Este trabalho investiga a adequação científica das teorias monetárias e financeiras marxistas em face à nova realidade do pós-1971, tendo como ponto de partida a introdução lógica da forma dinheiro inconversível. A primeira parte, composta pelos dois primeiros capítulos, discute as duas maiores heranças que Marx recebeu - Hegel e o pensamento monetário inglês do século XIX -, para aí evidenciarmos tanto suas potencialidades quanto suas inevitáveis limitações. Quando passamos à segunda parte, constituída pelos dois últimos capítulos, o foco recai sobre a tentativa de fazer as categorias marxistas se adequarem ao nosso hodierno sistema financeiro e monetário; com um ponto claro: mostrar a ligação necessária entre o dinheiro inconversível e a atual formação de capital fictício. Momento no qual os derivativos financeiros se revelarão objetos contraditórios e, mais do que instrumentos, produtores de suas próprias pressuposições - em especial, o risco abstrato. Dessa forma estaremos aptos a analisar em toda sua profundidade o ciclo do moderno capital fictício - da mercadoria-capital, do capital que retorna como capital ao seu predicado lógico inicial. O resultado deste movimento será o engendramento de um novo capital abstrato, para o qual os swaps são seu veículo. / Departing from the logical introduction of the inconvertible money form this dissertation investigates the scientific adequateness of the monetary and financial Marxist theories to the new post-1971 reality. The first part, constituted by the first two chapters, discusses the two main heritages that Marx received - Hegel and the English monetary thought from the 19th century - to then make evident both its potentialities and its inevitable limitations. Moreover, with the clear objective of disclosing the necessary connection between inconvertible money and the present formation of fictitious capital, the second part, composed by the last two chapters, will focus on the attempt to adequate Marxist categories to our hodiern financial and monetary system. Moment to which financial derivatives will reveal themselves as contradictory objects and, more than just hedge devices, as producers of their own presuppositions - in special, abstract risk. In this way, we will be capable to analyze in all its profoundness the circuit of the modern fictitious capital - capital-commodity, capital that returned as capital to its first logical predicate. The outcome of this movement is the yield of an abstract capital, to which swaps are its vehicle.

Esta dissertação tem por objetivo comparar a leitura de diversos intérpretes marxistas que trabalham com a categoria dinheiro, em sua noção mais basilar. Ademais, colima também delimitar um espaço teórico para formulação de uma teoria monetária especificamente marxista, assim como mostrar o atual estado das artes da teoria monetária marxista. Para isso, necessário se faz localizar as aproximações conceituais e as divergências existentes. O objetivo prioritário desde estudo não é apresentar um ponto de vista próprio, porém expor as posições mais significativas já existentes sobre a questão do dinheiro. Nesse sentido, o esforço aqui é o de sintetizar as várias compressões marxistas sobre a categoria dinheiro. Para tanto, necessário se fez mostrar o debate por temas, ao invés de construir uma exegese de cada autor/texto de maneira isolada. / This dissertation aims to compare the reading of the several Marxist authors works with concept of Money in its most basic sense. Furthermore, it also aims outline a theoretical place to formulate a specifically monetary theory Marxist, namely, expose the current state of the art of the Marxist theory of money. To do this, it is necessary to find similarities and differences conceptual. The major objective of the inquiry is expose the most significant expose the most understanding existing positions on the matter of money, instead of presenting a point of view itself. In this sense, main task is to synthesize the various compressions Marxists on the Money category. For this, it was necessary to expose the debate by subject, rather than building an exegesis of each author/text singly.

A indicação de LAIDLER (1987b) de que Henry Thornton, apesar de ter mudado de posição política, não modificou substancialmente suas subjacentes percepções analíticas entre 1802 e 1810 não tem recebido suficiente atenção por parte da literatura especializada. Busca-se, aqui, estudar se e em que medida essa indicação é corroborada. O caminho investigativo escolhido, contudo, não se restringe, meramente, a uma comparação analítico-teórica das visões sustentadas pelo autor nos anos em questão. Para que se compreenda com maior acurácia suas idéias monetárias, é necessário que as mesmas sejam situadas no contexto histórico e analítico original, levando-se em consideração os paradigmas de economia monetária e bancária mais aceitos na Grã- Bretanha a essa época e as controvérsias do período. Também serão de destaque as análises das Comissões de que Thornton fez parte, o \'Irish Currency Committee\', em 1804, e o \'Bullion Committee\', em 1810. A base adotada para a comparação do pensamento do autor em ambos os períodos é a obra \'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain\', de 1802, e seus discursos feitos em maio de 1811 a respeito do \'Bullion Report\', que foi publicado um ano antes. / LAIDLER (1987b)?s indication that though Henry Thornton?s policy stance had changed between 1802 and 1810, his underlying analytical views weren?t any different hadn?t received enough attention from the specialized literature. We aim to study here if and in which measure this perspective is corroborated. However the investigation path chosen is not merely restricted to an analytical theoretical comparison between the two views supported by the author in the corresponding years. In order to understand with greater accuracy his monetary ideas, it?s necessary to place them in their original historical and analytical context, considering the most regarded banking and monetary paradigms of Great Britain in that time. Attention will also be placed in the Committees of which Thornton was a member, like the \'Irish Currency Committee\', in 1804, and the \'Bullion Committee\', in 1810. The base in relation to we compare the ideas of the author in both periods is his work \'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain\', of 1802, and his speeches made in may 1811 about the \'Bullion Report\', which was published a year earlier.

