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Intervenção Estatal Na Economia: O Banco Central E a Execução Das Políticas Monetária E Creditícia

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Intervenção Estatal Na Economia: O Banco Central E a Execução Das Políticas Monetária E Creditícia FLORINDA FIGUEIREDO BORGES INTERVENÇÃO ESTATAL NA ECONOMIA: O BANCO CENTRAL E A EXECUÇÃO DAS POLÍTICAS MONETÁRIA E CREDITÍCIA DISSERTAÇÃO DE MESTRADO ORIENTADOR : PROFESSOR DOUTOR JOSÉ TADEU DE CHIARA FACULDADE DE DIREITO DA USP SÃO PAULO 2010 FLORINDA FIGUEIREDO BORGES INTERVENÇÃO ESTATAL NA ECONOMIA: O BANCO CENTRAL E A EXECUÇÃO DAS POLÍTICAS MONETÁRIA E CREDITÍCIA Dissertação de Mestrado apresentada à Banca Examinadora da Faculdade de Direito da Universidade de São Paulo, como exigência parcial para a obtenção do título de Mestre em Direito, sob orientação do Prof. Dr. José Tadeu De Chiara FACULDADE DE DIREITO DA USP SÃO PAULO 2010 Banca Examinadora ______________________________________________ ______________________________________________ ______________________________________________ Dedico este trabalho a meus pais Vera e Carlon. AGRADECIMENTOS Agradeço ao Professor Doutor José Tadeu De Chiara que me orientou desde os primeiros anos de graduação na Faculdade de Direito do Largo de São Francisco até a árdua, porém gratificante, pós-graduação. Foram preciosas as lições de Direito e, especialmente, as lições de vida aprendidas nesse período. Agradeço aos meus amados pais Carlon e Vera, pessoas maravilhosas e extremamente dedicadas a tudo o que fazem, verdadeiras fontes de inspiração. Também sou grata às minhas irmãs, Violeta e Bárbara, amigas para toda a vida, pelo apoio que não me deixaram faltar. Contribuiu decisivamente para a elaboração deste trabalho Otavio Yazbek, amigo querido e professor dedicado de todas as horas, a quem aqui registro meus sinceros agradecimentos. Devo agradecer ainda aos amigos Andrés Klenner e Ana Paula Corazzari a preciosa troca de experiências a respeito do tema e sobre tópicos da bibliografia. A todos aqueles que, em algum momento, torceram pelo sucesso deste projeto. Por fim, agradeço ao meu amor, Thiago Ladeira, que acompanhou com paciência e dedicação todas as fases de elaboração deste trabalho. Sem ele, nada teria a mesma graça. RESUMO Este trabalho presta-se a analisar a adequação da execução da política monetária pelos Bancos Centrais, com enfoque especial dado ao Banco Central do Brasil e ao arcabouço normativo atualmente em vigor sobre a matéria. A necessidade de desenvolver este tema sobreveio da verificação, especialmente nas duas últimas décadas, de um distanciamento dos Bancos Centrais em relação às orientações do Poder Executivo. O regime de metas inflacionárias, tido como o ideal para orientar a atuação dos Bancos Centrais e assegurar a estabilidade da moeda foi assumido como o objetivo-fim da política monetária, em detrimento das previsões constitucionais acerca da promoção do desenvolvimento equilibrado do País, da busca do pleno emprego e da redução das desigualdades sociais. Para a análise desenvolvida, partiu-se do método histórico, por meio do qual foi possível verificar, a partir do Século XIX até o presente, de que forma os Bancos Centrais surgiram e galgaram posições de relevo enquanto agentes do Estado orientados a intervir na economia para fins de promoção social, especialmente a partir do surgimento e consolidação do Direito Econômico como ciência jurídica legitimadora da intervenção estatal. Em seguida, buscou-se explorar as funções dos Bancos Centrais, os instrumentos dos quais dispõem para o exercício da política monetária e a adequação dos objetivos dessa política no contexto da política econômica desenvolvida pelo Estado. Por fim, passou-se à análise do Banco Central do Brasil no que concerne a evolução da execução da política monetária, paralelamente às conquistas sociais e políticas do país, com especial destaque para as décadas de 1960 e 1990. Palavras-chave: Autonomia do Banco Central, Banco Central do Brasil, Consenso de Washington, Direito Econômico, Independência dos Bancos Centrais, Intervenção Estatal, Metas de Inflação, Padrão-Ouro, Política Econômica, Política Monetária. ABSTRACT This work is to examine the appropriateness of implementing monetary policy by central banks, with particular emphasis given to the Central Bank of Brazil and the regulatory framework currently in force on the matter. The need to develop this theme came to check, especially in the last two decades, from a distance of central banks in relation to Executive guidelines. Inflation targeting system, seen as the ideal to drive central banks’ actions and ensure currency stability was adopted as the end goal of monetary policy at the expense of constitutional statements upon balanced development of the country, in pursuit of comprehensive employment and the reduction of social inequalities. For the developed analysis, historical method has been adopted which