This article discusses ‘unconventional’ monetary policy after the 2008 crisis. The focus is the original theoretical basis for such policy and possible Keynesian readings and criticisms. Drawing inspiration mainly from Keynes (1930; 1936) and Minsky (1975), the paper seeks to explain why ultra-low/negative interest rates neither caused ‘rentiers’ to die, nor achieved full employment. The main hypothesis goes in the direction pointed to by Keynes: the problem is the low marginal efficiency of capital, the liquidity trap, and the lack of active government fiscal policy, which should be used in conjunction with monetary policy that maintains low long-term interest rates in order to spur investment. Monetary policy and very low/negative interest rates seem insufficient to overcome low growth. They are also incapable, at least in the short term, of promoting euthanasia of the rentiers as current monetary policy allows financial institutions to benefit from the capital gains it spurs.
Resumo Este artigo tem por objetivo estudar a importância central assumida pelo mercado de derivativos na dinâmica do capitalismo contemporâneo, debruçando-se particularmente sobre o mercado de derivativos de crédito e sua contribuição para a formação e eclosão da crise financeira que abalou os EUA e o mundo em 2007/2008. Esta dimensão está marcada pela forma derivativo, que altera as relações de propriedade, introduz novos agentes e motivações, aumenta a integração financeira entre os agentes e transforma a lógica de precificação dos principais mercados financeiros. Sendo assim, descreve-se a transformação pela qual passou o mercado de crédito imobiliário norte-americano, argumentando-se que tais mudanças ganharam vigor renovado e apenas se completaram com a ascensão e crescimento dos derivativos de crédito (CDS) e dos CDOs sintéticos, que foram fundamentais para a manutenção das taxas baixas de juros sobre as hipotecas, contribuindo assim diretamente para a bolha no mercado imobiliário que culminou na crise econômica.
This paper seeks to address the central role played by derivatives markets in contemporary capitalism. It argues that these financial instruments have added several implications to the dynamics of capitalist economies, so that it forms a new sphere of accumulation here called the fourth dimension, with a new form of capital (the derivative form). In this new dimension, it is possible to observe three major changes compared to the previous dimensions. The first concerns the emergence of new property relations, marked by the separation between the ownership of assets and ownership of the rights on the performance of these assets. The second change relates to the new nature of the gain obtained in derivative transactions, here termed as casino gain. Finally, these changes create the conditions to consider a relationship of subordination of prior dimensions to the fourth dimension, which is consolidated when derivatives markets become the central locus for determining spot prices in key markets.
Esta pesquisa visa delinear um debate acerca dos caminhos da política fiscal ao longo do primeiro governo Dilma Rousseff. Tal debate foi colocado e construído a partir de duas óticas diferentes, a partir das considerações de ortodoxos e heterodoxos sobre os efeitos e fundamentos das políticas fiscais exercidas entre 2011 e 2014. Ao iniciar seu governo, Dilma adota uma retomada do tripé macroeconômico em sua forma mais pura, mas logo o flexibiliza, criando o que ficou conhecido como "nova matriz macroeconômica" (NME). O foco central da discussão aborda a configuração da política fiscal dentro desses diferentes regimes, sua fundamentação teórica e o impacto das medidas implementadas sobre os indicadores do período.
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