Modern Money Theory (MMT) in the Tropics: Functional Finance in Developing Countries

Matías Vernengo · Esteban Pérez Caldentey

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Economic Theory and Policy Monetary Policy and Economic Impact Fiscal Policies and Political Economy

Abstract

Modern Money Theory (MMT) has become very popular among some progressive economists. Its basic argument is that budget deficits are usually not a constraint on government spending, The authors, progressives themselves, argue that some aspects of MMT are useful, but others are incomplete or confusing. They focus on the application of MMT to developing countries.

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1997Globalizing Capital: A History of the International Monetary System 1990The Sinews of Power: War, Money and the English State, 1688-1783 1994Economic Growth and the Balance-of-Payments Constraint.1994Economic Growth and the Balance-of-Payments Constraint 2012Modern Money Theory 2016Reflecting on new developmentalism and classical developmentalism 2005The Natural Rate of Interest Is Zero

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2023Weaknesses of MMT as a guide to development policy 2022How to Pay for Saving the World: Modern Monetary Theory for a Degrowth Transition 2020Financial instability in peripheral economies: an approach from the balance-of-payments constraint

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