Kädestä suuhun : Makro- ja mikrotaloudellinen tarkastelu suomalaisten kotitalouksien säästämisestä ja sen mittaamisesta 1950-luvulla

This study is divided into two parts: a methodological part and a part which focuses on the saving of households. In the 1950 s both the concepts as well as the household surveys themselves went through a rapid change. The development of national accounts was motivated by the Keynesian theory and the 1940 s and 1950 s were an important time for the development of the national accounts. Before this, saving was understood as cash money or money deposited in bank accounts but the changes in this era led to the establishment of the modern saving concept. Separate from the development of national accounts, household surveys were established. Household surveys have been conducted in Finland from the beginning of the 20th century. At that time surveys were conducted in order to observe the working class living standard and as a result, these were based on the tradition of welfare studies. Also a motivation for undertaking the studies was to estimate weights for the consumer price index. A final reason underpinning the government s interest in observing this data regarded whether there were any reasons for the working class to become radicalised and therefore adopt revolutionary ideas. As the need for the economic analysis increased and the data requirements underlying the political decision making process also expanded, the two traditions and thus, the two data sources started to integrate. In the 1950s the household surveys were compiled distinctly from the national accounts and they were virtually unaffected by economic theory. The 1966 survey was the first study that was clearly motivated by national accounts and saving analysis. This study also covered the whole population rather than it being limited to just part of it. It is essential to note that the integration of these two traditions is still continuing. This recently took a big step forward as the Stiglitz, Sen and Fitoussi Committee Report was introduced and thus, the criticism of the current measure of welfare was taken seriously. The Stiglitz report emphasises that the focus in the measurement of welfare should be on the households and the macro as well as micro perspective should be included in the analysis. In this study the national accounts are applied to the household survey data from the years 1950-51, 1955-56 and 1959-60. The first two studies cover the working population of towns and market towns and the last survey covers the population of rural areas. The analysis is performed at three levels: macro economic level, meso level, i.e. at the level of different types of households, and micro level, i.e. at the level of individual households. As a result it analyses how the different households saved and consumed and how that changed during the 1950 s.

A relação entre o público e o privado no sistema de saúde brasileiro: repensando o papel do Estado.

Este estudo analisa o papel do Estado no contexto do Sistema de Saúde Brasileiro, sob a ótica das relações público/privadas, usando como contraponto experiências internacionais, particularmente as reformas ocorridas nos países cêntricos. Parte da análise da teoria Keynesiana para identificar não só um papel a ser desempenhado pelo Estado para além da função anticíclica, como também para situar historicamente o nascimento dos sistemas de proteção social de cunho universalista na Europa. A inflexão sofrida no sistema capitalista nos anos 70s levou à reversão nas orientações político-ideológicas que culminaram em propostas de introdução de mecanismos de mercado nos sistemas de proteção social e de retração do Estado. Para entender o desenho de Estado que daí emerge, são apresentados e analisados os fundamentos conceituais da regulação e sua aplicação frente às especificidades do mercado de serviços de saúde. A apresentação da experiência internacional, particularmente o delineamento das motivações das reformas empreendidas e os resultados alcançados, é feita com o objetivo de contrapor posteriormente, o que é específico no Brasil na convivência público/privado. A reflexão sobre o desenvolvimento do Sistema de Saúde no Brasil passa pela sua evolução no período entre a criação das Caixas de Aposentadoria e Pensão e a Constituição Federal de 1988, para recolher particularidades na relação entre o Estado e o Mercado e, ao mesmo tempo, mostrar o momento de rompimento com o modelo de proteção, baseado no seguro social que acompanha o país neste período. As dificuldades na concretização do conceito de universalidade conforme definido na Constituição são analisadas a partir da extemporaneidade da mudança de modelo e do viés privatista, que acompanha o sistema de saúde no Brasil. As contradições geradas pelas interfaces público/privadas na saúde são exploradas sob o enfoque da inexistência de uma delimitação de espaços de atuação dos mesmos, mas, principalmente, pelo foco do financiamento. As principais conclusões se referem à constatação de que a permissividade do Estado no avanço e apropriação privada de recursos e espaços públicos, ou ainda na ampliação da mercadorização da saúde, dificulta a concretização do conceito de universalidade no atendimento à assistência à saúde. Finalmente, o estudo delineia o conflito de interesses dos atores envolvidos no sistema, que dificulta a capacidade de governança do Estado Brasileiro, mas aponta para a necessidade de revisão das bases da relação Estado versus Mercado e a re-definição da sociedade quanto ao tamanho que deseja dar à iniciativa privada no âmbito da saúde.

