Law, development and democratic governance of monetary policy: conjectures on the case of Brazil

• Grant number: 12/17722-6
• Support Opportunities: Scholarships abroad - Research
• Start date: November 04, 2012
• End date: March 06, 2013
• Field of knowledge: Applied Social Sciences - Law
• Principal Investigator: Jean Paul Cabral Veiga da Rocha
• Grantee: Jean Paul Cabral Veiga da Rocha
• Host Investigator: Julia Black
• Host Institution: Faculdade de Direito (FD). Universidade de São Paulo (USP). São Paulo , SP, Brazil
• Institution abroad: University of London, England

Abstract

Designing monetary policy governance is a rather complex task per se. Developing countries - whose economic instability has been traditionally a major obstacle to socio-economic development - have the widespread mission of promoting sound interest rates policies to deal with the trade-off between economic growth and inflation. There have been recently important institutional developments in the governance of monetary policy in Brazil. The topic has become the subject of academic scholarship in Economics and Political Science. Within Brazilian legal scholarship, however, this is still an incipient agenda. Transparency, openness, accountability, central bank's publications (reports, minutes of closed meetings), the way central banks "talk", the channels and timing of communication - those are all elements of a new whole agenda for interdisciplinary legal research focused in the democratic governance of monetary policy. The research project focuses the Brazilian case after the "Plano Real" and the official adoption of inflation targeting in the 90's. (AU)