Revelações da crise : moeda fiduciária e as relações Tesouro-Banco Central
By: FARHI, Maryse
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Revelations of the crisis: fiat currency and the Treasury-Central Bank relations.
The current crisis shed a new light on issues that, previously, were not perceived as
serious or important. It highlighted the close ties between fiat currency and government
bonds denominated in it or, in other words, the relationship between Treasury
and Central Bank. Two ill-conceived views of the new consensus on money that
had turned into taboos were put in evidence. The first, derived from the quantitative
theory, concerns the rejection of unsterilized monetary expansion; the second,
directly related to the neoliberal ideology, prohibits or imposes strict limits on the
role of central banks in the financing of public debts.
v. 34, n. 3 (136)
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