Monetary channels of social inclusion: a case study of basic income and the Caixa Economica Federal in Brazil/Canais monetarios de inclusao social: um estudo de caso de renda minima e a Caixa Economica Federal/Canales monetarios de la inclusion social: un estudio de caso de la renta minima y las politicas de la caja de ahorros publica en Brasil

This article reports evidence of new monetary channels for social inclusion involving basic income policies and the Caixa Economica Federal, a Brazilian government savings bank. Since the Plano Real (Brazilian currency) and the liberalization of banking in the 1990s, the realization of competitive advantages by the Caixa as social policy agent and the importance of citizenship cards differ from existing theories of bank change, financial inclusion and monetary policy. Multi-method research reveals the importance of 1) political theories of basic income, 2) conceptions of citizenship and social justice, and 3) a back to the future modernization of government banking. This provides alternatives to contemporary market-based banking theory, neo-liberal policies, private and non-governmental microfinance strategies, and theories in political economy about fiscal constraints to social policies. New monetary channels of change also suggest that zero sum theories about politics, monetary authority and social inclusion are amiss. Keywords : monetary policy; financial inclusion; savings banks; Brazil. Este artigo reporta evidencias sobre novos canais monetarios de inclusao social envolvendo politicas de renda minima e a Caixa Economica Federal. Desde o Plano Real e a liberalizacao do sistema bancario na decada de 1990, a realizacao de vantagens competitivas pela Caixa ao servir de agente de politicas sociais difere de teorias de mudanca bancaria, de inclusao financeira e de politica monetaria. Pesquisas multimetodo revelam a importancia de 1) teorias politicas de renda minima, 2) concepcoes de cidadania e de justica social e 3) uma modernizacao "volta ao futuro" de bancos publicos. Isso proporciona alternativas a teoria contemporanea bancaria, as politicas neoliberais, as estrategias de microfinancas privadas e nao governamentais e as teorias na economia politica sobre limites estruturais e fiscais para politicas sociais. Esses novos canais monetarios tambem contrariam teorias de natureza soma zero entre a politica, a autoridade monetaria e a inclusao social. Palavras-chave : politica monetaria; inclusao financeira; bancos de poupanca; Brasil. Hay pruebas de nuevos canales monetarios de inclusion social relacionados con la renta minima y la caja de ahorros publica en Brasil. Desde la estabilidad de precios y la liberalizacion de los servicios bancarios, la realizacion de ventajas competitivas de una caja de ahorros publica, agente de politica social y inclusion banc