Texto enviado para o concurso da Mont Pelerin Society (2012). Discussão sobre os efeitos nocivos de um sistema monetário com oferta monetária "elástica" e sua ligação com regimes cambiais.
Summary: Our task is threefold. First (section A), we shall explain what money is and how it spontaneously emerges. Second (sections B to D), we shall briefly show (1) how a monetary system based on “elastic money” and several national central banks issuing independent national currencies is not a feature of an unhampered market economy and (2) how such monetary system is harmful. Third (section E), in light of the previous theoretical preamble, we shall critically evaluate Austrian thought on exchange rate regimes and how Hayek’s ideas on competing currencies may help us to generate national and international monetary stability.
Summary: Our task is threefold. First (section A), we shall explain what money is and how it spontaneously emerges. Second (sections B to D), we shall briefly show (1) how a monetary system based on “elastic money” and several national central banks issuing independent national currencies is not a feature of an unhampered market economy and (2) how such monetary system is harmful. Third (section E), in light of the previous theoretical preamble, we shall critically evaluate Austrian thought on exchange rate regimes and how Hayek’s ideas on competing currencies may help us to generate national and international monetary stability.
Versão em Inglês: https://docs.google.com/open?id=0B6srLG4hTIEVNk92SXJWM0pJM3M
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