Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFMG |
Texto Completo: | http://hdl.handle.net/1843/32117 |
Resumo: | During the 2008 crisis the mainstream macroeconomics was unable to provide an adequate set of tools to combat the economic recession, triggering a debate on the theoretical basis of the dominant macroeconomic thinking and consequently on the kind of macroeconomic policy that should be implemented during and after a crisis. This discussion may lead to a fundamental change in the general approach to the use of fiscal and monetary policies as a tool for economic recovery. In this sense, the objective of this dissertation is to support this debate through the empirical study of the Brazilian and Chinese experiences before, during and after 2008. Both countries used unconventional measures to face the crisis and obtained relative success. The evaluation of the monetary and fiscal policies adopted by them shows the impossibility of maintaining macroeconomic stability aiming exclusively reasonable inflationary levels through the adjustment of interest rates. Rethinking the way macroeconomic policies are implemented is fundamental in order to adapt the macroeconomics thought to the current scenario of the world economy and to avoid the economic stagnation experienced by several developed economies today. |
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Gilberto de Assis Libâniohttp://lattes.cnpq.br/7676243348672492http://lattes.cnpq.br/6769361653462279Julia de Furquim Werneck Moreira2020-01-22T19:22:39Z2020-01-22T19:22:39Z2017-08-03http://hdl.handle.net/1843/32117During the 2008 crisis the mainstream macroeconomics was unable to provide an adequate set of tools to combat the economic recession, triggering a debate on the theoretical basis of the dominant macroeconomic thinking and consequently on the kind of macroeconomic policy that should be implemented during and after a crisis. This discussion may lead to a fundamental change in the general approach to the use of fiscal and monetary policies as a tool for economic recovery. In this sense, the objective of this dissertation is to support this debate through the empirical study of the Brazilian and Chinese experiences before, during and after 2008. Both countries used unconventional measures to face the crisis and obtained relative success. The evaluation of the monetary and fiscal policies adopted by them shows the impossibility of maintaining macroeconomic stability aiming exclusively reasonable inflationary levels through the adjustment of interest rates. Rethinking the way macroeconomic policies are implemented is fundamental in order to adapt the macroeconomics thought to the current scenario of the world economy and to avoid the economic stagnation experienced by several developed economies today.Durante a crise de 2008, a macroeconomia mainstream foi incapaz de fornecer um conjunto adequado de instrumentos para combater a recessão econômica, o que desencadeou um debate sobre as bases teóricas do pensamento macroeconômico dominante e, consequentemente, sobre o tipo de política macroeconômica que deve ser implementado durante e após uma crise. Essa discussão pode levar a uma mudança fundamental na abordagem geral do uso de políticas fiscais e monetárias como ferramenta de recuperação econômica. Nesse sentido, o objetivo desta dissertação é apoiar esse debate através do estudo empírico das experiências brasileira e chinesa antes, durante e após 2008. Ambos os países usaram medidas não convencionais para enfrentar a crise e obtiveram relativo sucesso. A avaliação das políticas monetária e fiscal por eles adotadas evidencia a impossibilidade de se manter a estabilidade macroeconômica buscando exclusivamente alcançar razoáveis níveis inflacionários por meio do ajuste das taxas de juros. Repensar a maneira de se implementar políticas macroeconômicas é fundamental para adequar o pensamento macroeconômico ao atual cenário da economia mundial e evitar a estagnação econômica hoje vivida por diversas economias desenvolvidas.engUniversidade Federal de Minas GeraisPrograma de Pós-Graduação em EconomiaUFMGBrasilFACE - FACULDADE DE CIENCIAS ECONOMICAShttp://creativecommons.org/licenses/by/3.0/pt/info:eu-repo/semantics/openAccessMacroeconomiaPolítica monetáriaCrise financeiraBrasilChinaMacroeconomiaPolítica fiscalPolítica monetáriaCrise financeiraMacroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiencesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGORIGINALMacroeconomic Policies after the 2008 Financial Crisis - Lessons from Brazilian and Chinese Exper.pdfMacroeconomic Policies after the 2008 Financial Crisis - Lessons from Brazilian and Chinese Exper.pdfapplication/pdf1211816https://repositorio.ufmg.br/bitstream/1843/32117/1/Macroeconomic%20Policies%20after%20the%202008%20Financial%20Crisis%20-%20Lessons%20from%20Brazilian%20and%20Chinese%20Exper.pdfa09385a585fab314616941f7060e0447MD51CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; 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dc.title.pt_BR.fl_str_mv |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
title |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
spellingShingle |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences Julia de Furquim Werneck Moreira Macroeconomia Política fiscal Política monetária Crise financeira Macroeconomia Política monetária Crise financeira Brasil China |
title_short |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
title_full |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
title_fullStr |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
title_full_unstemmed |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
title_sort |
Macroeconomic policies after the 2008 financial crisis: lessons from brazilian and chinese experiences |
author |
Julia de Furquim Werneck Moreira |
author_facet |
Julia de Furquim Werneck Moreira |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Gilberto de Assis Libânio |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/7676243348672492 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/6769361653462279 |
dc.contributor.author.fl_str_mv |
Julia de Furquim Werneck Moreira |
contributor_str_mv |
Gilberto de Assis Libânio |
dc.subject.por.fl_str_mv |
Macroeconomia Política fiscal Política monetária Crise financeira |
topic |
Macroeconomia Política fiscal Política monetária Crise financeira Macroeconomia Política monetária Crise financeira Brasil China |
dc.subject.other.pt_BR.fl_str_mv |
Macroeconomia Política monetária Crise financeira Brasil China |
description |
During the 2008 crisis the mainstream macroeconomics was unable to provide an adequate set of tools to combat the economic recession, triggering a debate on the theoretical basis of the dominant macroeconomic thinking and consequently on the kind of macroeconomic policy that should be implemented during and after a crisis. This discussion may lead to a fundamental change in the general approach to the use of fiscal and monetary policies as a tool for economic recovery. In this sense, the objective of this dissertation is to support this debate through the empirical study of the Brazilian and Chinese experiences before, during and after 2008. Both countries used unconventional measures to face the crisis and obtained relative success. The evaluation of the monetary and fiscal policies adopted by them shows the impossibility of maintaining macroeconomic stability aiming exclusively reasonable inflationary levels through the adjustment of interest rates. Rethinking the way macroeconomic policies are implemented is fundamental in order to adapt the macroeconomics thought to the current scenario of the world economy and to avoid the economic stagnation experienced by several developed economies today. |
publishDate |
2017 |
dc.date.issued.fl_str_mv |
2017-08-03 |
dc.date.accessioned.fl_str_mv |
2020-01-22T19:22:39Z |
dc.date.available.fl_str_mv |
2020-01-22T19:22:39Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
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publishedVersion |
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http://hdl.handle.net/1843/32117 |
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http://hdl.handle.net/1843/32117 |
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eng |
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eng |
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http://creativecommons.org/licenses/by/3.0/pt/ info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by/3.0/pt/ |
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openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Minas Gerais |
dc.publisher.program.fl_str_mv |
Programa de Pós-Graduação em Economia |
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UFMG |
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Brasil |
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FACE - FACULDADE DE CIENCIAS ECONOMICAS |
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Universidade Federal de Minas Gerais |
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