement led not only to changes in the international economic relations, but also in the very way in which capitalism functions. The liberalization of capital flows and deregulation and integration of financial markets under US leadership gave rise to a new systemic pattern of wealth, financialization, in which operations with financial assets received increased importance in the management of wealth by households and enterprises, and not only by banks and the other financial market institutions. Unlike most recent interpretations of this phenomenon, this one does not indicate a tendency of the system towards stagnation, but rather an increase in the instability that characterizes it, reinforcing the moments of expansion, contraction, as well as leading to crises. In fact, with the generalization and the dominance of finance, borrowing and spending decisions by enterprises and households are now increasingly responsible for current and expected fluctuations in the stock of wealth, which in turn are responsive to current and expected fluctuations in the prices of financial assets. This implies a transformation in the relationship between the state and the market, with central banks and national treasures becoming hostage to the need to prevent private losses and the perverse effects they may exercise over output, income and employment levels of the economy.
The end of the Bretton Woods agreement led not only to changes in the international economic rela... more The end of the Bretton Woods agreement led not only to changes in the international economic relations, but also in the very way in which capitalism functions. The liberalization of capital flows and deregulation and integration of financial markets under US leadership gave rise to a new systemic pattern of wealth, financialization, in which operations with financial assets received increased importance in the management of wealth by households and enterprises, and not only by banks and the other financial market institutions. Unlike most recent interpretations of this phenomenon, this one does not indicate a tendency of the system towards stagnation, but rather an increase in the instability that characterizes it, reinforcing the moments of expansion, contraction, as well as leading to crises. In fact, with the generalization and the dominance of finance, borrowing and spending decisions by enterprises and households are now increasingly responsible for current and expected fluctuations in the stock of wealth, which in turn are responsive to current and expected fluctuations in the prices of financial assets. This implies a transformation in the relationship between the state and the market, with central banks and national treasures becoming hostage to the need to prevent private losses and the perverse effects they may exercise over output, income and employment levels of the economy.
L’appel a contributions pour le dossier Institutions, regulation et developpement a rencontre un ... more L’appel a contributions pour le dossier Institutions, regulation et developpement a rencontre un grand interet. Aussi, les articles retenus seront-ils proposes dans le present numero et dans le suivant pour un dossier en deux volumes (numeros 6 et 7). Les propositions recues puis les contributions retenues se rapportent principalement aux debats en cours et aux perspectives qui animent la recherche academique autour des institutions, de la regulation et du developpement. Le volet retrospectif, consistant a operer un retour critique sur les travaux de Theorie de la regulation dans l’etude du developpement, est ici aborde avec la contribution de Noureddine El Aoufi (n° 6). L’auteur s’interroge sur les rapports entre une ecole de pensee – l’Ecole de la regulation – et un champ d’investigation – l’economie du developpement. Le succes rencontre par l’appel a contributions a fait emerger des contributions davantage orientees vers les enjeux theoriques et empiriques actuels, ce dont temoig...
The aim of this paper is to offer an interpretation of Marx’s value theory as a theory of the cap... more The aim of this paper is to offer an interpretation of Marx’s value theory as a theory of the capital valorization process from a value-form approach, following the Rubin tradition. Taking Marx’s Capital, in its three volumes, as an attempt to systematically reproduce the concrete capitalist reality in thought, the author presents how each category necessarily unfolds from the previously ones, modifying its own meaning in the process. For example, Marx provides no simple and not even once-for-all definitions, for commodity, value, money and capital. At every step in the dialectical development of value-form, a richer, more complex and closer to concrete totality is presented, and the meaning of each category fits the determinations of this new totality accordingly. In this context, value, as a category, appears fully grounded only when its proper form of existence is posited: the capital relation. To the extent that capital, the structuring social relation of capitalist societies, p...
Financial markets are subject to more developed regulatory mechanisms than those of other sectors... more Financial markets are subject to more developed regulatory mechanisms than those of other sectors of the economy. This can be explained by the nature of financial transactions and by the extremely harmful consequences of financial crises for the entire economic system. The current regime of banking regulation is based on risk sensitive capital requirements and on market-based risk measurement and management, and it could be termed "supervised auto regulation". The hypothesis put forward in this article is that this regulatory framework is not suitable for capitalist economies with highly developed financial systems and very little so for our specific finance-led accumulation regime. In the current scenario of widespread crisis, it seems especially relevant to analyze financial and, more specifically, banking regulation, from a Minskyan perspective.
