Liquidez e Zeragem Automática: Crítica da Crítica
Keywords:
monetary policy, open market operations, monetary passiveness, Brazilian economyAbstract
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.
Downloads
Downloads
Published
Issue
Section
License
Copyright (c) 2016 Estudos Econômicos (São Paulo)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
By submitting an article, the author authorizes its publication and attests that it has not been submitted to any other journal. The original article is considered final. Articles selected for publication are proofread for grammatical and orthographic errors. The journal does not pay rights for published articles. The Institute of Economic Research from the School of Economics, Business and Accounting of the University of São Paulo (Instituto de Pesquisas Econômicas da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo) owns the journal's copyright.