A indicação de LAIDLER (1987b) de que Henry Thornton, apesar de ter mudado de posição política, não modificou substancialmente suas subjacentes percepções analíticas entre 1802 e 1810 não tem recebido suficiente atenção por parte da literatura especializada. Busca-se, aqui, estudar se e em que medida essa indicação é corroborada. O caminho investigativo escolhido, contudo, não se restringe, meramente, a uma comparação analítico-teórica das visões sustentadas pelo autor nos anos em questão. Para que se compreenda com maior acurácia suas idéias monetárias, é necessário que as mesmas sejam situadas no contexto histórico e analítico original, levando-se em consideração os paradigmas de economia monetária e bancária mais aceitos na Grã- Bretanha a essa época e as controvérsias do período. Também serão de destaque as análises das Comissões de que Thornton fez parte, o \'Irish Currency Committee\', em 1804, e o \'Bullion Committee\', em 1810. A base adotada para a comparação do pensamento do autor em ambos os períodos é a obra \'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain\', de 1802, e seus discursos feitos em maio de 1811 a respeito do \'Bullion Report\', que foi publicado um ano antes. / LAIDLER (1987b)?s indication that though Henry Thornton?s policy stance had changed between 1802 and 1810, his underlying analytical views weren?t any different hadn?t received enough attention from the specialized literature. We aim to study here if and in which measure this perspective is corroborated. However the investigation path chosen is not merely restricted to an analytical theoretical comparison between the two views supported by the author in the corresponding years. In order to understand with greater accuracy his monetary ideas, it?s necessary to place them in their original historical and analytical context, considering the most regarded banking and monetary paradigms of Great Britain in that time. Attention will also be placed in the Committees of which Thornton was a member, like the \'Irish Currency Committee\', in 1804, and the \'Bullion Committee\', in 1810. The base in relation to we compare the ideas of the author in both periods is his work \'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain\', of 1802, and his speeches made in may 1811 about the \'Bullion Report\', which was published a year earlier.

This study explores the increasingly popular government practice of issuing green bonds. By interviewing individuals involved in the development of the Swedish green government bond issued in 2020, and examining key documents, it provides an in-depth understanding of the motivations driving a government to issue a green bond. The empirical analysis shows that the Swedish government did not issue the green bond to finance green investments, but to promote the green bond market, communicate what it was already doing in terms of environmental investments, help investors attain more sustainable portfolios and strengthen the Swedish government as a bond issuer. While the political driving force behind the green government bond was the Green Party, it was strongly supported by segments of the financial sector. The main criticism came from authorities within the government itself. Even though the proponents of the green government bond shared a concern about the environment, it was not clear how this policy would ultimately contribute to the green transition. This analysis suggest that it is more appropriate to consider it as a form of industrial policy for supporting the sustainable finance industry. This is the first in-depth case study conducted on a green government bond and thus contributes to a new research topic. It also contributes to the literature on Sustainable Finance and Investment and green bonds more generally. Furthermore, it contributes to research on government debt policy and the political economy of the green transition.

