Dois ensaios sobre especulação: aspectos teóricos e institucionais

Abstract

The work consists of two essays on speculation, considering theoretical and institutional aspects on the subject. The first of them deals with Keynes' theories and the changes they undergo over time, aiming to identify some of the perspectives that his writings offer, explaining speculation: i) in organized commodity markets; ii) considering its effects in systemic terms. The reading of the works points to the change in the view of the speculative agent, which contributes to Keynes' analysis of the macroeconomic impacts of speculation in investment markets in the General Theory, potential generators of instability and crises. The second essay addresses the organized markets in the United States and Brazil and aims to resort to the literature to recover some speculative operations that occurred at different times in the American and Brazilian markets. Considering that speculation is part of the process of organization of these markets, the examination of speculative practices can provide indications about aspects of the evolution and degree of sophistication of these institutions over time in both countries.