O presente ensaio tem como objetivo recuperar aspectos característicos da história do financiamen... more O presente ensaio tem como objetivo recuperar aspectos característicos da história do financiamento na economia brasileira, partindo da etapa colonial e chegando aos dias atuais. Apontamos a existência de cinco ciclos de financiamento correspondentes à vigência de determinados marcos institucionais no que diz respeito à questão financeira. Tais ciclos estão estreitamente relacionados às ondas de liquidez internacional. Os períodos de fácil endividamento externo são sistematicamente seguidos de etapas de ajustamento e recessão, quando se torna necessário forjar soluções "domésticas" - substitutos da moeda internacional, inovações financeiras etc. - para atender à demanda de financiamento. Do nosso ponto de vista, a abertura financeira, que subordina a economia brasileira às vicissitudes do mercado externo, tem relação direta com a instabilidade e o (sub)desenvolvimento financeiro da nossa economia.
Os esquemas de integração regional construídos ao longo da década de 1990, entre os quais o Merco... more Os esquemas de integração regional construídos ao longo da década de 1990, entre os quais o Mercosul, foram implementados em um contexto marcado pelo processo mais amplo de globalização financeira. A conexão dos países periféricos ao circuito da globalização financeira, contudo, não resolveu os problemas crônicos de falta de recursos para o financiamento de longo prazo. A literatura marcada pela tradição de Keynes aponta que a insuficiência de recursos de longo prazo (funding) para financiar o investimento é um problema crucial. Nesse sentido, o sistema financeiro deve ser capaz de prover recursos, especialmente de longo prazo, para financiar o investimento, minimizando a incerteza e viabilizando a aquisição dos ativos de capital de longo prazo de maturação. Neste artigo, objetiva-se analisar a importância da cooperação financeira regional para o fomento de mecanismos de financiamento de longo prazo nas economias do Mercosul.
Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for man... more Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for many. The Financial Instability Hypothesis that he developed relates the cyclical and unstable behavior of the capitalist economies to the increasing systemic indebtedness necessary to finance investment production. Minsky's theoretical framework was built based on an economy where the banking credit was the bulk of the financing system. However, one of the main characteristics of the contemporary financial system is the increasing fund raising done through securities issuing, both tradable bonds and equities. In other words we have been seeing a transition from an economy where fund raising based on banking credit prevailed to another where funds have been increasingly obtained in the capital markets. Given that, the main goal of this article is to defend the adequateness of the Financial Instability Hypothesis to the new financial system scenario. To do that we discuss the macroeconom...
In this paper we analyze inflation targeting, focusing on the interest — price transmission mecha... more In this paper we analyze inflation targeting, focusing on the interest — price transmission mechanism. Its theoretical foundations are analized based on conventional and alternative literature. We discuss the recent performance of the retail industry in Brazil, highlighting how monetary policy affects prices, both directly and indirectly. We conclude evaluating inflation targeting in a critical way. Our key hypothesis is that interest rates must be seen not only as an instrument to control the general price level and the level of activity, by indirectly regulating aggregate demand. It must also be seen as a fundamental and direct component of the prices formed in the Brazilian retail industry. The big risk of inflation targeting, on the one side, is to increase deflation and, on the other, to create stagflation — unemployment and inflation.
Neoliberalism is a normative system that endeavors to universalize competition and the generation... more Neoliberalism is a normative system that endeavors to universalize competition and the generation of inequality as fundamental behavioral norms, encompassing not only corporate entities but extending to the whole society. The tenets of this system came under strain amid the coronavirus pandemic which, on one hand, has accentuated its more assertive traits, and on the other, compelled certain strategic concessions primarily in response to pressures coming from society. An assessment of a representative array of economic, political, and health care measures implemented by the neoliberal administration of Jair Bolsonaro during the critical period of 2020–2021, corresponding to the most acute phase of the pandemic, indicates that these measures were underpinned by a regrettable, misguided, and detrimental notion positing a dichotomy between economic prosperity and public health preservation. They were based on the idea that life is not a right for everyone, only for the strongest, and t...
O objetivo deste trabalho é resgatar a formação e as transformações da estrutura regulatória do s... more O objetivo deste trabalho é resgatar a formação e as transformações da estrutura regulatória do sistema bancário brasileiro desde o seu surgimento até o período que precede a adoção das normas internacionais de Basileia no país (1808-1994). Para o seu desenvolvimento foi realizada pesquisa bibliográfica e pesquisa documental direta, através da análise de documentos oficiais do Banco Central do Brasil, Conselho Monetário Nacional e Comitê de Basileia. A partir da pesquisa pode-se concluir que desde a sua origem, o sistema bancário nacional possui um aparato regulatório marcado por regras prudenciais e de uma rede de segurança. Além disso, verificou-se que a formação e as transformações do sistema bancário e do aparato regulatório aconteceram de forma simultânea, evidenciando o pressuposto assumido. Nesse sentido, no início da década de 1990 o quadro regulatório nacional podia ser considerado relativamente complexo, no sentido de contar com a participação de diversos agentes e instrum...