enabled the understanding from the nineteenth century until present days upon how Central Banks emerged and have risen to prominent positions as agents of the Stated driven to intervene in economy for social advancement, especially since the emergence and consolidation of Economic Law and legal science legitimating state intervention. Then Central Banks central banks functions were explored, theirs tools for monetary policy undertaking and the adequacy of such objectives in the context of economic policy developed by the state. Finally, we have assessed Brazil Central Bank in regards of monetary policy implementation development, along with social and political local achievements, with particular emphasis to the 60’s and 90’s. Keywords: Autonomy of Central Banks, Central Bank, Economic Law, Economic Policy, Independence of Central Banks, Inflation Targeting, Gold Standard, Monetary Policy, Washington Consensus. SUMÁRIO INTRODUÇÃO ............................................................................................................................. 9 CAPÍTULO I. O ESTADO E O MERCADO. UMA RELAÇÃO TUMULTUADA ............ 10 1.1. Introdução ......................................................................................................... 10 1.2. O século XIX – Surgimento e Consolidação do Estado Liberal e da Economia de Mercado ...................................................................................... 12 1.3. O Direito no Estado Liberal ............................................................................. 19 1.4. A sustentação do Padrão-Ouro entre os Séculos XIX e XX ............................ 22 1.5. As Vicissitudes do Século XX ......................................................................... 28 1.6. A origem liberal e consolidação intervencionista dos Bancos Centrais ........... 36 1.7. O Direito no Estado Intervencionista ............................................................... 42 1.8. Bretton Woods e o Estado-Providência ............................................................ 46 1.9. O Colapso da Sistemática de Bretton Woods ................................................... 51 1.10. O consenso de Washington e o Estado Neoliberal ......................................... 54 1.11. Constatações e Perspectivas ........................................................................... 62 CAPÍTULO II. EXECUÇÃO DAS POLÍTICAS MONETÁRIA E CREDITÍCIA. O PAPEL DOS BANCOS CENTRAIS ............................................................ 64 2.1. Introdução ......................................................................................................... 64 2.2. Política Econômica ........................................................................................... 65 2.3. Política Monetária: Conceito e Objeto ............................................................. 67 2.4. Instrumentos para o exercício da Política Monetária ....................................... 73 2.4.1. Os Redescontos Bancários ..................................................................... 73 2.4.2. Reservas Compulsórias .......................................................................... 77 2.4.3. Open Market ........................................................................................... 80 2.4.4. Taxa de Juros .......................................................................................... 81 2.5. Os Bancos Centrais e a Política Monetária – A visão doutrinária.................... 83 2.5.1. Estabilidade de Preços como objeto da Política monetária .................... 86 2.5.2. A questão da Autonomia dos Bancos Centrais ....................................... 89 2.6. Os Bancos Centrais e a Política Monetária – Análise de Casos ..................... 100 2.6.1. Federal Reserve System (FED) ............................................................ 101 2.6.2. Banco Central Europeu ......................................................................... 104 2.6.3. Bancos Centrais da América Latina ..................................................... 110 2.6.3.1. Banco Central do Chile ............................................................ 111 2.6.3.2. Banco Central da Venezuela .................................................... 114 2.6.3.3. Banco Central da Argentina ..................................................... 120 2.6.3.4. Considerações Gerais sobre os Bancos Centrais da América Latina ......................................................................................... 125 2.7. Constatações e Perspectivas ........................................................................... 127 CAPÍTULO III. O ESTADO BRASILEIRO. O BANCO CENTRAL DO BRASIL E A POLÍTICA MONETÁRIA ...................................................................... 129 3.1. Introdução ......................................................................................................
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