Modern monetary theory: a critique from the periphery

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Vergnhanini, Rodrigo

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This paper intends to present the recent debate on the modern monetary theory (MMT) and to contribute with a critical view on its application on modern economies, giving special attention to monetary specifi cities of peripheral countries. MMT concerns have been centered on both demystifying postulates of the “new consensus” and offering an alternative theory to reach full employment with price stability. However, it has been criticized for assuming that most constraints domestic policies are self-imposed and do not arise from international markets. From the perspective of a well-defi ned international currency hierarchy, this paper argues that the majority of countries are not fully sovereign in determining its own macroeconomic policy. Peripheral countries are subject to even further constraints that cannot be ignored


XX Encontro Nacional de Economia Política: desenvolvimento Latino-Americano, Integração e Inserção Internacional - UNILA, Foz do Iguaçu, 26 a 29 de maio de 2015


Dinheiro, Finanças internacionais e crescimento, Economia Política


ENCONTRO NACIONAL DE ECONOMIA E POLÍTICA, 20, 2015, Foz do Iguaçu - PR. Caderno de Resumos... Foz do Iguaçu: SEP, 2015