Há vantagens e desvantagens associadas à constituição de áreas monetárias. De um lado, a formação dessa área reduz custos de transação e incertezas econômicas; de outro, dificulta a adequação de políticas às especificidades regionais e impede o funcionamento do mecanismo cambial, perdendo a flexibilidade e seus benefícios sobre os termos de trocas. Essa é questão tratada neste trabalho aplicado ao Brasil. As diferenças regionais no Brasil são associadas principalmente ao desenvolvimento econômico e à renda per capita (Norte e Nordeste possuem baixa renda per capita) e, ainda, ao tipo de atividade econômica desenvolvida (o Centro Oeste possui a dimensão relativa da agropecuária grande enquanto que o Sudeste é uma região industrializada). A análise empírica realizada neste estudo buscou verificar o comportamento das regiões tanto em relação às diferenças na atividade econômica regional (verificação da Teoria de Área Monetária Ótima) quanto em relação ao comportamento da renda regional (termos de troca regionais). Partindo da observação de que o Brasil é um país de grande dimensão geográfica e que, portanto, possui regiões distintas, por exemplo, em relação ao clima, recursos naturais e cultura, procurou-se verificar se as regiões brasileiras são integradas a ponto de ser considerada uma área monetária ótima através da observação do grau de sincronismo da flutuação da atividade econômica regional com a nacional. Através da utilização de auto-regressão vetorial observou-se a magnitude da flutuação econômica regional explicada por choques comuns e choques idiossincráticos e a resposta regional a esses choques, utilizando-se as variáveis ICMS e consumo de energia elétrica industrial regional e nacional (como medidas do nível de atividade econômica) e a taxa de juros e produtividade. Conclui-se que o Brasil não é uma área monetária ótima. Sendo assim, o comportamento das flutuações econômicas regionais pode distanciar-se da nacional e/ou as políticas implementadas nacionalmente podem ter impactos diferenciados nas regiões. Portanto, avaliaram-se, também, os termos de troca das regiões domesticamente e em relação ao exterior como proxies das taxas de câmbio entre regiões e entre cada uma delas e o resto do mundo - a fim de observar se sua tendência tem favorecido uma convergência no desenvolvimento entre regiões brasileiras. Conclui-se que a região Nordeste apresentou ganhos nos termos de troca inter-regionais e perdas internacionais, enquanto que a região Sul apresentou perdas tanto inter-regionais quanto internacionais. Esta última região coeteris paribus é onde se verificaria maior perda de renda. Porém, o saldo da balança comercial do Sul se manteve positivo e crescente durante todo o período em análise, indicando que, apesar da queda dos preços relativos, a região tem conseguido um aumento de renda provavelmente devido a aumentos de produtividade. Tais aumentos seriam necessários para evitar perda de renda principalmente por aquelas regiões que apresentam concomitantemente deterioração nos termos de troca interregionais e internacionais. / There are advantages and disadvantages associated with the establishment of a currency area. On the one hand, the formation of currency areas reduces transaction costs and economic uncertainties; the other, complicates the adequacy of policies to the specific regional and prevent the functioning of the exchange rate mechanism, losing its benefits and flexibility on the terms of trade. This is addressed in this study applied to Brazil. Regional differences in Brazil are mainly related to economic development and per capita income (North and Northeast have low per capita income) and, in addition, to the type of economic activity developed (the Central West produces mainly agriculture products while Southeast is an industrialized region). The empirical analysis in this study was to verify the behavior of regions for differences in regional economic activity (verification of the Theory of Optimum Monetary Area) and in relation to the conduct of regional income (regional terms of trade). Starting from the observation that Brazil is a country of great geographic dimension and therefore has different regions, for example, in relation to climate, natural resources and culture, tried to ascertain whether the Brazilian regions are integrated to the point of being considered an optimum currency area through the observation of the degree of synchronization of the fluctuation of regional economic activity with the national. Through the use of Vector Auto-regression it was observed if the magnitude of regional economic fluctuation was explained mainly by common shocks or idiosyncratic shocks and also the regional response to such shocks, using the variable ICMS and consumption of electric power in regional and national industry (as measure in the level of economic activity) and interest rate and productivity. The conclusion is that Brazil is not an optimum currency area. Thus, the behavior of regional economic fluctuations can distance itself from the national and/or the policies implemented nationally may have a differential impact in the regions. So were evaluated, too, the domestic terms of trade of domestic and the regions in relation to the outside - as proxies of exchange rates between regions and between each of them and the rest of the world - to see if the trend has favored a convergence of development between regions of Brazil. It was concluded that the Northeast gained inter-regional terms of trade and lost the international, while the South had lost both inter-regional as international. The latter region coeteris paribus is where there is greater loss of income. However, the South trade balance remained positive and growing throughout the period under review, indicating that despite the drop in prices for the region has achieved an increase in income due to increases in productivity. Such increases would be needed to avoid loss of income especially for those regions that have concomitant deterioration in the terms of trade inter-regional and international.