Os materiais publicados na revista Análise Econômica são da exclusiva responsabilidade dos autore... more Os materiais publicados na revista Análise Econômica são da exclusiva responsabilidade dos autores. E permitida a reprodução total ou parcial dos trabalhos, desde que seja citada a fonte. Aceita-se permuta com revistas congêneres. Aceitam-se, também, livros para divulgação, elaboração de resenhas e recensões, Toda correspondência, material para publicação (vide normas na terceira capa), assinaturas e permutas devem ser dirigidos ao seguinte destinatário:
This paper has a twofold purpose. The first one is to present the core ideas of MMT. The second o... more This paper has a twofold purpose. The first one is to present the core ideas of MMT. The second one is to explain its recent rise in Brazil after the publication of Andre Lara Resende’s articles in the press in 2019 and a book in 2020. In order to do that, the paper is organized as follows. After the introduction, the first session presents the core ideas of MMT: i) chartal money, or tax driven money; ii) functional finance; iii) Minskyan financial fragility; iv) sectoral balances approach; v) employer of last resort. The second session presents some critiques MMT has received both from the orthodox and the heterodox sides at the international level. The third section discusses the particular way in which MMT’s ideas have recently arrived in Brazil, considering peculiarities of the Brazilian economic debate and political scenario. The final session brings back the main ideas presented in the paper and raises critics to Lara Resende’s contributions from a political economy perspective.
The International Labour Office welcomes such applications. Libraries, institutions and other use... more The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country.
The International Labour Office welcomes such applications. Libraries, institutions and other use... more The International Labour Office welcomes such applications. Libraries, institutions and other users registered with reproduction rights organizations may make copies in accordance with the licences issued to them for this purpose. Visit www.ifrro.org to find the reproduction rights organization in your country.
The end of the Bretton Woods agreement led not only to changes in the international economic rela... more The end of the Bretton Woods agreement led not only to changes in the international economic relations, but also in the very way in which capitalism functions. The liberalization of capital flows and deregulation and integration of financial markets under US leadership gave rise to a new systemic pattern of wealth, financialization, in which operations with financial assets received increased importance in the management of wealth by households and enterprises, and not only by banks and the other financial market institutions. Unlike most recent interpretations of this phenomenon, this one does not indicate a tendency of the system towards stagnation, but rather an increase in the instability that characterizes it, reinforcing the moments of expansion, contraction, as well as leading to crises. In fact, with the generalization and the dominance of finance, borrowing and spending decisions by enterprises and households are now increasingly responsible for current and expected fluctuations in the stock of wealth, which in turn are responsive to current and expected fluctuations in the prices of financial assets. This implies a transformation in the relationship between the state and the market, with central banks and national treasures becoming hostage to the need to prevent private losses and the perverse effects they may exercise over output, income and employment levels of the economy.
The end of the Bretton Woods agreement led not only to changes in the international economic rela... more The end of the Bretton Woods agreement led not only to changes in the international economic relations, but also in the very way in which capitalism functions. The liberalization of capital flows and deregulation and integration of financial markets under US leadership gave rise to a new systemic pattern of wealth, financialization, in which operations with financial assets received increased importance in the management of wealth by households and enterprises, and not only by banks and the other financial market institutions. Unlike most recent interpretations of this phenomenon, this one does not indicate a tendency of the system towards stagnation, but rather an increase in the instability that characterizes it, reinforcing the moments of expansion, contraction, as well as leading to crises. In fact, with the generalization and the dominance of finance, borrowing and spending decisions by enterprises and households are now increasingly responsible for current and expected fluctuations in the stock of wealth, which in turn are responsive to current and expected fluctuations in the prices of financial assets. This implies a transformation in the relationship between the state and the market, with central banks and national treasures becoming hostage to the need to prevent private losses and the perverse effects they may exercise over output, income and employment levels of the economy.
L’appel a contributions pour le dossier Institutions, regulation et developpement a rencontre un ... more L’appel a contributions pour le dossier Institutions, regulation et developpement a rencontre un grand interet. Aussi, les articles retenus seront-ils proposes dans le present numero et dans le suivant pour un dossier en deux volumes (numeros 6 et 7). Les propositions recues puis les contributions retenues se rapportent principalement aux debats en cours et aux perspectives qui animent la recherche academique autour des institutions, de la regulation et du developpement. Le volet retrospectif, consistant a operer un retour critique sur les travaux de Theorie de la regulation dans l’etude du developpement, est ici aborde avec la contribution de Noureddine El Aoufi (n° 6). L’auteur s’interroge sur les rapports entre une ecole de pensee – l’Ecole de la regulation – et un champ d’investigation – l’economie du developpement. Le succes rencontre par l’appel a contributions a fait emerger des contributions davantage orientees vers les enjeux theoriques et empiriques actuels, ce dont temoig...
