Liquidez e zeragem automática: crítica da crítica

Abstract

This article proceeds the debate on “zeragem automática” (a sort of automatic clearing with government securities) and the monetary control in Brazil introduced by Pastore's article “Plano Collor's monetary reform”. Futhermore, it criticises Valdir Ramalho's critique (in his article "Zeragem automática and monetary control") on Pastore's analisys in two aspects: the endogenous approach implicit in Ramalho's analisys; and the mistakes derivated from the misunderstanding by mixing “zeragem automática” mechanism with normal operations of monetary policy in low inflation context. The article concludes that this mechanism was not an institutional deformation (Pastore's point of view) neither a modern instrument of the central banks intervention (Ramalho's point of view), but the only way to operate the monetary policy in Brazil in high inflation and macroeconomic instability context.