Teorias Keynesianas sobre bancos e crédito: Tobin, Stiglitz e os pós-keynesianos

O presente trabalho tem por objetivo analisar os modelos da firma bancária e crédito a partir de uma visão keynesiana. Inicialmente são apresentadas as proposições teóricas de Keynes e as derivações dessa a partir dos velhos e novos keynesianos. Na 2 parte os modelos representativos da firma bancária dessas escolas são descritos através de Tobin e Stiglitz, sendo neste último caso introduzido o conceito de assimetria de informação. No 3 capítulo é desenvolvida a abordagem pós-keynesiana de endogeneidade da oferta de moeda, sendo apresentados os modelos horizontalista de Moore, bem como as críticas da visão estruturalista, além do modelo de estratégia bancária de Alves, Dymski e Paula, desenvolvido a partir da hipótese de fragilidade financeira de Minsky. No capítulo 4 efetua-se uma discussão, feita por autores pós-keynesianos, sobre a possibilidade de compatibilizar em alguma medida o modelo de Tobin e o modelo de racionamento de crédito com a concepção pós-keynesiana de banco e crédito.

O modelo keynesiano de James Meade

Este artigo reavalia o modelo simplificado da Teoria Geral de Keynes elaborado por James Meade e procura complementar alguns dos argumentos teóricos que Meade deixou apenas indicados. O artigo também responde às solicitações de Frisch a Meade, quanto à explicação do significado de estabilidade e à explicitação dos pressupostos que garantem suas conclusões. Além disso, apresenta alguns dos cálculos não desenvolvidos por Meade, e, quando necessário, suas devidas correções.

Le progrès technique chez Joan Robinson : un essai de systématisation et de formalisation

This paper deals with Joan Robinson's contributions to the issue of technical progress and her attempts of treating this subject in accordance to the Keynesian theory of employment and income distribution, mainly in the long run. This paper aims to review this aspect of her work and to establish a systematisation and a formalisation of her approach. At the same time the paper exposes the problems she faced - and did not always solve. Looking through her main contributions, the paper concludes that she used different criteria for the classification of innovations and that they depended on the specific situations described by the models in which she used the classification.

Technical Progress in Joan Robinson's View: An attempt at systematisation and formalisation

This paper deals with Joan Robinson's contributions to the issue of technical progress and her attempts at treating this subject in accordance with the Keynesian theory of employment and income distribution, mainly in the long run. The paper aims to review this aspect of her work and to establish a systematisation and a formalisation of her approach. At the same time, the paper exposes the problems she faced - but did not always solve. Looking through her main contributions, the paper concludes that she used different criteria for the classification of innovations and that they depended on the specific situations described by the models in which she used the classification.

