Governança em estruturas proprietárias concentradas: novas evidências para o Brasil

Neste artigo, o objetivo é analisar a influência da estrutura de propriedade na eficiência das empresas de capital aberto brasileiras, em que é identificada maior concentração de ações nas mãos de um grupo restrito de pessoas. No estudo, unem-se técnicas de otimização estática por meio de análise envoltória de dados, para identificar a eficiência das empresas de capital aberto, com dados em painel, para identificar a influência da estrutura de propriedade na eficiência das empresas, buscando agregar governança corporativa à literatura de eficiência produtiva no contexto de diferenças institucionais no ambiente brasileiro, a fim de complementar os estudos prévios que consideram somente os outputs como medidas de eficiência. Nos resultados obtidos, mostra-se que a estrutura de propriedade influencia negativamente a eficiência, contrariando grande parte dos estudos baseados no modelo norte-americano e evidenciando que as peculiaridades dos países devem ser levadas em consideração, principalmente com relação à sua origem legal.

Energia, meio ambiente e economia: o Brasil no contexto mundial

The cycle of fossil fuels as an energy source for mankind is approaching its end. Finite resources, coupled with greenhouse gas, have led to an increased effort in the search for alternative renewable energy sources. Brazil has a leading position, due to a 46% participation of renewable sources in its primary energy supply, compared to the global average of 12%. The expansion of the renewable sources in Brazil depends on medium and long term planning, and a large volume of investments. The present financial crisis will have major effects in the energy market. Despite a negative initial impact, it is expected that the rearrangement of the financial system will ultimately lead to an expansion in the use of renewable energy sources. Brazil is a tropical country, with the largest biodiversity in our planet and excellent conditions to expand the use of all forms of renewable sources.

Fatores de associados à anemia em gestantes da rede pública de saúde de uma capital do Nordeste do Brasil

OBJETIVO: Avaliar os fatores associados à anemia em gestantes atendidas pela rede pública de saúde de uma capital do Nordeste do Brasil.MÉTODOS: Estudo de caráter transversal, envolvendo amostra (n=428) obtida, considerando a prevalência de anemia em gestantes (50%), um intervalo de confiança (IC) de 95%, um erro de 5% e uma perda amostral de 20%, sendo elegíveis gestantes que residiam no município e que eram atendidas pela rede pública de saúde municipal, das quais foram coletados dados socioeconômicos, de estilo de vida, clínicos, de consumo de ferro dietético, antropométricos e medida de hemoglobina capilar. A anemia foi identificada por um nível de hemoglobina <11 g/dL e sua associação com os fatores de risco foi testada por meio de análise de regressão múltipla de Poisson, com os resultados expressos pela Razão de Prevalência (RP) e IC95%.RESULTADOS: A prevalência de anemia foi de 28,3%, sendo maior naquelas gestantes com mais membros no domicílio (RP=1,49; IC95% 1,01-2,22; p=0,046) e naquelas que viviam com insegurança alimentar (RP=1,43; IC95% 1,00-2,04; p=0,047).CONCLUSÃO: A prevalência de anemia nas gestantes atendidas pela rede pública de saúde do município é um problema moderado de saúde pública, tornando necessário o planejamento de medidas efetivas para o seu controle.

Regimes cambiais: um modelo alternativo para o Brasil

After the collapse of the Bretton Woods system, many frameworks of exchange rate have been proposed. The aim of this paper is to propose an alternative rule of exchange rate and evaluate the case for Brazil. The analysis of the Brazilian case made necessary the evaluation of auxiliary instruments for its implementation. The paper proposes the use of capital controls or scape clauses.

Uma interpretação das causas da desaceleração econômica do Brasil

The paper aims at explaining why Brazil's GDP growth plunged after 1980. Brazil's GDP grew at 7% yearly from 1940 to 1980 but at only 2.5% per year since then. Increases in the relative price of investment that reduced the purchasing power of savings, associated to declines in the productivity of capital, seem to have been the most important factors behind the observed loss of dynamism. The tentative conclusion is that inward-oriented economic policies since the 1970s and, perhaps, even as early as the 1950s, had negative long-run growth implications that were aggravated by populist policies in the early years of the post-1984 redemocratization.

Crescimento econômico e liquidez externa no Brasil após 1970

Economic growth and foreign liquidity in Brazil after 1970. This paper assesses the relationship between the capital account and the Brazilian economic growth according to balance-of-payments constraint approach. The Thirlwall (1979)'s simple rule is extended to take into consideration capital account and several empirical evidence using time series analysis are shown. Conversely to the simple rule when fitted rates of balance-of-payment equilibrium economic growth average bellow the observed ones, fitted rates of growth using the rule extended to international liquidity are consistently greater than the observed ones. It is fair to conclude that, first, the Brazilian economy grows better during abundant international liquidity and, second, the economy sub utilizes such advantage growing far less than it could grow.