The aim of this paper is to offer an interpretation of Marx’s value theory as a theory of the cap... more The aim of this paper is to offer an interpretation of Marx’s value theory as a theory of the capital valorization process from a value-form approach, following the Rubin tradition. Taking Marx’s Capital, in its three volumes, as an attempt to systematically reproduce the concrete capitalist reality in thought, the author presents how each category necessarily unfolds from the previously ones, modifying its own meaning in the process. For example, Marx provides no simple and not even once-for-all definitions, for commodity, value, money and capital. At every step in the dialectical development of value-form, a richer, more complex and closer to concrete totality is presented, and the meaning of each category fits the determinations of this new totality accordingly. In this context, value, as a category, appears fully grounded only when its proper form of existence is posited: the capital relation. To the extent that capital, the structuring social relation of capitalist societies, p...
Financial markets are subject to more developed regulatory mechanisms than those of other sectors... more Financial markets are subject to more developed regulatory mechanisms than those of other sectors of the economy. This can be explained by the nature of financial transactions and by the extremely harmful consequences of financial crises for the entire economic system. The current regime of banking regulation is based on risk sensitive capital requirements and on market-based risk measurement and management, and it could be termed "supervised auto regulation". The hypothesis put forward in this article is that this regulatory framework is not suitable for capitalist economies with highly developed financial systems and very little so for our specific finance-led accumulation regime. In the current scenario of widespread crisis, it seems especially relevant to analyze financial and, more specifically, banking regulation, from a Minskyan perspective.
O presente ensaio tem como objetivo recuperar aspectos característicos da história do financiamen... more O presente ensaio tem como objetivo recuperar aspectos característicos da história do financiamento na economia brasileira, partindo da etapa colonial e chegando aos dias atuais. Apontamos a existência de cinco ciclos de financiamento correspondentes à vigência de determinados marcos institucionais no que diz respeito à questão financeira. Tais ciclos estão estreitamente relacionados às ondas de liquidez internacional. Os períodos de fácil endividamento externo são sistematicamente seguidos de etapas de ajustamento e recessão, quando se torna necessário forjar soluções "domésticas" - substitutos da moeda internacional, inovações financeiras etc. - para atender à demanda de financiamento. Do nosso ponto de vista, a abertura financeira, que subordina a economia brasileira às vicissitudes do mercado externo, tem relação direta com a instabilidade e o (sub)desenvolvimento financeiro da nossa economia.
Os esquemas de integração regional construídos ao longo da década de 1990, entre os quais o Merco... more Os esquemas de integração regional construídos ao longo da década de 1990, entre os quais o Mercosul, foram implementados em um contexto marcado pelo processo mais amplo de globalização financeira. A conexão dos países periféricos ao circuito da globalização financeira, contudo, não resolveu os problemas crônicos de falta de recursos para o financiamento de longo prazo. A literatura marcada pela tradição de Keynes aponta que a insuficiência de recursos de longo prazo (funding) para financiar o investimento é um problema crucial. Nesse sentido, o sistema financeiro deve ser capaz de prover recursos, especialmente de longo prazo, para financiar o investimento, minimizando a incerteza e viabilizando a aquisição dos ativos de capital de longo prazo de maturação. Neste artigo, objetiva-se analisar a importância da cooperação financeira regional para o fomento de mecanismos de financiamento de longo prazo nas economias do Mercosul.
Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for man... more Hyman Minsky is one of the key authors in the monetary economics field, being a benchmark for many. The Financial Instability Hypothesis that he developed relates the cyclical and unstable behavior of the capitalist economies to the increasing systemic indebtedness necessary to finance investment production. Minsky's theoretical framework was built based on an economy where the banking credit was the bulk of the financing system. However, one of the main characteristics of the contemporary financial system is the increasing fund raising done through securities issuing, both tradable bonds and equities. In other words we have been seeing a transition from an economy where fund raising based on banking credit prevailed to another where funds have been increasingly obtained in the capital markets. Given that, the main goal of this article is to defend the adequateness of the Financial Instability Hypothesis to the new financial system scenario. To do that we discuss the macroeconom...
In this paper we analyze inflation targeting, focusing on the interest — price transmission mecha... more In this paper we analyze inflation targeting, focusing on the interest — price transmission mechanism. Its theoretical foundations are analized based on conventional and alternative literature. We discuss the recent performance of the retail industry in Brazil, highlighting how monetary policy affects prices, both directly and indirectly. We conclude evaluating inflation targeting in a critical way. Our key hypothesis is that interest rates must be seen not only as an instrument to control the general price level and the level of activity, by indirectly regulating aggregate demand. It must also be seen as a fundamental and direct component of the prices formed in the Brazilian retail industry. The big risk of inflation targeting, on the one side, is to increase deflation and, on the other, to create stagflation — unemployment and inflation.
Uploads
Papers by Simone Deos