Desenvolvimento Econômico e Instituições Financeiras em Economias com Moeda Endógena
DOI:
https://doi.org/10.5902/1414650942627Palavras-chave:
Endogenous Money, structural change, economic growthResumo
A relação entre sistema financeiro e desenvolvimento econômico remete aos estudos de Schumpeter e foi resgatada na década de 1990, com o objetivo de justificar a liberalização financeira das contas de capitais e dos mercados domésticos. A problemática ganhou especial relevância após a crise de 2008, quando a instabilidade do sistema financeiro exigiu a intervenção pública para a garantia do crescimento. Neste estudo, analisamos dois argumentos da teoria econômica tradicional: (i) o crescimento do sistema financeiro causa o crescimento econômico (ii) a alocação ótima de recursos financeiros pelo mercado é capaz de causar crescimento pela via da mudança estrutural. Em primeiro lugar, argumenta-se que quando consideramos a moeda endógena, os volumes de finança e moeda são condicionados pela demanda efetiva, portanto, não podem causar o crescimento. Em segundo lugar, os fluxos financeiros teriam um papel relevante para o desenvolvimento na medida em que transferissem recursos para atividades inovadoras, promovendo a mudança estrutural. Por outro lado, ao explicitar as especificidades de tais atividades inovadoras, podemos concluir que o mercado financeiro atuando livremente é insuficiente para alocar recursos na direção de atividades fundamentais para o desenvolvimento.
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