Capital flows to Latin America: quarterly developments

Includes bibliography

Capital flows to Latin America: recent developments

Includes bibliography

Governança corporativa em empresas de capital aberto: uma contribuição da ciência da informação para análise da informação estratégica

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Expansão do capital, territorialidade do trabalho e as respostas do SENAI em Catalão (GO) no século XXI: uma contribuição à geografia do trabalho

Pós-graduação em Geografia - FCT

Capital flows to Latin America: recent developments

The external environment has deteriorated sharply as a result of the spiraling financial turmoil, and has led to a weakening in commodity prices and fears of a worldwide recession. Latin America and the Caribbean's fastest expansion in 40 years may be threatened as the global credit crunch makes financing scarce and squeezes demand for the region's commodities. This time around the region is better positioned to weather the crisis than in the past, given improvements in macroeconomic and financial policies as well as a reduced net dependency on external capital inflows. However, Latin American markets are feeling the effects of the crisis through a slowdown in capital inflows, large declines in stock price indexes, significant currency adjustments and an increase in debt spreads. Volatility has soared, with the closely watched Chicago Board Options Exchange Volatility Index moving to an all-time high of 70.33 on October 17, indicating that fear (rather than greed) has been ruling the markets.After reaching record lows in May 2007, emerging markets bond spreads are now above pre-Asian crisis levels. The JPMorgan EMBI+ Latin American composite widened by 146 basis points in the third quarter, with spreads reaching 448 basis points at the end of September. Spreads have widened sharply in recent weeks as foreign investors cut back regional exposure for the safety of U.S. Treasuries. The ongoing lack of liquidity and subsequent liquidation of assets is leading to a collapse in asset prices and a sharp widening in spreads. Daily spreads in October have risen to levels not seen since December 2002, making it much more difficult for governments that need financing to get it. Risk premiums for Latin corporates and sovereigns have risen substantially, but have remained well below U.S. junk (high-yield) bonds. Latin corporates are facing a steep rise in foreign exchange borrowing costs (although less than firms in other emerging markets), which raises concerns that refinancing risks will climb.So far, emerging markets vulnerabilities have been more focused on corporates, as sovereigns have improved public debt dynamics and countries' financing needs are under control. Market performance has been driven by the rapid deterioration of emerging markets bank and corporate market, as well as ongoing losses in emerging markets equities. From January to September 2008, the Morgan Stanley Capital International (MSCI) Latin American Index lost almost 28%, while the Emerging Markets Index lost 37% and the G-7 Index lost 24%. While in 2007 the Latin America component gained 47%, almost nine times as much as the MSCI-G7 index for developed markets, since mid-September 2008 stocks in Latin America have been doing worse than stocks in developed countries, as concerns about access to credit and the adverse impact of sharp falls in commodity prices and in local currencies contribute to increased risk aversion and to outflows of capital. Many governments in the region have used revenue from the commodity boom to pay down debt and build reserves. Now, facing a global financial crisis and the threat of recession in developed countries, the biggest question for Latin America is how long and deep this cyclical downturn will be, and how much it is going to reduce commodity prices. Prices for commodities such as soy, gold, copper and oil, which helped fund the region's boom, have fallen 28% since their July 2 high, according to the RJ/CRB Commodity Price Index. According to Morgan Stanley (in a September 29 report), should prices return to their 10-year average, Latin America's balanced budgets would quickly revert to a deficit of 4.1% of GDP. As risk aversion increases, investors are rapidly pulling out massive amounts of money, creating problems for local markets and banks. There is an ongoing shortage of dollars (as investors liquidate assets in Latin American markets), and as currencies depreciate, inflation concerns increase despite the global slowdown. In Brazil and Mexico, central banks deployed billions of dollars of reserves to stem steep currency declines, as companies in these countries, believing their local currencies would continue to strengthen against the U.S. dollar, took debts in dollars. Some companies also made bets using currency derivatives that have led to losses in the billions of dollars. Dramatic currency swings have caused heavy losses for many companies, from Mexico's cement giant Cemex SAB to the Brazilian conglomerate Grupo Votorantim. Mexico's third-largest retailer, Controladora Comercial Mexicana, declared bankruptcy recently after reporting huge losses related to exchange rate bets. As concerns about corporate exposure to dollar-denominated derivatives increases, yields on bonds issued by many of Brazil's and Mexico's leading companies have started to rise, sharply raising the cost of issuing new debt. Latin American external debt issuance came to a halt in the third quarter of 2008, totaling only US$ 690 million. The cost of obtaining loans for capital expenditures, M&A and debt refinancing is also rising substantially for Latin American corporates amid contagion from the U.S. financial crisis. According to bankers, a protracted trend of shortening tenors and widening spreads has intensified in the past few weeks, indicating that bank lending is quickly following the way of bonds and equity. Finally, money transfers from Latin American migrants are expected to decline for the first time this decade, as a result of economic downturns in the U.S. and Spain, inflation and a weaker dollar. The Mexican Central Bank announced that money transfers from Mexicans living in the U.S. dropped a record 12.2% in August. In 2008, migrants from the region will send some 1.7% less in remittances year-on-year when adjusted for inflation, according to the IADB, compounding the adverse effects of the deepening financial turmoil.

