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In Search of a Monetary Constitution for Brazil

Author

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  • Marcio Ronci

Abstract

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.

Suggested Citation

  • Marcio Ronci, 2000. "In Search of a Monetary Constitution for Brazil," Brazilian Journal of Political Economy, Center of Political Economy, vol. 20(1), pages 83-95.
    • Handle: RePEc:ekm:repojs:v:20:y:2000:i:1:p:83-95:id:1017
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1017/1002
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    More about this item

    Keywords

    Monetary constitution; stabilization; quantity theory of money; inflation; money supply;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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