As decisões de investimento e a instabilidade financeira

Initially, the text handles the theories of ancient classical and changes with the emerging of the debates of the schools of economic of Keynes and Kalecki. Over the years, from 1930 onwards, investment theories were debated and modified by various schools of economic thought. One of the debates that stands out in this work are the theories of Minsky that will bring new reformulations to Keynesian theory and a greater focus on psychological factors as determinants of investment decisions. Through financial instability hypothesis Minsky explains how the decisions to invest and the access to credit cause instability to financial system. Finally the work will show how access to credit is material when companies decide to invest and how these investments are often handled due to information asymmetries in the market. The financial institutions seek to maximize their profits while dribbling moral hazard and adverse selection, and thus the government needs to intervene once in a while as a regulator to maintain the solvency of the system

O modelo keynesiano de James Meade

Este artigo reavalia o "modelo simplificado" da Teoria Geral de Keynes elaborado por James Meade e procura complementar alguns dos argumentos teóricos que Meade deixou apenas indicados. O artigo também responde às solicitações de Frisch a Meade, quanto à explicação do significado de estabilidade e à explicitação dos pressupostos que garantem suas conclusões. Além disso, apresenta alguns dos cálculos não desenvolvidos por Meade, e, quando necessário, suas devidas correções.

A dinâmica da taxa de câmbio no Brasil face às operações swap (2002-2015)

This dissertation investigates, based on the Post-Keynesian theory and on its concept of monetary economy of production, the exchange rate behavior of the Brazilian Real in the presence of Brazilian Central Bank's interventions by means of the so-called swap transactions over 2002-2015. Initially, the work analyzes the essential properties of an open monetary economy of production and, thereafter, it presents the basic propositions of the Post-Keynesian view on the exchange rate determination, highlighting the properties of foreign exchange markets and the peculiarities of the Brazilian position into the international monetary and financial system. The research, thereby, accounts for the various segments of the Brazilian foreign exchange market. To accomplish its purpose, we first do a literature review of the Post-Keynesian literature about the topic. Then, we undertake empirical exams of the exchange rate determination using two statistical methods. On the one hand, to measure the volatility of exchange rate, we estimate Auto-regressive Conditional Heteroscedastic (ARCH) and Generalized Auto-regressive Conditional Heteroscedastic (GARCH) models. On the other hand, to measure the variance of the exchange rate in relation to real, financial variables, and the swaps, we estimate a Vector Auto-regression (VAR) model. Both experiments are performed for the nominal and real effective exchange rates. The results show that the swaps respond to exchange rate movements, trying to offset its volatility. This reveals that the exchange rate is, at least in a certain magnitude, sensitive to swaps transactions conducted by the Central Bank. In addition, another empirical result is that the real effective exchange rate responds more to the swaps auctions than the nominal rate.

El dinero en la historia del pensamiento económico: la teoría monetaria postkeynesiana y su confrontación con la ortodoxia

Las disputas en torno a determinados aspectos del dinero, como su neutralidad y el carácter endógeno o exógeno de la oferta monetaria, han sido permanentes entre las distintas escuelas de pensamiento y autores, estando su origen, probablemente, en la época de desarrollo del pensamiento escolástico. En este artículo pretendemos, en primer lugar, realizar un recorrido cronológico e histórico sobre el tratamiento científico económico del dinero, para, en segundo lugar, poner sobre la mesa la macroeconomía ortodoxa a la que han dado lugar las interpretaciones al respecto, así como los enfoques alternativos frente a este pensamiento dominante. Finalmente, intentamos poner en valor los desarrollos monetarios post-keynesianos, integrados en lo que denominan “Economía Monetaria de Producción”, confrontándolos con la llamada Nueva Síntesis Neoclásica.

Financial constraints on economic development: Theory and policy for developing countries

This article contains a theoretical and policy analysis of the financial constraints on economic development in developing countries. Following a Keynesian interpretation, it concludes that financial policies are needed to relieve these constraints, given the natural tendency of financial systems to operate in ways that are dysfunctional to economic development. It then proposes three lines of policy that take account of the special characteristics of developing countries: resource allocation policies targeted at segments of strategic importance for economic and financial development; policies to control financial and external fragility; and compensatory policies of a more interventionist cast, in particular directed credit programmes for both public- and private-sector lending to complement resource allocation policies, and countercyclical regulatory barriers so that fragility can be better controlled.