2021年度の活動報告
2021年3月21日 武蔵大学国際シンポジューム『現代貨幣理論(Modern Monetary Theory) の批判的検討』
https://www.musashi.ac.jp/sougou/news/20210218.html
【プログラム】
●司会
横川信治（武蔵大学）Jayati Ghosh （University of Massachusetts）
●報告
Marc LaVoie (the University of Ottawa,)
“Some limits to MMT.”
Gerald Epstein (University of Massachusetts)
"The International Limits on MMT: A Global Approach."
Esteban Pérez Caldentey (ECLAC),)
“Modern Money Theory in the Tropics: Functional Finance and exchange rate adjustment in Developing Countries.”
Costas Lapavitsas (SOAS, University of London)
“Modern Monetary Theory on money, sovereignty, and policy: A Marxist critique with reference to the Eurozone
and Greece.”
●パネルディスカッション
Radhika Desai
“Monetary “Sovereignty or (Attempted) Monetary Imperialism?”
Makoto Nishibe (Senshu University)
“MMT: Is it a correct description of reality, or does it neglect newer moneys in evolution?”
Makoto Itoh (The University of Tokyo)
“How to evaluate MMT in view of Japanese lost decades?”
【概要】
現代貨幣理論（MMT）は現在最も注目され、議論の的となっている財政・金融・雇用政策理論です。MMTとミンスキーが提唱した「最後の雇い手」としての政府（雇用保障プログラム）の組み合わせで、階級不平等とジェンダー不平等とを同時に減少させる政策の可能性を検討します。このシンポジュームでは、MMTの核心に迫る次の3点を検討します。
（1）世界経済の主要諸国で財政投資によって公的債務が極度に増大した場合に、将来的にどのような問題が起こるか？
（2）新型コロナ危機の現在、雇用保障プログラムは失業を減少しまた価格の安定性を保証するか？
（3）MMTは理論的にも政策的にもアメリカ合衆国で最も強く支持されている。その結論がアメリカ合衆国では成立するとして、その他の国にその結論をどれだけ適用することができるか？
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?
【プログラム】
●司会
横川信治（武蔵大学）Jayati Ghosh （University of Massachusetts）
●報告
Marc LaVoie (the University of Ottawa,)
“Some limits to MMT.”
Gerald Epstein (University of Massachusetts)
"The International Limits on MMT: A Global Approach."
Esteban Pérez Caldentey (ECLAC),)
“Modern Money Theory in the Tropics: Functional Finance and exchange rate adjustment in Developing Countries.”
Costas Lapavitsas (SOAS, University of London)
“Modern Monetary Theory on money, sovereignty, and policy: A Marxist critique with reference to the Eurozone
and Greece.”
●パネルディスカッション
Radhika Desai
“Monetary “Sovereignty or (Attempted) Monetary Imperialism?”
Makoto Nishibe (Senshu University)
“MMT: Is it a correct description of reality, or does it neglect newer moneys in evolution?”
Makoto Itoh (The University of Tokyo)
“How to evaluate MMT in view of Japanese lost decades?”
【概要】
現代貨幣理論（MMT）は現在最も注目され、議論の的となっている財政・金融・雇用政策理論です。MMTとミンスキーが提唱した「最後の雇い手」としての政府（雇用保障プログラム）の組み合わせで、階級不平等とジェンダー不平等とを同時に減少させる政策の可能性を検討します。このシンポジュームでは、MMTの核心に迫る次の3点を検討します。
（1）世界経済の主要諸国で財政投資によって公的債務が極度に増大した場合に、将来的にどのような問題が起こるか？
（2）新型コロナ危機の現在、雇用保障プログラムは失業を減少しまた価格の安定性を保証するか？
（3）MMTは理論的にも政策的にもアメリカ合衆国で最も強く支持されている。その結論がアメリカ合衆国では成立するとして、その他の国にその結論をどれだけ適用することができるか？
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?