<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962023000100097</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n98a347832</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Tesorería Nacional y Banco de la República: evidencia de la Teoría Monetaria Moderna en Colombia (2007-2018)]]></article-title>
<article-title xml:lang="en"><![CDATA[National Treasury and Bank of the Republic: evidence of Modern Monetary Theory for Colombia (2007-2018)]]></article-title>
<article-title xml:lang="fr"><![CDATA[Le trésor public y la banque centrale de Colombie: évidences de la theorie monetaire moderne (2007-2018)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Montoya Olarte]]></surname>
<given-names><![CDATA[Miguel Alfonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Escuela Colombiana de Ingeniería Julio Garavito Facultad de Economía ]]></institution>
<addr-line><![CDATA[Bogotá ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<numero>98</numero>
<fpage>97</fpage>
<lpage>129</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962023000100097&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962023000100097&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962023000100097&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de este artículo consiste en revisar los principales planteamientos de la Teoría Monetaria Moderna (MMT, por sus siglas en inglés) y presentar, con base en esta teoría, un contraste empírico para el periodo 2007-2018, entre las operaciones de la tesorería del gobierno nacional y las operaciones monetarias del Banco de la República de Colombia. Se encontró que el déficit de la Tesorería del gobierno y los desembolsos netos de títulos TES, fueron compensados regularmente por las operaciones monetarias del Banco de la República, lo que evidenció la capacidad del emisor para controlar las tasas de interés de corto y mediano plazo, tal como lo describe la MMT. Pese a las auto restricciones legales para que el emisor financie al gobierno, los resultados presentados validan la coordinación de las operaciones fiscales y monetarias planteadas por la MMT. De acuerdo con esto, es posible tener como objetivo el pleno empleo, a través del trabajo garantizado, lo cual, no obstante, debe acompañarse de un proceso de trasformación productiva.  Clasificación JEL:  B52, E62, H63, E52, E43.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The aim of this article is to review the main approaches of modern monetary theory (MMT) and to present, based on this theory, an empirical contrast for the period 2007-2018 between the treasury operations of the national government and the monetary operations of the Bank of the Republic of Colombia. It was found that the deficit of the Government Treasury and the net disbursements of TES securities were regularly compensated by the monetary operations of the Bank of the Republic, which evidenced the capacity of the issuer to control short- and medium-term interest rates, as described by the MMT. Despite the self-legal restrictions for the issuer to finance the government, the results presented validate the coordination of the fiscal and monetary operations proposed by the MMT. According to this, it is possible to aim at full employment, through guaranteed work, which, however, must be accompanied by a process of productive transformation.  Clasificación JEL:  B52, E62, H63, E52, E43.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé : L&#8217;objectif de cet article est de passer en revue les principales approches de la Théorie Monétaire Moderne (MMT, pour ses initiales en anglais), ainsi que mettre en évidence quelques postulats de cette théorie. Pour ce faire, nous étudions le rapport entre les opérations budgétaires du Trésor Public et les opérations monétaires de la Banque Centrale de Colombie pour la période 2007-2018. Nous constatons que le déficit du Trésor Public et les remboursements nets de titres - les TES - étaient régulièrement compensés par les opérations monétaires de la Banque Centrale, ce qui témoignait de la capacité de la Banque Centrale à contrôler les taux d&#8217;intérêt à court et moyen terme, comme le décrit la MMT. Malgré les contraintes légales qui empêchent à la Banque Centrale de financer l&#8217;État, les résultats montrent qu&#8217;il existe une coordination des opérations budgétaires et monétaires. Il s&#8217;agit d&#8217;une situation mise en évidence par la MMT. Néanmoins, l&#8217;objectif du plein emploi est toujours possible au moyen du travail garanti, lequel doit s&#8217;accompagner d&#8217;un processus de transformation productive.  Clasificación JEL:  B52, E62, H63, E52, E43.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Teoría Monetaria Moderna]]></kwd>
<kwd lng="es"><![CDATA[política fiscal]]></kwd>
<kwd lng="es"><![CDATA[deuda pública]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[tasas de interés]]></kwd>
<kwd lng="en"><![CDATA[Modern Monetary Theory]]></kwd>
<kwd lng="en"><![CDATA[fiscal policy]]></kwd>
<kwd lng="en"><![CDATA[public debt]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[interest rates]]></kwd>
<kwd lng="fr"><![CDATA[Théorie monétaire moderne]]></kwd>
<kwd lng="fr"><![CDATA[politique budgétaire]]></kwd>
<kwd lng="fr"><![CDATA[dette publique]]></kwd>
<kwd lng="fr"><![CDATA[politique monétaire]]></kwd>
<kwd lng="fr"><![CDATA[taux d&#8217;intérêt]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caldentey]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Vernengo]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Teoría moderna del dinero (MMT) en los trópicos: Finanzas funcionales en países en desarrollo]]></article-title>
<source><![CDATA[Circus, Revista Argentina de Economía]]></source>
<year>2020</year>
<numero>7</numero>
<issue>7</issue>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="">
<collab>Constitución Política de Colombia</collab>
<source><![CDATA[Artículo 373]]></source>
<year>1991</year>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="">
<collab>El Congreso de Colombia</collab>
<source><![CDATA[(2011, 5 de julio). Ley 1473. Por medio de la cual se establece una regla fiscal y se dictan otras disposiciones]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forstater]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Mosler]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Natural Rate of Interest Is Zero]]></article-title>
<source><![CDATA[Journal of Economic Issues]]></source>
<year>2005</year>
<volume>XXXIX</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Godley]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Money, Finance and National Income Determination: An Integrated Approach]]></article-title>