Access to international capital markets: recent developments in Central America and the Caribbean

The objective of this report is to analyze the impact of recent global financial trends on the access to private external financing by Central American and Caribbean (CAC) economies, as well as their performance in international capital markets in recent years. The CAC economies, like many other countries in the world, were not immune to the negative consequences of the global economic and financial crisis of 2008. In fact, their openness, export driven growth and linkages to advanced economies, particularly to the U.S., as well as size, made them more vulnerable than other Latin American countries to the negative effects of the crisis. In addition, their recovery was hindered by their weak linkages to the larger emerging market countries that drove global growth in the post-crisis recovery. As China and other emerging market economies begin to slowdown, however, and the U.S. and other advanced economies show signs of a strengthening recovery, the linkages to advanced economies may once again become a source of strength.

Capital Flows to Latin America and the Caribbean. Q1 2016

Market sentiment and portfolio flows to Latin America and the Caribbean (LAC) ended the first quarter of 2016 on a more optimistic note than it started. There was a large rally in LAC assets in March, but its intensity was also a function of the very challenging start of the year, when credit and equity investors were deeply concerned about the risk of further slowdown in China’s GDP and the possibility of further devaluation.

Desenvolvimento local e capital social: uma análise interdisciplinar do processo de indução do DLIS no Estado de Roraima

Uma nova tendência em termos de ações para o desenvolvimento vem se configurando. Trata-se de ações que levam em conta o território e seus atores. Nesse âmbito, insere-se a metodologia de indução do Desenvolvimento Local Integrado e Sustentável (DLIS). Esse Programa de política pública se constitui uma estratégia participativa de indução do desenvolvimento, pela qual se mobilizam recursos das comunidades, que em parceria com o Estado (em seus três níveis) e o mercado, realizam diagnósticos, identificam potencialidades e vocações, elaboram planos integrados de desenvolvimento, na perspectiva de envolvimento dos sujeitos como proponentes e protagonistas da ação social em seus territórios. Com este trabalho, buscou-se compreender a multidimensionalidade do processo de DLIS, no estado de Roraima, procurando, ao mesmo tempo, o estabelecimento de um nexo causal entre as trajetórias sócio-econômicas (resultados) do DLIS e o capital social. A pesquisa se enquadrou na modalidade qualitativa. Adotou-se como estratégia metodológica o estudo de caso, envolvendo os municípios de Rorainópolis, Uiramutã, Baliza e Pacaraima. Três dimensões analítico-contextuais foram adotadas, quais sejam: conceitual, de implementação e de impacto. Na avaliação do capital social, as variáveis participação, confiança, cooperação e redes foram consideradas. Na interpretação dos dados, as seguintes abordagens foram utilizadas: análise contextual, análise descritiva, análise das diferenças de proporções e análise de correspondência. Os resultados da pesquisa revelaram que alguns conceitos e categorias adotados pelo Programa, embora relevantes, apresentam alguma ordem de problema. Dois municípios, Rorainópolis e Uiramutã, foram considerados municípios de bons resultados. Isso porque atenderam a um conjunto de questões que expressavam condições desejáveis para que o desenvolvimento local integrado e sustentável, em suas múltiplas dimensões, se efetivasse. Por seu turno, os municípios de Baliza e Pacaraima foram classificados como municípios de maus resultados. Os resultados do DLIS em Rorainópolis e Uiramutã estão associados ao capital social (relação positiva). A despeito da extensa literatura que trata da relevância desse tema, não se têm, ainda, instrumentos satisfatórios para medir capital social. Nesse contexto, entendese que estes resultados representam, de fato, uma aproximação.

