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Language International Review of Economic Policy.2024. Vol. 06, no. 02
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- Instrumentos de política monetaria, de los tipos de interés al balance del Banco Central(2024) Blanco-Arana, M. Carmen; Ruiz, GumersindoEn los orígenes de este artículo se encuentra un artículo publicado por Ruiz (2017) y ampliado en Ruiz, De la Torre y Moral (2020), donde se destacan los vínculos entre la política monetaria y fiscal, a partir de la compra de deuda pública y otros activos en el mercado por parte de los bancos centrales, con un fin distinto a la regulación de la liquidez a corto plazo a la economía atendiendo a la demanda de liquidez. El mantenimiento de activos por compras de deuda en el balance del banco central da lugar a un hecho peculiar, porque si bien los bancos centrales afirman que estas operaciones se realizan con fines de política monetaria, existen dos tipos diferentes de operaciones: unas con los bonos de deuda que efectivamente se utilizan para lo que podríamos considerar política monetaria convencional de liquidez; y otras operaciones no convencionales, como en el caso de la Reserva Federal con los títulos que tienen como soporte hipotecas (MBS), y en el del Banco Central Europeo (BCE), con la deuda de los países de la eurozona. De esta forma, tratamos de diferenciar en este artículo el habitual instrumento de proporcionar o retirar liquidez del mercado, de la utilización por los bancos centrales de su balance como forma de rescate de activos públicos y privados con dificultades, lo que constituye un hecho significativo en el ámbito de la política pública y la política económica. Este análisis se completa con el análisis empírico del papel tradicional del instrumento del tipo de interés tal como se define en un modelo tipo Taylor, en este contexto del balance; y la búsqueda de una correlación entre la variación del balance del banco central y el tipo de interés de la deuda pública.
- New Developmentalism and quasi-stagnation in Brazil(2024) Bresser-Pereira , Luiz CarlosThis paper argues that the Brazilian economy has been quasi-stagnant since the 1980s. In this decade, income per capita stagnated due to the foreign debt crisis and high inflation. From 1990 on, the country resumed growth but at a considerably lower level, with a rate inferior to the rich countries, configurating quasi-stagnation. The new historical facts that explain this were the public savings that turned negative, and two causes associated with the exchange rate: the belief in the policy of growth with foreign savings and the non-neutralization of the Dutch disease by engaging in trade liberalization. Those three facts depressed the investment rate. The paper ends with a few policy recommendations.
- Peripherical Financialization and Premature Deindustrialization: A Theory and the Case of Brazil (2003-2015)(2024) Oreiro, José Luis; Aparecida Feijó, Carmem; Franco Punzo, Lionello; Heringer Machado, João PedroThe main objective of this paper is to discuss the concept of financialization in developing economies, arguing that the broad definition of financialization - understood as a growing role of motivations, markets and financial institutions in the operation of domestic and international economies – does not take into consideration important features of those economies, such as the hierarchy of currencies and the subordination to the principles of the so-called Washington Consensus. The latter imposed the adoption of a foreign savings-driven growth model, which mostly applied to Latin American countries. Hence, the financialization process in LDCs will be denominated peripherical financialization, since it is associated with dependence upon capital inflows from developed countries and with the reduction in the autonomy of their macroeconomic policies, even within flexible exchange rate regimes. Attraction of capital inflows to countries with a subordinate position in international financial markets, requires high interest rate differentials which have as side effect a trend to the overvaluation of real exchange rates. This creates a trap, high interest rates with an associated overvalued exchange rate. This trap reduces policy space, turning procyclical even fiscal policy. Moreover, the overvaluation of real exchange rate reduces price competitiveness of the manufacturing industry, becoming the main drive toward these countries’ premature deindustrialization. It will be shown that the macroeconomic performance of the Brazilian economy in the period 2003-2015 fits almost perfectly this model of peripherical financialization.
- Geography and national project: Brazil at the begining of the 21st Century(2024) Moré Ramos, João VictorThis article seeks to establish a systematic exercise of the paths and trends worthy of anticipating the countless subsequent cyclical crises in the development of brazilian capitalism, and their possible implications in the different and unequal social formations that cover the world. Far from the juxtaposition between the fundamentally national contradictions and the problems that refer to the development of the productive forces, it is in the technical progress expressed by the unequal relations between center and periphery that the answers to the challenges and contradictions launched in the long march of the (subaltern) peoples are found in overcoming the “way of supremacy” through the ability to take your own destiny into your own hands. Of course, it is naturally about the transition from capitalism (imperialism) to its higher stage (socialism) of humanity still in the process of gestation in this 21st century.
- Un análisis regional sobre empleo, temporalidad y educación en períodos de crisis: recomendaciones de política económica(2024) Alonso –Gutiérrez , Lilia; Díaz –Pérez, Flora María; González- Morales , OlgaA distinctive feature of the Spanish labor market, compared to other European Union countries, is its high rate of temporary employment, which adds to the persistent issue of unemployment. According to various studies, the consequences of these crises do not affect all groups equally, as they depend on the degree of prior labor stability or instability (Arnal, Finkel, and Parra, 2013; Gálvez and Rodríguez, 2013). This study examines employment differences among Spain’s Autonomous Communities, considering the employed population, temporary employment, and educational level, all from a gender perspective. The aim is to contribute to the understanding of the factors explaining these labor inequalities by sex and across regions, as well as to assess the influence of educational level. Based on data from the Active Population Survey (2002–2022) of the Spanish National Institute of Statistics, this analysis uses statistical indicators to study correlations during two critical periods: the 2008 economic crisis and the Covid-19 crisis. Additionally, the impact of policies implemented during these periods on the studied variables is evaluated. The results show a negative correlation between temporary employment and occupation, as well as between educational level and temporary employment. In contrast, there is a positive correlation between occupation and educational level, suggesting that higher education increases the likelihood of employment. These findings shed light on labor inequalities and enable further analysis of regional and gender dynamics in the Spanish labor market.
