O impacto socio-económico da política monetária como determinante do crescimento econômico: caso de Moçambique (1992-2005)

Abstract

Monetary policy seeks to illustrate the main macroeconomic problems facing the economy as well as the main economic policy measures implemented at that time. It is important insofar as it directly influences the country's economic growth and also offers instruments that make the functioning of the money market more flexible. Monetary policy represents the action of monetary authorities through instruments of direct effect with the purpose of controlling the liquidity of the economic system. In this paper, the socio-economic impact of monetary policy as a determinant of the Monetary System in the economy will be analyzed. in the period 1992-2005. The choice of this period is justified by the fact that 1992 was the year in which the institutional separation of the Bank of Mozambique (BM) took place, through Law 1/92 of 3 January, which created and defined the nature, objectives and functions of this Bank in the Republic of Mozambique. The methodology used consisted of analyzing, based on comparative, statistical and hypothetical-deductive methods, the functioning of the financial system embodied in the Government's program, through information from the literature on the matter, annual reports of the Bank of Mozambique and the Internet. In the study of the work, it was found that monetary policy is restrictive, limited to reducing inflation rates and also ensuring a sustainable external competitiveness for the Mozambican economy, as it is one of the final objectives of monetary policy. The implementation of monetary policy continues to privilege indirect instruments of control of the money supply, since they are the main determinants of changes in interest rates and, in the monetary base, the main source of fluctuation in the money supply.(TRADUÇÃO NOSSA)