economia monetária · Lei de Greshaw

O que acontece em uma economia com múltiplas moedas?

Eis o caso da Suécia. Um trecho:

Apparently, systems with multiple monies are so persistent that they must have been of importance to contemporary actors. They are also prevalent in history. The Swedish case is only one of many historical situations in which monies of various descriptions and origins have circulated side by side. Still, in those cases when multiple monies are scholarly discussed, they are often perceived as anomalies which eventually were to disappear by an evolutionary process. Most of this research perceives different monies as competing substitutes. It is argued that a system with perfect competing monies would be efficient. However, since most historical cases of multiple monies are far from fulfilling the conditions of a free market, we are obliged to continue to look for some other logic behind the persistence and prevalence of multiple monies. Limited research is made to understand the reasons for or impact of the co-existence of different monies. Differences between monies are neglected and lost when all monies in circulation are reduced to substitutes for what is
regarded as ‘real’ money.

Mais um pouco:

In our empirical analysis, we address four questions: 1) We analyse what was used as money both on an aggregated level by looking at the money supply in absolute and relative terms and on a micro level by looking at the content of monetary remittances. 2) We study the relative value of different monies in parallel circulation. Our aim is to understand why some cases of multiple monies where successful in maintaining a fixed relative value whereas others where not. 3) We believe that the value of money is determined by the demand for money and since demand fluctuates in relation to economic activities, we try to establish seasonal variations in both use and value. 4) Kuroda has in his previous research identified complementarity between monies floating in different monetary circuits. We will therefore try to see whether money of different origin circulated in different ways.

We find that in the Swedish case one kind of money could not fulfil the basic monetary function of providing sufficient liquidity and at the same time keep a relatively stable monetary value in relation to foreign currencies. In the Swedish experience ‘real’ money was not only scarce; it was also unevenly dispersed between different parts of the country and unevenly demanded over the seasons in line with the needs of the agricultural economy. A system of complementary served to solve the dilemma of sufficient liquidity domestically and
a stable currency value both internally and externally.

Interessante, não? Para o Brasil, existe um artigo do Gustavo Franco com, se não me engano, Winston Fritsch, que estuda a questão do padrão-ouro em nossa economia. Problema diferente, mas intimamente relacionado ao que é tratado no artigo dos suecos. Um tema interessante de história econômica, tanto quanto de teoria.