Can monetary policy promote structural change? Analyzing the Brazilian experience from a new-developmental perspective

Cristina Helena Pinto de Mello and Paulo Robilloti

Chapter 12 in The Future of Central Banking, 2022, pp 263-289 from Edward Elgar Publishing

Abstract: In this chapter, we aim to discuss the importance of monetary policy to promote structural change in commodity-exporting countries, particularly the role of public banks in promoting such catching-up. We based our analysis on the New Developmental perspective, according to which commodities exporting countries undergo a currency appreciation. Consequently, in such countries, importing industrial goods become a more advantageous alternative to domestic production, which ultimately obstructs an economic development process with penetration in international value chains. However, there are ways to neutralize this "disease", or market failure, and, in this chapter, we will discuss the role of monetary policy and public banks in achieving this.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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