<source><![CDATA[Working Paper]]></source>
<year>1996</year>
<numero>167</numero>
<issue>167</issue>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Innes]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What Is Money?]]></article-title>
<source><![CDATA[Banking Law Journal]]></source>
<year>1913</year>
<volume>30</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>377-408</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Innes]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Credit Theory of Money]]></article-title>
<source><![CDATA[Banking Law Journal]]></source>
<year>1914</year>
<volume>31</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>151-68</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaboub]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Why Government Spending Can&#8217;t Turn the U.S. Into Venezuela]]></article-title>
<source><![CDATA[In These Times]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kalecki]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The determinants of profits]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Kalecki]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Selected Essays on the Dynamics of the Capitalist Economy, 1933-1970]]></source>
<year>1971</year>
<page-range>78-92</page-range><publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keen]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Mathematical Model of Modern Monetary Theory. One Mathematical Model of Modern Monetary Operations]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kelton]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Deficit Myth. Modern Monetary Theory and the birth of the people&#8217;s economy]]></source>
<year>2020</year>
<publisher-name><![CDATA[Public Affair]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Knapp]]></surname>
<given-names><![CDATA[G.F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The State Theory of Money]]></source>
<year>1905</year>
<publisher-name><![CDATA[MacMillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Teoría General de la Ocupación, el Interés y el Dinero]]></source>
<year>2006</year>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[A Treatise on Money]]></source>
<year>1976</year>
<volume>I and II</volume>
<publisher-loc><![CDATA[Harcourt ]]></publisher-loc>
<publisher-name><![CDATA[Brace &amp; Co.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lerner]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Functional finance and the federal debt]]></article-title>
<source><![CDATA[Social Research: An International Quarterly]]></source>
<year>1943</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>38-51</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mitchell]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[There is No Internal MMT Rift on Trade or Development]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Minsky]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Role of Employment Policy]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Gordon]]></surname>
<given-names><![CDATA[M.S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Poverty in America, San Francisco]]></source>
<year>1965</year>
<page-range>175-200</page-range><publisher-name><![CDATA[Chandler Publishing Company]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mosler]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Seven deadly innocent frauds of economic policy]]></source>
<year>2010</year>
<publisher-name><![CDATA[Valance Co Inc.]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Prebisch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[El desarrollo económico de la América Latina y algunos de sus principales problemas]]></source>
<year>1949</year>
<publisher-name><![CDATA[CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schumpeter]]></surname>
<given-names><![CDATA[Joseph A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Historia del análisis económico]]></source>
<year>2012</year>
<publisher-name><![CDATA[Ariel]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tankus]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Federal Government Always Money- Finances Its Spending: A Restatement]]></article-title>
<source><![CDATA[Notes on the Crises]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tcherneva]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz-Hidalgo]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dinero, poder y regímenes monetarios: por qué la naturaleza del dinero sí importa]]></article-title>
<source><![CDATA[Revista de Economía Crítica]]></source>
<year>2020</year>
<volume>1</volume>
<numero>29</numero>
<issue>29</issue>
<page-range>1-15</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tcherneva]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[En favor del Trabajo Garantizado]]></source>
<year>2020</year>
<publisher-name><![CDATA[Lola Books]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thirlwall]]></surname>
<given-names><![CDATA[A. P.]]></given-names>
</name>
</person-group>
<source><![CDATA[La naturaleza del crecimiento económico. Un marco alternativo para comprender el desempeño de las naciones]]></source>
<year>2004</year>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tymoigne]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Financial System and the Economy. Principles of Money and Banking]]></source>
<year>2018</year>
<publisher-name><![CDATA[Lewis &amp; Clark College]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wray]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Modern Money Theory]]></source>
<year>2015</year>
<publisher-name><![CDATA[Palgrave Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wray]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Alternative Paths to Modern Money Theory]]></article-title>
<source><![CDATA[Real-World Economics Review]]></source>
<year>2019</year>
<numero>89</numero>
<issue>89</issue>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wray]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Flavia]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Fullwiler]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Tcherneva]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Kelton]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Public Service Employment: A Path to Full Employment]]></source>
<year>2018</year>
<publisher-name><![CDATA[Levy Economics Institute of Bard College]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
