In Search of a Monetary Constitution for Brazil
The present paper examines various episodes of the monetary history of Braziland other countries as well as the recent empirical evidence to look into critically thetwo principal proposals of monetary constitution for Brazil: currency board and independentcentral bank proposals. We outline also a mo...
| Author: | |
|---|---|
| Format: | article |
| Status: | Published version |
| Publication Date: | 2000 |
| Country: | Brasil |
| Institution: | EDITORA 34 |
| Repository: | Revista de Economia Política |
| Language: | English |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/1017 |
| Online Access: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1017 |
| Access Level: | Open access |
| Keyword: | Monetary constitution stabilization quantity theory of money inflation money supply Constituição monetária estabilização teoria quantitativa da moeda inflação oferta de moeda |
| Summary: | The present paper examines various episodes of the monetary history of Braziland other countries as well as the recent empirical evidence to look into critically thetwo principal proposals of monetary constitution for Brazil: currency board and independentcentral bank proposals. We outline also a monetary constitution inspired in the Pandia?Calo?geras’s Monetary Project (1926) with the only purpose of shedding light on the basicprinciples involved in the design of a monetary constitution aimed at controlling the powerto create money and curbing inflation: (a) separation between the power to create moneyand the agents that determine public expenditure; (b) a clear monetary rule to constraint thepower to create money; and (e) separation of the power to create money from the regulationand supervision of banks. JEL Classification: E51; E58; E42. |
|---|