Macroprudential policy, financial stability and full employment: a Minsky’s contribution
Abstract
O objetivo deste trabalho é fazer uma discussão crítica da política macroprudencial no debate macroeconômico sob a perspectiva pós-Keynesiana. Parte-se da evidência que os instrumentos e definição desta política têm como referência teórica os pressupostos da macroeconomia ortodoxa. Todavia, de uma perspectiva pós-Keynesiana, as causas para instabilidade financeira apresentam pressupostos diferentes. Neste ponto de vista, a instabilidade financeira assume um caráter essencialmente endógeno. Portanto, a política macroprudencial poderia não atingir o objetivo desejado, principalmente, porque uma dessas limitações reside no fato do sistema bancário criar constantemente inovações financeiras. Logo, é preciso estabelecer uma proposta alternativa que vá além da necessidade de implementar regulações bancárias. Seguindo Minsky e outros autores pós-Keynesianos, uma solução para minimizar as crises econômicas seria adotar a premissa de que para a estabilização de economias capitalistas modernas é necessário o compromisso da política econômica com a obtenção do pleno emprego.
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