Limites monetários ao crescimento: Keynes e a não-neutralidade da moeda

The article analyses the Post Keynesian Monetary Theory and demonstrates the reasons for the non-neutrality of money in a monetary production framework. It observes that according to this framework, the conceptions of uncertainty, time and money have a key role to play in the generation of the limits to accumulation originated in the monetary side of the economy.The article analyses the Post Keynesian Monetary Theory and demonstrates the reasons for the non-neutrality of money in a monetary production framework. It observes that according to this framework, the conceptions of uncertainty, time and money have a key role to play in the generation of the limits to accumulation originated in the monetary side of the economy

Growth cycles in Latin America and developed countries

The Minskyan approach to financial instability and its effects on the real economy have recently been revived in order to explain the exchange rate crises undergone by the so-called emergent economies. Economies of this type are characterized by repeated scarcity of foreign currency, which can be explained by using Neo-Schumpeterian theory. Based on the Minskyan approach and on the Neo-Schumpeterian literature, this study seeks to demonstrate that there is a cyclic recurrence of exchange rate crises in Latin-American (peripheral) economies. By using data on international liquidity, the balance of payments and the increase in production in the G7 economies and in thirteen Latin-American economies, it was found that the Latin-American economies mirror the cycles of international liquidity.financial instability, national innovation system, cycles

LIQUIDEZ INTERNACIONAL E CICLO REFLEXO: ALGUMAS OBSERVAÇÕES PARA A AMÉRICA LATINA

The international financial instability of the 1990 has been analysed in several occasions on Minskyan perspectives. The paper is based on this theoretical approach and intends to demonstrate that the financial fragility hypothesis is very useful to the analysis of the cycle in peripheral economies, which real performance is associated to the availability of international liquidity. The analysis is based on three Latin American countries: Brazil, Argentina and Mexico.

Fiscal adjustment in Brazil : some considerations under a post Keynesian approach

The article analyses the main issues concerned to fiscal policy in Brazil. For doing so, it assumes a Post Keynesian approach on this issue. First, it observes the origins of the Brazilian fiscal crises, showing that the Brazilian external debt had a fundamental role to play in its configuration. After, it analyses the present conduction of the fiscal policy in Brazil, emphasizing the orthodox framework that support it. Finally, the Post Keynesian approach on fiscal policy and the role of the State, as an element essential to reach a greater economic stability is discussed, showing that there are several experiences that seems to have a Keynesian bias, but that has little relation to Keynes approach, as is the case of Brazil

Liberalization, financial vulnerability and instability : an analysis of the Brazilian economy

O artigo analisa a economia brasileira e sua vulnerabilidade externa (no período recente) a partir do referencial teórico de Minsky (1982, 1982b e 1986).Observa-se a tendência recorrente de ampliação da vulnerabilidade e o movimento cíclico dessa tendência não associada a regimes cambiais específicos, mas ampliada pela falta de controles cambiais. Nota-se, também, que o aprofundamento da vulnerabilidade externa da economia brasileira deve-se, sobretudo, ao comportamento da conta financeira, que compensou, com sobras, os resultados positivos obtidos pela balança comercial. Tais elementos conduzem a observação de uma tendência à ampliação da instabilidade nas esferas financeira e real dessa economia.The paper analyses the Brazilian economy and its external vulnerability based on Minsky's theoretical approach. The continuous tendency increasing vulnerability and its cyclical movement, independent of the exchange rate regime, is observed. The paper points out that this tendency has been, in recent periods, mainly associated with the behaviour of the financial account, which compensated for the positive results of the country's balance of trade. All of these elements lead to the observation of an increased tendency towards increasing instability regarding the financial and real spheres of the Brazilian economy

Macroeconomic foundations in the perspectives of Marx and Keynes : contributions to the heterodox thought

A necessidade de definir fundamentos microeconômicos para os modelos macroeconômicos, presente no pensamento dominante na economia contemporânea, pode ser questionada com base em diferentes abordagens teóricas. Posições como as de Marx e Keynes permitem a apreensão das ações dos agentes econômicos (grupos ou classes) como influenciadas e limitadas pelo ambiente social e macroeconômico, fornecendo visões de fundamentos macroeconômicos da microeconomia, ao invés da visão ortodoxa de fundamentos micro da macroeconomia. Essa forma de apreensão lança luz sobre diferenças de perspectivas da heterodoxia quando se trata de intervir sobre o contexto macroeconômico.The need to define microeconomic foundations for macroeconomic models, which is present in the mainstream thinking in contemporary economics, can be questioned on the basis of different theoretical approaches. Positions like those of Marx and Keynes permit the comprehension of the actions of economic agents (groups or classes) as influenced and limited by the social and macroeconomic environment, providing views of macroeconomic foundations of microeconomics, instead of the orthodox view of microfoundations of macroeconomics. This comprehension sheds light on distinct perspectives in heterodox thought regarding the intervention in the macroeconomic context