Liquidez e Zeragem Automática: Crítica da Crítica

Abstract

This article proceeds with the debate on “zeragem automática” (a sort of automatic clearing with government securities) and the monetary control in Brazil  introduced by Professor Pastore’s article “Plano Collor’s monetary reform”. Furthermore, it critically assesses Valdir Ramalho’s arguments in his critique on Pastore’s article from a post-keynesian perspective. Two aspects are emphasized: (1) the horizontalist approach implicit in Ramalho’s analisys and (2) the mistakes derived from the misunderstanding by mixing “zeragem automática” mechanism with normal operations of monetary policy in low inflation context. The article discusses the relationship between “zeragem automática” and monetary control under the verticalism versus horizontalism debate and shows that “zeragem automática” mechanism is not a modern instrument of monetary policy of central banks but the result of a specific monetary administration in high inflation Brazilian context.