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- Title
THE APPLICABILITY OF THE MMT TO THE BRAZILIAN CASE An analysis from 2000 to 2019.
- Authors
Silva Gomes, Isadora Bonitz
- Abstract
This paper analyzes the applicability of the Modern Monetary Theory to Brazil, considering the macroeconomic and institutional characteristics in force during 2000-2019. The theory’s prescriptions and criticisms of its applicability to peripheral countries are analyzed, as well as the macroeconomic indicators that characterize the Brazilian domestic policy degree of autonomy and the institutionality of the economic policy framework in force in the country. The hypothesis studied is that the economic prescriptions of MMT are applicable to the Brazilian case. The results found indicate that Brazil has a relative degree of political autonomy. However, the rigidity of the Brazilian macroeconomic regime, derived from the institutional framework, is incompatible with the MMTist prescriptions, as it restricts the State’s performance, compromising the most relevant objectives of economic policy in this view: full employment and economic development. Thus, it is argued that the MMT is applicable to Brazil, if institutional changes are carried out.
- Subjects
BRAZIL; MONETARY theory; POLITICAL autonomy
- Publication
Cadernos de Finanças Públicas, 2022, Vol 22, Issue 2, p2
- ISSN
1806-8944
- Publication type
Article