Monday, February 09, 2015

"Imprimir moeda" sem imprimir moeda?

Beware of Greeks Bearing Bonds, por John Cochrane:

Once again, the news is full of opinions that Greece might be forced to leave the Euro. Once again, it makes little sense to me. U.S. corporations, municipalities, and even states default, and do not have to leave the dollar zone as a result. (...)

Another common story right now: If Greece were to default, it would have a hard time borrowing to fund primary deficits. By leaving, it can print up Drachmas to pay bills.

OK, here's the obvious solution: Greece can print up small-denomination zero-coupon bearer bonds, essentially IOUs. They say "The Greek government will pay the bearer 1 euro on Jan 1 2016." Greece can roll them over annually, like other debt. Mostly, they would exist as electronic book entries in bank accounts, but Greece can print up physical notes too. (...)

 Yes, this proposal amounts to creating a separate or dual currency, while staying on the euro. That is exactly the point. Not only does a country in default not need to change currencies, in modern financial markets, a country doesn't even need the right to print money in order to, well, print money! Bonds are money these days.

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