MMT, monetary sovereignty and fiscal policy space in Brazil (1999-2019)
نویسندگان
چکیده
There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on debate by analyzing monetary sovereignty and fiscal policy regime in Brazil from 1999 2019. An empirical assessment shows government has a considerable ‘degree’ sovereignty. However, rules imposed many restrictions State’s capacity spend, subordinating austerity. As there no major macroeconomic constraints Brazilian sovereignty, it is necessary change reorient towards full employment line with MMT prescriptions.
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ژورنال
عنوان ژورنال: Cuadernos de Economía
سال: 2023
ISSN: ['2248-4337', '0121-4772']
DOI: https://doi.org/10.15446/cuad.econ.v42n88.102926