<?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>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722023000100001</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v42n88.102926</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[MMT, monetary sovereignty and fiscal policy space in Brazil (1999-2019).]]></article-title>
<article-title xml:lang="es"><![CDATA[MMT, soberanía monetaria y espacio fiscal en Brasil (1999-2019).]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva Gomes]]></surname>
<given-names><![CDATA[Isadora Bonitz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Martins]]></surname>
<given-names><![CDATA[Norberto Montani]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal do Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[Rio de Janeiro ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal do Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[Rio de Janeiro ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2023</year>
</pub-date>
<volume>42</volume>
<numero>spe88</numero>
<fpage>1</fpage>
<lpage>22</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722023000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722023000100001&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722023000100001&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT There are controversies regarding the applicability of Modern Money Theory (MMT) to emerging countries. In this paper, we shed light on this debate by analyzing the monetary sovereignty and fiscal policy regime in Brazil from 1999 to 2019. An empirical assessment shows the government has a considerable 'degree' of monetary sovereignty. However, fiscal rules imposed many restrictions on the State's capacity to spend, subordinating fiscal policy to austerity. As there are no major macroeconomic constraints to Brazilian monetary sovereignty, it is necessary to change fiscal rules to reorient fiscal policy towards full employment in line with MMT prescriptions.  JEL: E42, E61, E62, H50, H63.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Existen controversias con respecto a la aplicabilidad de la teoría monetaria moderna (MMT) a los países emergentes. En este artículo analizamos la soberanía monetaria y el régimen de política fiscal en Brasil desde 1999 hasta 2019. Una evaluación empírica muestra que el gobierno brasileño tiene un "grado" considerable de soberanía monetaria. Sin embargo, las reglas fiscales impusieron restricciones a la capacidad de gasto del Estado, subordinando la política fiscal a la austeridad. Dado que no existen restricciones macroeconômicas para la soberanía monetaria brasileña, es necesario cambiar las reglas fiscales para reorientar la política fiscal hacia el pleno empleo en línea con las prescripciones de la MMT.  JEL: E42, E61, E62, H50, H63.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Modern money theory]]></kwd>
<kwd lng="en"><![CDATA[sovereign money]]></kwd>
<kwd lng="en"><![CDATA[fiscal policy]]></kwd>
<kwd lng="en"><![CDATA[functional finance]]></kwd>
<kwd lng="en"><![CDATA[full employment]]></kwd>
<kwd lng="en"><![CDATA[Brazil]]></kwd>
<kwd lng="es"><![CDATA[teoría monetaria moderna]]></kwd>
<kwd lng="es"><![CDATA[dinero soberano]]></kwd>
<kwd lng="es"><![CDATA[política fiscal]]></kwd>
<kwd lng="es"><![CDATA[finanzas funcionales]]></kwd>
<kwd lng="es"><![CDATA[pleno empleo]]></kwd>
<kwd lng="es"><![CDATA[Brasil]]></kwd>
</kwd-group>
</article-meta>
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