Há vantagens e desvantagens associadas à constituição de áreas monetárias. De um lado, a formação dessa área reduz custos de transação e incertezas econômicas; de outro, dificulta a adequação de políticas às especificidades regionais e impede o funcionamento do mecanismo cambial, perdendo a flexibilidade e seus benefícios sobre os termos de trocas. Essa é questão tratada neste trabalho aplicado ao Brasil. As diferenças regionais no Brasil são associadas principalmente ao desenvolvimento econômico e à renda per capita (Norte e Nordeste possuem baixa renda per capita) e, ainda, ao tipo de atividade econômica desenvolvida (o Centro Oeste possui a dimensão relativa da agropecuária grande enquanto que o Sudeste é uma região industrializada). A análise empírica realizada neste estudo buscou verificar o comportamento das regiões tanto em relação às diferenças na atividade econômica regional (verificação da Teoria de Área Monetária Ótima) quanto em relação ao comportamento da renda regional (termos de troca regionais). Partindo da observação de que o Brasil é um país de grande dimensão geográfica e que, portanto, possui regiões distintas, por exemplo, em relação ao clima, recursos naturais e cultura, procurou-se verificar se as regiões brasileiras são integradas a ponto de ser considerada uma área monetária ótima através da observação do grau de sincronismo da flutuação da atividade econômica regional com a nacional. Através da utilização de auto-regressão vetorial observou-se a magnitude da flutuação econômica regional explicada por choques comuns e choques idiossincráticos e a resposta regional a esses choques, utilizando-se as variáveis ICMS e consumo de energia elétrica industrial regional e nacional (como medidas do nível de atividade econômica) e a taxa de juros e produtividade. Conclui-se que o Brasil não é uma área monetária ótima. Sendo assim, o comportamento das flutuações econômicas regionais pode distanciar-se da nacional e/ou as políticas implementadas nacionalmente podem ter impactos diferenciados nas regiões. Portanto, avaliaram-se, também, os termos de troca das regiões domesticamente e em relação ao exterior como proxies das taxas de câmbio entre regiões e entre cada uma delas e o resto do mundo - a fim de observar se sua tendência tem favorecido uma convergência no desenvolvimento entre regiões brasileiras. Conclui-se que a região Nordeste apresentou ganhos nos termos de troca inter-regionais e perdas internacionais, enquanto que a região Sul apresentou perdas tanto inter-regionais quanto internacionais. Esta última região coeteris paribus é onde se verificaria maior perda de renda. Porém, o saldo da balança comercial do Sul se manteve positivo e crescente durante todo o período em análise, indicando que, apesar da queda dos preços relativos, a região tem conseguido um aumento de renda provavelmente devido a aumentos de produtividade. Tais aumentos seriam necessários para evitar perda de renda principalmente por aquelas regiões que apresentam concomitantemente deterioração nos termos de troca interregionais e internacionais. / There are advantages and disadvantages associated with the establishment of a currency area. On the one hand, the formation of currency areas reduces transaction costs and economic uncertainties; the other, complicates the adequacy of policies to the specific regional and prevent the functioning of the exchange rate mechanism, losing its benefits and flexibility on the terms of trade. This is addressed in this study applied to Brazil. Regional differences in Brazil are mainly related to economic development and per capita income (North and Northeast have low per capita income) and, in addition, to the type of economic activity developed (the Central West produces mainly agriculture products while Southeast is an industrialized region). The empirical analysis in this study was to verify the behavior of regions for differences in regional economic activity (verification of the Theory of Optimum Monetary Area) and in relation to the conduct of regional income (regional terms of trade). Starting from the observation that Brazil is a country of great geographic dimension and therefore has different regions, for example, in relation to climate, natural resources and culture, tried to ascertain whether the Brazilian regions are integrated to the point of being considered an optimum currency area through the observation of the degree of synchronization of the fluctuation of regional economic activity with the national. Through the use of Vector Auto-regression it was observed if the magnitude of regional economic fluctuation was explained mainly by common shocks or idiosyncratic shocks and also the regional response to such shocks, using the variable ICMS and consumption of electric power in regional and national industry (as measure in the level of economic activity) and interest rate and productivity. The conclusion is that Brazil is not an optimum currency area. Thus, the behavior of regional economic fluctuations can distance itself from the national and/or the policies implemented nationally may have a differential impact in the regions. So were evaluated, too, the domestic terms of trade of domestic and the regions in relation to the outside - as proxies of exchange rates between regions and between each of them and the rest of the world - to see if the trend has favored a convergence of development between regions of Brazil. It was concluded that the Northeast gained inter-regional terms of trade and lost the international, while the South had lost both inter-regional as international. The latter region coeteris paribus is where there is greater loss of income. However, the South trade balance remained positive and growing throughout the period under review, indicating that despite the drop in prices for the region has achieved an increase in income due to increases in productivity. Such increases would be needed to avoid loss of income especially for those regions that have concomitant deterioration in the terms of trade inter-regional and international.