Infraestrutura e produtividade no Brasil

Infrastructure and productivity in Brazil. This article analyses the relationship between infrastructure and total factor productivity (TFP) in Brazil during the second half of the twenty century. Public capital is used as a proxy for infrastructure capital. The hypothesis to be tested is that an increase in infrastructure - more than than a rise in the private capital stock - has a positive effect on productivity on the long run. In that sense, it was used the Johansen methodology for testing the cointegration between TFP and the public/private capital ratio. In fact, it was found that this complementary relation (public-private) helps in explanning TFP's path from 1950 to 2000. The results were robust to different measures of productivity and the public/private ratio. In addition, the short (medium) run analysis has indicated that shocks in this ratio have a significant effect over the TFP, but the opposite is not true. Therefore, the cuts in infrastructure investment could be a possible explanation for the TFP's fall during the 70's and 80's.

A relação capital-trabalho na economia do conhecimento

Capital-labor relations in the knowledge economy. The knowledge economy arises by the promotion of abstract and cooperative labor. This social labor is a product of intellectual and linguistic energy, which leads to mutations about capital accumulation and capital labor relations.

Crescimento e industrialização no Brasil: uma interpretação à luz das propostas de Kaldor

Growth and industrialization in Brazil. In this paper, based on the writings of Kaldor and his followers, we compare two phases of Brazilian economic growth, one showing fast growth rate and other with lack of growth. Our aim is to analyze the Brazilian economic behavior in the last 40 years, pointing out economic policy intervention, structural change, foreign trade and capital flows as determinants to account for gross product development path performance. Our aim is to shed some light on which is the potential rate of growth of the Brazilian economy nowadays, considering its historical growth path and recent structural changes in the industrial sector.

Finance-Led Growth Regime no Brasil: estatuto teórico, evidências empíricas e consequências macroeconômicas

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process. The first part is a survey of the international literature, which defines the financialization concept and its relevance for understanding Brazilian economic problems. The next part provides a historical overview on the structural changes that made possible the development of financial-led regimes. The paper also applies an empirical analysis of some selected Brazilian macroeconomic indicators.

Por que as taxas de juros são tão elevadas no Brasil?: uma avaliação empírica

This paper aims at exploring some hypothesis to explain why real interest rate and bank spread are so high. We argue that the interest rate problem and bank spread problem are connected. More precisely, one important cause of bank spread is the high level of BCB interest rate. So, the solution of interest rate problem, so that it can converge to the levels observed in other countries, will help to reduce bank spread, and doing so contributing to the reduction of the capital cost of the Brazilian economy.

Crédito bancário corporativo no Brasil: evolução recente e perspectivas

This article aims to analyse the evolution of the corporate banking credit market in Brazil during the recent cycle (january 2003 to june 2009) from a Keynesian theoretical reference point. The article focuses on the dynamics of the six major segments of this market (industry, commerce, services, infrastructure, real estate and rural sector), highlighting their main similarities and differences concerning the cyclical dynamics, the participation in the total corporate banking credit, the origin of resources, the composition of capital ownership and the performance of public and private banks.

Política cambial no Brasil: um esquema analítico

RESUMOEsse artigo trata da política cambial no Brasil a partir de um enfoque centrado na institucionalidade do mercado de câmbio brasileiro. O objetivo é avaliar como essa institucionalidade condiciona as políticas de câmbio no Brasil e, em particular, como a especulação opera nessa institucionalidade. Defende-se a ideia de que o mercado de câmbio brasileiro é particularmente permeável à especulação financeira e, por isso, uma política cambial mais adequada ao desenvolvimento econômico depende da regulação do mercado de câmbio e, em particular, do mercado de derivativos.

Revisitando a dinâmica trimestral do investimento no Brasil: 1996-2012

RESUMO Este texto discute os dados e os principais fatos estilizados da dinâmica da formação bruta de capital fixo (FBCF) no brasil após 1995. apresenta, ademais, especificações econométricas para a dinâmica trimestral da FBCF no período 1996-2012 que levantam hipóteses causais ainda relativamente inexploradas na literatura. os dados apresentados evidenciam as dinâmicas distintas da FBCF em máquinas e equipamentos e construções - e, consequentemente, o papel fundamental da primeira variável na dinâmica da FBCF total da economia. as estimativas apresentadas sugerem choques cambiais, nos preços internacionais de commodities e na FBCF pública como mecanismos causais da dinâmica trimestral da FBCF brasileira.