A urdidura espacial do capital e do trabalho no cerrado do sudoeste goiano

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Trabalho e trabalhadores da pesca industrial no Pará face à metamorfose do capital

O mundo do trabalho passa por grandes transformações, as quais englobam novas tecnologias e formas de organização dos fatores produtivos no processo de produção de mercadorias. Novos modelos de organização do trabalho têm surgido e se mesclado com as práticas fordistas, o que tem influenciado diretamente sobre a utilização da mão-de-obra no processo produtivo. Neste contexto, este estudo procurou analisar de que maneira as práticas do processo de reestruturação produtiva estão acontecendo em um setor de atividade: o da pesca industrial, levando em consideração as particularidades do desenvolvimento dessa atividade extrativa, da forma de estruturação das empresas que compõem este setor para se manter no mercado e/ou ganhar novos mercados e, a maneira de inserção dos trabalhadores nas atividades de captura e processamento da produção pescada. A análise foi realizada entre as empresas que constituem o parque industrial pesqueiro do Distrito de Icoraci, que concentra a maior parcela da pesca industrial no Estado do Pará, estudando de que forma as estratégias adotadas pelas indústrias processadoras e microempresas de captura, diante das mudanças no mercado consumidor e da diminuição dos principais recursos explorados, têm repercutido sobre os trabalhadores ocupados nas atividades de captura e processamento.

A expansão do capital e as dinâmicas da fronteira

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Qualificação profissional e sindicatos. Entre estado, capital e trabalho: um estudo de casos no meio rural de Ribeirão Preto

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Disseminação da informação em empresas de capital aberto e os processos de mediação da informação

Corporate governance can be understood as management mechanisms that through external and internal controls are going to reduce the distance between minority stakeholders and the control power of the company. In that context, the information management, the information mediation and the information dissemination is very necessary, because the establishment of the good communication, quick, clear and voluntary, in order to establish a confidence climate in the relation of the company with the society, creditors, and collaborators especially with investors. In Brazil, the model created by the stock exchange of São Paulo called of new market , brings in his additional conduct rules purpose to them required by the Brazilian legislation and possessed like base the equity in the handling between part, the transparency in the disclosure of information and responsibility in the installment count. This article presents some considerations about the model of information management and accountability based on legal criteria, in additional standards of information disclosure, and the information mediation process relationship the corporate governança in the business environment.

Teoria econômica, finanças e empresas de capital aberto: uma análise corporativa de empresas

The study attempts to develop the concept of financial fragility and explore the advancement of their chances, since he started in 1970 until the present day with the most respected authors. The analysis focuses on the possibility of changing the cycle of economic activity that is due to the vulnerability, and so that it is related to the behavior of firms and agents. What can be done to prevent such a crisis. Thus, the authors present the factors and explain how the credit market, operating assets and investments of capital goods under the influence in that economy. It also consists in the analysis to visualize the size of the influence of credit, interest and investments made by the evaluation of a data set