In the years immediately following the so-called “refugee crisis”, Swedish municipalities that had received many refugees improved their financial position in a quite remarkable way. Overall, 2016 might have been the best financial year ever for the municipal sector. In sharp contrast to this, 2019 saw an estimated third of all municipalities run deficits. In the public debate, this has generally been explained as a result of refugee reception and integration, which are seen as major cost factors draining the municipalities of funds. Other issues which have seen less prominence in the public debate include ongoing demographic challenges stemming from birth deficits, emigration and the continued ageing of the population. These are particularly sensitive areas in the case of smaller, rural municipalities, which generally have smaller populations than the major towns and cities. The purpose of this thesis is thus to examine how municipalities within this category have experienced refugee reception and the integration process during and in the aftermath of the refugee crisis. This has been achieved through a qualitative approach centred around thematic and qualitative content analysis frameworks. Theoretical concepts based around citizenship, integration, welfare studies and macroeconomics have been consulted. The macroeconomic framework employed stems from the heterodox school of economics, primarily centred around the school of thought known as Modern Monetary Theory. The empirical material consists of various documents published by the central government, government agencies and municipalities in order to frame what has turned out to be a contradictory and conflict-ridden account of refugee reception. During the crisis, an overwhelming majority of the Swedish municipalities saw unprecedented economic growth as a result of government spending, which has since stagnated as a result of the central government returning to its pre-crisis fiscal policy framework. In 2015, the Swedish central government turned from a relatively open asylum policy towards a very restrictive one, a shift primarily motivated with reference to financial concerns. However, this turn resulted in decreased opportunities for rural municipalities to benefit from increased migration inflows, which has turned out to be a decisive factor for economic growth and demographic sustainability. The results show that municipalities that have worked actively with integration have not only managed to accommodate the sudden needs of refugees, but actively benefitted from population growth and increased tax revenue. While the ensuing result does not necessarily advocate for increased immigration, it challenges established macroeconomic principles and the presumption that a stricter migration regime would mend the financial woes of all Swedish municipalities.

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find that while money can exist in sequence economies with frictions, models of this type give no justification for its creation, valuation or holding for any significant duration, either theoretically or experimentally. Models that introduce dated goods and trading frictions to motivate the issue of risk-spreading ‘bundled’ debt are more promising for money creation, although they still cannot explain the the holding and valuation of money. Using the concept of team-production of Alchian and Demsetz and that of ‘hostage-taking’ in contracts owing to Williamson, we demonstrate how the issue of a token of generalised purchasing power from a team-production contract can enhance output and consumption. This conclusion motivates an original monetary theory of production that integrates the insights of Post-Keynesian monetary theory and the triangular contracts of the Circulation Approach and expresses them in a way that shows consistent asset and liability matching through a balance sheet approach. The creation and valuation of money and the determination of interest are embedded within the central processes of this economy. The features of the monetary production economy we analyse are in contrast to the mainstream proposition that the economy as a whole is rendered coherent by the existence of a unique and stable equilibrium determined by the utility-maximisation of households and the profit maximisation of firms. Apart from their inability to describe the economy in aggregate, such models treat money as an afterthought that is in no way core to their conception. We set the triangular contracts within a rigorous stock-flow framework of the type developed by Godley and Lavoie and argue that the shifting of the level of impact of uncertainty and failed expectations induced by money leads to specific patterns of economic disruption. These patterns are independent of the specific behavioural characteristics of households and firms and so are robust to policy changes that leave the institutions of the monetary production economy intact. We briefly assess current monetary policy and alternatives in the light of these findings.

This thesis examines the relationship of monetary policy and investment in a theoretical framework in which monetary and real economic forces are intrinsically interlinked. The full shift from a money, real dichotomy in historical economic thought to the notion of money being an essential determinant of economic outcomes is traced to the work of Keynes, partly in the Treatise (1930), but more completely in the General Theory (1936). The treatment of monetary forces in economic growth models is examined. It is found that the money, investment relationship, with close money, real interaction, is appropriately pursued in the approach to monetary theory adopted by those who could broadly be characterised as Post Keynesian. The operation of monetary forces through the banking system is examined using this theoretical backdrop. A symbolic model is developed of the influence channels implied by the theoretical analysis, using the South African monetary system as the specific focus. The symbolic model is expressed in a form which enables empirical examination. South African data are compiled and used to determine the nature and statistical significance of hypothesised relationships. The implications of the theoretical analysis and empirical examination are drawn out both for monetary theory within the Post Keynesian mould, and for the conduct of monetary policy, in South Africa in particular. / Economics / D. Litt. et Phil. (Economics)