In Search of a Monetary Constitution for Brazil

Marcio Ronci ()

Brazilian Journal of Political Economy, 2000, vol. 20, issue 1, 83-95

Abstract: The present paper examines various episodes of the monetary history of Braziland other countries as well as the recent empirical evidence to look into critically thetwo principal proposals of monetary constitution for Brazil: currency board and independentcentral bank proposals. We outline also a monetary constitution inspired in the Pandia?Calo?geras’s Monetary Project (1926) with the only purpose of shedding light on the basicprinciples involved in the design of a monetary constitution aimed at controlling the powerto create money and curbing inflation: (a) separation between the power to create moneyand the agents that determine public expenditure; (b) a clear monetary rule to constraint thepower to create money; and (e) separation of the power to create money from the regulationand supervision of banks. JEL Classification: E51; E58; E42.

Keywords: Monetary constitution; stabilization; quantity theory of money; inflation; money supply (search for similar items in EconPapers)
Date: 2000
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