000			02339nab a2200265 c 4500
999			_c142994 _d142994
003			ES-MaIEF
005			20201014184718.0
007			ta
008			201014t2020 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_948841 _aWray, Larry Randall
245			_aSovereign currency and non‐sovereign budgets _bthe modern money theory approach _c L. Randall Wray
260			_c2020
500			_aResumen.
504			_aBibliografía.
520			_aThis paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money of account, and issues currency in that money of account cannot face a financial constraint. It can make all payments as they come due. It cannot be forced into insolvency. While this was well‐understood in the early post‐war period, it was gradually “forgotten” as the neoclassical theory of the household budget constraint was applied to government finance. Matters were made worse by the development of “generational accounting” that calculated hundreds of trillions of dollars of government red ink through eternity due to what neoconservatives label “entitlements” (largely, Medicare and Social Security). As austerity measures were increasingly adopted at the national level, fiscal responsibility was shifted to state and local governments through “devolution.” A “stakeholder” approach to government finance helped fuel white flight to suburbs and produced “doughnut holes” in the cities. To reverse these trends, we need to redevelop our understanding of the fiscal space open to the currency issuer—expanding its responsibility not only for national social spending but also for helping to fund state and local government spending. This is no longer just an academic debate, given the challenges posed by climate change, growing inequality, secular stagnation, and the rise of Trumpism.
650		4	_942647 _aDEUDA PUBLICA
650		4	_941783 _aDEFICIT PUBLICO
650		4	_aHACIENDA PUBLICA _950201
650		4	_aPOLITICA MONETARIA _948062
650		4	_948552 _aTEORIA ECONOMICA
773	0		_9163536 _oOP 1716/2020/3 _tPublic Budgeting and Finance _w(IEF)90019 _x 0275-1100 _gv. 40, n. 3, Fall 2020, p. 26-48
942			_cART