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Das reformas liberalizantes ao pós-crise financeira global
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Palavras-chave

Fundo monetário internacional
Liberalização da conta financeira
Controles de capital
Políticas macroprudenciais
Crises financeiras

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ANGELICO, Diego; OLIVEIRA, Giuliano Contento de. Das reformas liberalizantes ao pós-crise financeira global: a visão em mudança do FMI sobre liberalização da conta financeira e controles de capital. Economia e Sociedade, Campinas, SP, v. 32, n. 1, p. 27–52, 2023. Disponível em: https://periodicos.sbu.unicamp.br/ojs/index.php/ecos/article/view/8673224. Acesso em: 22 jul. 2024.

Resumo

A visão do Fundo Monetário Internacional (FMI) sobre liberalização da conta financeira e controles de capital passou por importantes reavaliações ao longo das últimas duas décadas e meia. A ocorrência de diversas crises financeiras, incluindo a crise global em 2007-2008, impulsionou a instituição a defender parcialmente o uso de controles de capital que tenham o objetivo de eliminar algumas disfunções, tais como riscos financeiros e pressões de apreciação cambial. Neste artigo, argumenta-se que essa reorientação no escopo dos artigos do FMI também foi uma resposta a estudos empíricos que apontaram falhas na teoria ortodoxa sobre liberalização da conta financeira, e que analisaram a eficácia dos controles de capital impostos por economias emergentes ao longo do pós crise global. Não obstante, o FMI permanece não defendendo e recomendando o uso de controles de capital e a administração da taxa de câmbio em caráter permanente, apesar de evidências empíricas relevantes que indicam a eficácia dessas medidas.

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